Question 1

An offer is made by an _ _ to an _.

Accepted Answer

A)  offeror; invitee 
B)  inviter; invitee 
C)  offeror; offeree 
D)  initiator; offeree 
E)  initiator; receiver 
A)  offeror; invitee 
B)  inviter; invitee 
C)  offeror; offeree 
D)  initiator; offeree 
E)  initiator; receiver

Question 2

Why should you not make an agreement to sell your car to a purchaser "for a fair price"?

Accepted Answer

Although the courts have a policy of mak

Question 3

Mary goes into a store in which she sees a "sale" sign. While she is looking round, she notices that a sign which says, 50% off has been placed against a pair of knee high boots. She takes the pair of boots to the cashier. The cashier refuses to sell the boot at the 50% discount. Which of the following is true?

Accepted Answer

A)  The cashier is in breach of contract. 
B)  The store is in breach of contract. 
C)  The conduct of the store amounts to false advertizing and Mary will be entitled to the 50% discount. 
D)  Mary is entitled to a 50% discount because that boots were advertized as being sold at a discount of 50%. 
E)  Mary is not entitled to a 50% discount because the sign was not an offer. 
A)  The cashier is in breach of contract. 
B)  The store is in breach of contract. 
C)  The conduct of the store amounts to false advertizing and Mary will be entitled to the 50% discount. 
D)  Mary is entitled to a 50% discount because that boots were advertized as being sold at a discount of 50%. 
E)  Mary is not entitled to a 50% discount because the sign was not an offer.

Question 4

All contracts begin with a promise, but not all promises become contracts. Explain.

Accepted Answer

A contract is a legally binding promise.

Question 5

Jill tells Jack that she will pay $1,000 for his pail of water. He accepts this kind of agreement is

Accepted Answer

A)  a collateral contract. 
B)  a multilateral contract. 
C)  a bilateral contract. 
D)  a unilateral contract. 
E)  a standing offer. 
A)  a collateral contract. 
B)  a multilateral contract. 
C)  a bilateral contract. 
D)  a unilateral contract. 
E)  a standing offer.

Question 6

A standing offer is an offer that is made by a travelling salesperson.

Accepted Answer

A) True 
 B)False

Question 7

A standing offer is

Accepted Answer

A)  one that can be revoked even after acceptance. 
B)  an offer that is made and withdrawn before it is accepted. 
C)  one that is said to stand because it is fixed and cannot be changed. 
D)  one that may be accepted from time to time as needed. 
E)  one that cannot be revoked after acceptance without the consent of the offeree. 
A)  one that can be revoked even after acceptance. 
B)  an offer that is made and withdrawn before it is accepted. 
C)  one that is said to stand because it is fixed and cannot be changed. 
D)  one that may be accepted from time to time as needed. 
E)  one that cannot be revoked after acceptance without the consent of the offeree.

Question 8

An invitation to do business is a comittement to enter into a contract upon acceptance.

Accepted Answer

A) True 
 B)False

Exam 5: Formation of a Contract: Offer and Acceptance

An offer is made by an _ _ to an _.

Why should you not make an agreement to sell your car to a purchaser "for a fair price"?

All contracts begin with a promise, but not all promises become contracts. Explain.

Jill tells Jack that she will pay $1,000 for his pail of water. He accepts this kind of agreement is

A standing offer is an offer that is made by a travelling salesperson.

A standing offer is

An invitation to do business is a comittement to enter into a contract upon acceptance.

Law and Society

The Machinery of Justice

The Law of Torts

Professional Liability

Formation of a Contract: Consideration, and Intention to Create Legal Relations

Formation of a Contract: Capacity to Contract and Legality of Object

Grounds Upon Which a Contract May Be Impeached: Mistake

Grounds Upon Which a Contract May Be Impeached: Misrepresentation, Undue Influence, and Duress

The Requirement of Writing

The Interpretation of Contracts

Privity of Contract and the Assignment of Contractual Rights

The Discharge of Contracts

The Effect of Breach

Remedies for Breach

Sale of Goods

Leasing and Bailment

Insurance and Guarantee

Agency and Franchising

The Contract of Employment

Negotiable Instruments

Intellectual Property

Interests in Land and Their Transfer

Landlord and Tenant

Mortgages of Land and Real Estate Transactions

Sole Proprietorships and Partnerships

The Nature of a Corporation and Its Formation

The Internal Affairs of Corporations

The External Responsibilities of a Corporation

Secured Transactions

Creditors Rights

Government Regulation of Business

International Business Transactions

Electronic Commerce

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