Question 1

A contract will be enforced even if the terms are not clear and definite.

Accepted Answer

A) True 
 B)False  False

Question 2

Of the following, the one that does not terminate an offer is

Accepted Answer

A)  a counteroffer. 
B)  acceptance. 
C)  the serious illness of the offeror. 
D)  impossibility. 
A)  a counteroffer. 
B)  acceptance. 
C)  the serious illness of the offeror. 
D)  impossibility. C

Question 3

An offer is ended by rejection when the offeror withdraws an offer.

Accepted Answer

A) True 
 B)False  False

Question 4

Terry made an offer by letter to Swire. Unless otherwise specified by Terry, Swire's acceptance of this offer would become effective when his letter of acceptance was

Accepted Answer

A)  written and signed by Swire. 
B)  properly mailed by Swire. 
C)  received by Terry. 
D)  acknowledged by Terry. 
A)  written and signed by Swire. 
B)  properly mailed by Swire. 
C)  received by Terry. 
D)  acknowledged by Terry.

Question 5

While searching the Internet, you visited the website of MAD COMICS and read an ad that stated, "Our monthly issues of MAD COMICS are available online at a one-year subscription rate of $5 per issue. To subscribe, enter your e-mail address in the space below and click on 'SUBSCRIBE.' By subscribing you agree to the terms of the subscriber's agreement. To read this agreement, click on 'AGREEMENT.'" You enter your e-mail address, but do not click on 'AGREEMENT' to read the terms. Have you entered into a legally enforceable contract to pay for the MAD COMICS one-year subscription?

Accepted Answer

Yes. The offer to deliver via e-mail, th

Question 6

When the offeree silently accepts benefits, knowing that they are not made as a gift, a(n) ____________________ acceptance arises.

Accepted Answer

The answer of When the offeree silently accepts benefits, knowing...

Question 7

Silence can never indicate acceptance of an offer.

Accepted Answer

A) True 
 B)False

Question 8

Another name for a "meeting of the minds" is

Accepted Answer

A)  mutual assent. 
B)  lapse of time. 
C)  a request for further information. 
D)  an invitation to make an offer. 
A)  mutual assent. 
B)  lapse of time. 
C)  a request for further information. 
D)  an invitation to make an offer.

Question 9

If a person's response to an offer changes the terms of that offer, this response is known as

Accepted Answer

A)  a revocation. 
B)  an option. 
C)  a counteroffer. 
D)  an illegal response. 
A)  a revocation. 
B)  an option. 
C)  a counteroffer. 
D)  an illegal response.

Question 10

Brown offered to sell Wilson an air conditioner for $300. When Wilson said he needed time to think about the offer, Brown said that he would keep the offer open for five days. Which of the following statements is correct?

Accepted Answer

A)  Brown may not withdraw the offer until the end of the fifth day. 
B)  Brown may withdraw the offer at any time before acceptance is made. 
C)  Brown's agreement to keep the offer open created an option to purchase the air conditioner. 
D)  Brown may not withdraw his offer without Wilson's consent. 
A)  Brown may not withdraw the offer until the end of the fifth day. 
B)  Brown may withdraw the offer at any time before acceptance is made. 
C)  Brown's agreement to keep the offer open created an option to purchase the air conditioner. 
D)  Brown may not withdraw his offer without Wilson's consent.

Question 11

"I am not at all interested in your offer" is an example of a(n) ____________________.

Accepted Answer

The answer of "I am not at all interested in...

Question 12

Bixby offered a reward of $50 in the local newspaper for the return of his lost college ring. Harris, not knowing of the published reward, found and returned the ring. Harris could not legally claim the reward because

Accepted Answer

A)  the offer was not definite. 
B)  the offer was not communicated to him. 
C)  the offer was not intended to be an enforceable obligation. 
D)  an offer of a reward is not binding. 
A)  the offer was not definite. 
B)  the offer was not communicated to him. 
C)  the offer was not intended to be an enforceable obligation. 
D)  an offer of a reward is not binding.

Question 13

Prior to an offer being made by one party, the parties may talk back and forth. This procedure is called ____________________.

Accepted Answer

preliminar

Question 14

Written acceptance of an offer generally takes effect when it is

Accepted Answer

A)  received by the offeror. 
B)  properly sent. 
C)  prepared by the offeree. 
D)  none of these. 
A)  received by the offeror. 
B)  properly sent. 
C)  prepared by the offeree. 
D)  none of these.

Question 15

The statement "I would like to sell my computer for $750" is a valid offer.

