LENB 3135 Chapter 10: The Formation
of Traditional and E-Contracts Exam
Study Guide Solutions
Acceptance - ANSWER✔✔-The act of voluntarily agreeing, through words
or conduct, to the terms of an offer, thereby creating a contract
Agreement - ANSWER✔✔-A mutual understanding between two or more
individuals regarding the terms of a contract
Bilateral Contract - ANSWER✔✔-A type of contract that arises when a
promise is given in exchange for a promise
Browse-Wrap Term - ANSWER✔✔-A term or condition of use that is
presented when an online buyer downloads a product but that does not
require the buyer's explicit agreement
Click-On Agreement - ANSWER✔✔-An agreement that arises when an
online buyer clicks on "I agree" or otherwise indicates assent to be bound
by the terms of an offer
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,Consideration - ANSWER✔✔-The value given in return for a promise or
performance in a contractual agreement
Contract - ANSWER✔✔-A set of promises constituting an agreement
between parties, giving each a legal duty to the other and the right to seek
a remedy for the breach of the promises or duties
Contractual Capacity - ANSWER✔✔-The legal ability to enter into
contracts - the threshold mental capacity required by law for a party who
enters into a contract to be bound by that contract.
Counteroffer - ANSWER✔✔-An offeree's response to an offer in which the
offeree rejects the original offer and at the same time makes a new offer
Covenant not to Compete - ANSWER✔✔-A party's contractual promise to
refrain from competing with another party for a certain period of time and
within a certain geographic area
Disaffirmance - ANSWER✔✔-The legal avoidance, or setting aside, of a
contractual obligation
E-Contract - ANSWER✔✔-A contract that is formed electronically
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, E-Signature - ANSWER✔✔-An electronic sound, symbol, or process
attached to or logically associated with a record and adopted by a person
with the intent to sign the record
Exculpatory Clause - ANSWER✔✔-A clause that releases a contractual
party from liability in the event of monetary or physical injury, no matter
who is at fault
Executed Contract - ANSWER✔✔-A contract that has been fully performed
by both parties
Executory Contract - ANSWER✔✔-A contract that has not yet been fully
performed
Express Contract - ANSWER✔✔-A contract in which the terms of the
agreement are stated in words, oral or written
Forbearance - ANSWER✔✔-The act of refraining from an action that one
has a legal right to undertake
Formal Contract - ANSWER✔✔-An agreement that by law requires a
specific form for its validity
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of Traditional and E-Contracts Exam
Study Guide Solutions
Acceptance - ANSWER✔✔-The act of voluntarily agreeing, through words
or conduct, to the terms of an offer, thereby creating a contract
Agreement - ANSWER✔✔-A mutual understanding between two or more
individuals regarding the terms of a contract
Bilateral Contract - ANSWER✔✔-A type of contract that arises when a
promise is given in exchange for a promise
Browse-Wrap Term - ANSWER✔✔-A term or condition of use that is
presented when an online buyer downloads a product but that does not
require the buyer's explicit agreement
Click-On Agreement - ANSWER✔✔-An agreement that arises when an
online buyer clicks on "I agree" or otherwise indicates assent to be bound
by the terms of an offer
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 1/16
,Consideration - ANSWER✔✔-The value given in return for a promise or
performance in a contractual agreement
Contract - ANSWER✔✔-A set of promises constituting an agreement
between parties, giving each a legal duty to the other and the right to seek
a remedy for the breach of the promises or duties
Contractual Capacity - ANSWER✔✔-The legal ability to enter into
contracts - the threshold mental capacity required by law for a party who
enters into a contract to be bound by that contract.
Counteroffer - ANSWER✔✔-An offeree's response to an offer in which the
offeree rejects the original offer and at the same time makes a new offer
Covenant not to Compete - ANSWER✔✔-A party's contractual promise to
refrain from competing with another party for a certain period of time and
within a certain geographic area
Disaffirmance - ANSWER✔✔-The legal avoidance, or setting aside, of a
contractual obligation
E-Contract - ANSWER✔✔-A contract that is formed electronically
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/16
, E-Signature - ANSWER✔✔-An electronic sound, symbol, or process
attached to or logically associated with a record and adopted by a person
with the intent to sign the record
Exculpatory Clause - ANSWER✔✔-A clause that releases a contractual
party from liability in the event of monetary or physical injury, no matter
who is at fault
Executed Contract - ANSWER✔✔-A contract that has been fully performed
by both parties
Executory Contract - ANSWER✔✔-A contract that has not yet been fully
performed
Express Contract - ANSWER✔✔-A contract in which the terms of the
agreement are stated in words, oral or written
Forbearance - ANSWER✔✔-The act of refraining from an action that one
has a legal right to undertake
Formal Contract - ANSWER✔✔-An agreement that by law requires a
specific form for its validity
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