Contract Law in Business: Mirror Image, Cyber Issues & Agreements

This business law assignment covers several key concepts within contract law and cyber commerce. It addresses the mirror image rule and its alteration by the UCC, defines revocation and duress as defenses under contract law, and differentiates duress from undue influence. The assignment further explores the enforceability of charitable pledges, highlighting the shift from non-enforcement to potential enforcement with actual consideration. It delves into various issues associated with cyber crime and cyber commerce, including cyber-price competition, hidden costs, legal concerns like credit-card fraud, and payment method vulnerabilities. The assignment also outlines the essential elements required for a written agreement to be legally binding, such as clear terms, subject-matter identification, consideration statement, identification of bound parties, and signatures. Finally, it addresses verification problems in cyber commerce, suggesting solutions like customized verification processes and the promotion of digital signatures to ensure authentic transactions.

Running head: BUSINESS LAW
Business Law
Name of the Student
Name of the University
Author Note

1BUSINESS LAW
Chapter 8:
Answer 5:
The mirror image rule has been referred to as the well established principle in the law of
contract. In this regard, it is worth mentioning that a contract is formed when the acceptance is
made in accordance to the offer (Wang, Wang & Liu, 2016). Throughout the business
environment, the mirror image rule has been utilized. However, the alteration of the mirror
image rule has been altered by the UCC.
Answer 6:
Revocation is referred to as the act on the part of one of one of the parties to a contract. A
revocation results to the cancellation of the contract which may occur mutually or with the
withdrawal of the contract before accepting.
Answer 10:
Duress forms an important defense under the law of contract. It is often referred to as the
wrongful pressured imposed upon any individual in order to induce him towards the contract by
use of intentional force. Undue influence do not involve force however; there involves undue
advantage of another person with the establishment of mutual trust.
Chapter 9:
Answer 6:

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It is worthwhile to mention here that, from the very beginning charitable pledges were
not enforced as contractual obligations as there involves no consideration. However, the Courts
are at the authority to enforce charitable pledges if actual consideration is associated with it.
Answer 10:
Various issues are associated with cyber crime. The most important issues can be
emphasized as-
 Cyber-price and competition: It is evident that wide variety of measures is available to
the consumers when it comes to comparison in case of establishment of consideration in
case of online contracts (Naili, Boubetra & Tari, 2018). Though consumers have detailed
knowledge regarding the ramifications involved in such process; still cyber shopping
continues like before.
 Costs involved in cyber-shopping: In modern era, cyber shopping is not a new concept.
However, cyber-shopping has few drawbacks as well. One of the major drawbacks
associated with it the issue associated with hidden costs. Hidden costs may be internet
handling fees, internet access fees and shipping costs (Gantayat & Giri, 2016).
Customers may not be aware of these hidden costs as in most of the cases shippers
overestimate the cost of shipping.
 Legal issues: Consumers are aware of the illegal practices of cyber crime as well. Most of
the time these, illegal practices are associated with credit-card fraud and irrelevant price-
setting methods.
 Cyber payment options: Several payment methods are associated with cyber online
shopping sites. However, various frauds can be associated with such payment methods.

3BUSINESS LAW
Chapter 11:
Answer 3:
The information that must be in writing must comply with the elements mentioned
below:
 The terms of the agreement must be there.
 The subject-matter of the contract must be clearly identified.
 The statement of the consideration promised must be mentioned.
 The names and the identities of the person bound by the obligation must be mentioned.
 The signature of both the parties to the contract must be there in order to bind them with
the agreement.
It is important that the parties involved in the agreement must be legally competent and such
agreement must be in writing.
Answer 9:
Various issues are associated with cyber commerce as well. In this regard, it is
noteworthy to mention here that, most of the time the common techniques involved with cyber-
commerce is buying and selling by using the internet. It is worth noting that, various transactions
are associated with it (Gangele, Pathak & Verma, 2017). There are list of problems associated
with cyber-commerce. The most important issue is associated with verification problems. It is
worth mentioning that, parties to the contract can ovoid such issues with the addition of certain
terms and conditions which can delay the creation of contract to a large extent (Agarwal & Wu,
2018). However, these solutions proved to have shown unsatisfactory results in the long run.

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Another solution is associated with the customization of the verification process involved in
cyber-transaction. It is important that each contract must be verified individually in order to
avoid conflict and maintain certainty. It is important to promote digital signatures which provide
authentic transaction process.
It is important on the part of the electronic party to ensure that, the copy of the electronic
contract should be made available to the parties by providing them with a hyperlink by
displaying the actual language of the agreement. This process is referred to as click-on –
agreements and often clicks-on- acceptance.

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References:
Agarwal, J., & Wu, T. (2018). E-Commerce in Emerging Economies: A Multi-theoretical and
Multilevel Framework and Global Firm Strategies. In Emerging Issues in Global Marketing (pp.
231-253). Springer, Cham.
Gangele, S., Pathak, D., & Verma, D. (2017). The Analysis of Security Issues and Threat
Prevention Model in E-Commerce.
Gantayat, M., & Giri, C. K. (2016). Security Issues, Challenges and Solutions for E-Commerce
Applications over Web. International Journal of Engineering and Management Research
(IJEMR), 6(5), 351-357.
Naili, M., Boubetra, A., & Tari, A. (2018). Fuzzy Multi-Criteria Decision Making Methods for
E-Commerce Issues. In Mobile Commerce: Concepts, Methodologies, Tools, and
Applications(pp. 204-242). IGI Global.
Wang, W. T., Wang, Y. S., & Liu, E. R. (2016). The stickiness intention of group-buying
websites: The integration of the commitment–trust theory and e-commerce success
model. Information & Management, 53(5), 625-642.