Accepted Answer

A) True 
 B)False

Question 16

The term that best describes an agreement whereby the offeree gives something of value to the offeror to keep an offer open is

Accepted Answer

A)  release. 
B)  compromise. 
C)  option. 
D)  tender. 
A)  release. 
B)  compromise. 
C)  option. 
D)  tender.

Question 17

An offeror may revoke an offer at any time, even if the offeree gives the offeror consideration to hold the offer open.

Accepted Answer

A) True 
 B)False

Question 18

An offer ends by rejection when the offeree refuses the offer made by the offeror.

Accepted Answer

A) True 
 B)False

Question 19

Magin offered to sell Richards some secondhand college textbooks for $75. Richards wasn't sure he wanted the books. Magin then agreed to keep the offer open for five days if Richards would give him $5. Can Magin legally withdraw this offer before the five days are up?

Accepted Answer

No. Magin created an option contract whe

Question 20

Able mailed Conover an offer that stated in part, "You must accept by sending me a certified letter which must be received by me on or before February 1st." Conover may accept by

Accepted Answer

A)  sending a telegram of acceptance to reach Able by February 1st. 
B)  making a phone call to Able on February 1st. 
C)  mailing his acceptance on February 1st. 
D)  sending Able a certified letter mailed in time to reach Able by February 1st. 
A)  sending a telegram of acceptance to reach Able by February 1st. 
B)  making a phone call to Able on February 1st. 
C)  mailing his acceptance on February 1st. 
D)  sending Able a certified letter mailed in time to reach Able by February 1st.

Exam 7: Agreement: Offer and Acceptance

A contract will be enforced even if the terms are not clear and definite.

Of the following, the one that does not terminate an offer is

An offer is ended by rejection when the offeror withdraws an offer.

Terry made an offer by letter to Swire. Unless otherwise specified by Terry, Swire's acceptance of this offer would become effective when his letter of acceptance was

When the offeree silently accepts benefits, knowing that they are not made as a gift, a(n) ____________________ acceptance arises.

Silence can never indicate acceptance of an offer.

Another name for a "meeting of the minds" is

If a person's response to an offer changes the terms of that offer, this response is known as

Brown offered to sell Wilson an air conditioner for $300. When Wilson said he needed time to think about the offer, Brown said that he would keep the offer open for five days. Which of the following statements is correct?

"I am not at all interested in your offer" is an example of a(n) ____________________.

Bixby offered a reward of $50 in the local newspaper for the return of his lost college ring. Harris, not knowing of the published reward, found and returned the ring. Harris could not legally claim the reward because

Prior to an offer being made by one party, the parties may talk back and forth. This procedure is called ____________________.

Written acceptance of an offer generally takes effect when it is

The statement "I would like to sell my computer for $750" is a valid offer.

The term that best describes an agreement whereby the offeree gives something of value to the offeror to keep an offer open is

An offeror may revoke an offer at any time, even if the offeree gives the offeror consideration to hold the offer open.

An offer ends by rejection when the offeree refuses the offer made by the offeror.

Magin offered to sell Richards some secondhand college textbooks for $75. Richards wasn't sure he wanted the books. Magin then agreed to keep the offer open for five days if Richards would give him $5. Can Magin legally withdraw this offer before the five days are up?

Able mailed Conover an offer that stated in part, "You must accept by sending me a certified letter which must be received by me on or before February 1st." Conover may accept by

Foundations of Law and the Role of Ethics in Business

The Legal System in the United States and Its Constitutional Foundation

Personal, Business, and Cyber Crimes and the American Criminal Justice System

Tort Law: Traditional Torts and Cyber Torts

Litigation and Alternatives for Settling Civil Disputes

Contract Law: a Beginning

Consideration

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Memorialize Contracts in Writingstatute of Frauds

Transfer of Contract Rights and Duties

The Termination of Contracts: Discharge

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Formation of Sales and Lease Contracts

The Sales Contract: Transfer of Title and Risk of Loss

The Sales Contract: Performance, Breach, and Remedies for Breach

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Nature and Types of Negotiable Instruments

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Rights and Duties of Parties

Checks and the Banking System in the Twenty-First Century

Employer-Employee Relationship

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Sole Proprietorships, Partnerships, and Limited Liability Organizations

Corporations and Franchising

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Basic Legal Concepts of Property

Renting Real Property

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Nature and Types of Bailments

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Able mailed Conover an offer that stated in part, "You must accept by sending me a certified letter which must be received by me on or before February 1^st." Conover may accept by