Patent ID: 7069234
Filing Date: 2006-06-27
Classification: G06Q

Abstract:
1. A method for initiation of an agreement utilizing a network, comprising: (a) allowing a buyer and a seller to negotiate terms of a trade utilizing a network, wherein on-line term negotiation forms may be traded via a network as buyer and seller negotiate a transaction; (b) receiving from the buyer the form indicating the terms of trade utilizing the network; (c) receiving an identifier from the buyer utilizing the network; (d) sending the form to a bank for assessing the credit of the buyer utilizing the network, wherein the bank to which the credit application is sent is based on the identifier; (e) forwarding the form to the seller along with the assessment of the credit of the buyer utilizing the network; (f) allowing the seller to digitally sign the form utilizing the network; (g) receiving the digitally signed form from the seller utilizing the network; (h) transmitting a notice to the buyer indicating that the digitally signed form has been received from the seller, thus initiating the agreement; (i) verifying the credit of the seller utilizing the network; and (j) allowing the buyer to select from a group of options in order to settle an account utilizing the network, wherein the options include settling a minimum balance, partially settling, settling a full balance, and applying for an import loan on payment due date.