Exam 5: Elements of Contracts, E-Commerce and Technology

The person making an offer is the offeror.

An option agreement allows for a contract to remain open for a specified time.

Businesses use contracts to buy and sell goods and services.

Contracts for the purchase and sale of land must be in writing.

In contracts between family members, the courts will presume that parties have an intention to enter into a contract.

A person can be required to perform on a contract for a service provided gratuitously.

With regard to online contracts, which of the following statements is most accurate?

Which of the following statements is incorrect with respect to an offer?

Important terms can be implied in a contract.

Unless otherwise stated acceptance of an offer can be by any reasonable method.

Consideration is the value one is willing to pay or receive for the promise agreed to in an offer.

In Canada, the objective of the Uniform Electronic Commerce Act (UECA) is primarily to:

Under the Electronic Commerce Act, acceptance occurs when the offeror receives and opens the email.

On June 1, the Mega Marketing Research Firm sent out a mail survey to 5,000 potential customers of Mega's client company. The survey stated that everyone who completed the survey and mailed it back would receive a prize. Mega did not expect everyone to respond to the survey and had only 1,000 prizes on hand for the respondents. On July 14, Sam mailed back his response and eagerly awaited his prize. On July 15, Mega sent out the last prize it had. Sam's response arrived on July 16. It was the 1001st response, and Mega wrote back telling Sam that because all the prizes were gone, he would not be able to have one.

An invitation to treat is a willingness to form a contract.