Exam 10: Mutual Assent

James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer open for one month if Jennifer will pay him $100 for the privilege. Jennifer pays James $100. Which statement describes the payment of $100?

An offer under Article 2 of the UCC that is irrevocable even though no consideration is given to keep it open is known as a(n):

Under the UCC, an acceptance must always be identical to an offer for a valid contract to be formed.

The Code's firm offer rule applies only to offers in writing that are made by a merchant offeror.

A is an offeree's refusal to accept an offer.

If an offeror makes an offer to an offeree by letter and it is lost in the mail, no legally sufficient offer has been made.

Assume an offeree mails a rejection to the offeror on November 1. This rejection arrives at the offeror's place of business on November 5. In the meantime, on November 4, the offeree sends the offeror an acceptance that arrives November 6. Which of the following statements correctly describes the situation?

Wes, who is an art collector, offered to buy a print from Le Monde Gallery. Le Monde balked at the price, sending Wes a letter of rejection. That day it discovered that the print was not as highly valued as originally thought. Le Monde immediately telephoned Wes to accept his offer. Is there a contract?

To be effective, notice of revocation of an offer:

A contract exists when an offer has been accepted.

On June 10 Edward came to the dealer with the money, but the bike had been sold to another customer. Was the dealer under any obligation to Edward to keep this offer open until June 15? Give legal reasoning for your answer.

An offer is an indefinite proposal made by one person to another.

A contract cannot be formed unless it is possible to determine the exact moment at which it was made.

Humberto writes to Stan asking if Stan will buy his cultivator for $600. Humberto's question:

If Bill tells Sara that he will give her two days to decide if she wants to buy his car, he cannot sell it to anyone else during that time.

On June 1, a civic club made an offer of $500 to a beer distributor to have ten kegs delivered to the city park for a July 4th fund-raising event. On June 30, the city passed a new law prohibiting consumption of alcohol in the city park. The civic club's offer is terminated on June 30.

Which of the following would NOT be a merchant under Article 2 of the UCC?

There is no necessity to distinguish language which constitutes an offer from that which merely solicits or invites offers.

If an offer asks for acceptance by mail and the offeree faxes his acceptance:

The case in which the court held that a newspaper advertisement was an offer because it contained a promise of performance in definite terms in return for a requested act was: