Exam 12: Agreement in Traditional and E-Contracts

An option contract is created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree.

Most ads-"this property for sale"-are offers.

Under the mailbox rule, an acceptance takes effect at the time it is sent.

Simone offers Thom a dozen piano lessons for a certain price per lesson but conditions the deal on Thom accepting the offer by April 1. Simone may revoke the offer

Contracting parties cannot opt out of the terms of the UETA.

Rhonda asks Steve, "Do you want to buy me to repair your fishing net?" This is

A court decision that makes an offer illegal automatically terminates the offer.

Dispatch Corporation and Hauling, Inc., agree in advance to terms that apply to their future e-transactions. This is

The first requirement for an effective offer is a serious intent on the part of the offeror.

An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate.

An ad on the NewsNow Web site asks viewers to "send us your story and we might share it with the world." Ollie submits a manuscript, adding, "I accept your offer." Between NewsNow and Ollie, there is

Under federal law, an e-document is not as enforceable as a paper one.

An offer does not need to be communicated to the offeree to become effective.

Rico, a user of SmartPhoneApps.com's Web site, can download apps for free if he first clicks on "I accept" after viewing certain terms. This is

Maya tries to start her new car with no success. She yells that she will sell the car to anyone for $10. Nero, a passerby who owns Nero's Motors, hands Maya $10. This is

A statement of future intent-"I plan to sell my car"-is an offer.

Due on Receipt, Inc., makes tax software, which is packaged with a shrink-wrap agreement. Evenflo Products Company distributes the software to retailers, including a Flatprice discount store, where Greta buys a package of it. The parties to the shrink-wrap agreement are

A preliminary agreement cannot constitute a binding contract.

Fabien offers to sell his Graphic Signs, LLC, business to Hanna for $100,000. Hanna replies, "The price is too high. I will buy it for $75,000." Hanna has

There are no revocable offers.