While I think the law actually works that way, we have avoided putting it in writing so far.  The way the web site works, the decision to accept or reject the offer happens almost instantaneously so the question is almost meaningless.  The time we care is when the internet slows down or the connection goes down and they don't see that we accepted their offer and then they try to get out.  I guess the other question would be how do they withdraw the offer?  The website doesn't provide a mechanism for that.  If we say it has to be in writing and delivered to the relevant trader, in practice it might not be an issue.

 -----Original Message-----
From: 	Boomer, John  
Sent:	Thursday, September 20, 2001 3:46 PM
To:	Taylor, Mark E (Legal)
Subject:	Coal Purchases Online

Mark:  We met briefly about 2 months ago when I interviewed here.  I just joined Wayne in the coal group and am working on a Master Coal Purchase and Sale Agreement.  The counterparty has suggested some language (highlighted below) which sounds o.k. to me.  However, Wayne suggested I run it by you to see if it worked with the way the website actually operates.  Please advise.

Thanks,
John Boomer
x59502

(b) A Transaction may also be initiated by Counterparty offering to buy or sell Coal by clicking on the designated boxes on the Enron Online Website.  Such website is not, and shall not be construed as, an offer to buy or sell by ENA.  ENA may accept or reject Counterparty's offer at its sole discretion and Counterparty may withdraw offer at any time prior to acceptance at its sole discretion.  A Transaction shall be deemed executed at the time that ENA first signifies its acceptance of Counterparty's offer, accessible on such website.  ENA may also send a written confirmation memorializing the Special Terms and Conditions of a Transaction, but in the event of any conflict, the terms of the written confirmation shall prevail. The terms and conditions of this Master Agreement shall govern any Transaction(s) initiated on such website.