Exam 6: Offer and Acceptance

An offeree's inquiry about the terms of an offer that differ from the offeror's terms will have what effect?

The "mailbox rule" does not apply in situations where the offeror does not receive the acceptance.

An offer made in jest that does not appear to be seriously intended to an offeree is considered a valid offer.

If the intended acceptance varies or qualifies an offer, the counteroffer rejects the original offer under the common law.

Ryan, a college student, intends to sell his car. He contacts his friend Luiz and inquires whether he is interested in buying the car. Luiz finds the quoted price reasonable and buys the car from Ryan. In this scenario, Ryan is the .

Advertisements and catalogs are examples of general invitations.

If a merchant displays a coat at a particular price, he has a binding requirement to sell at that price.

An offer that does not specify a particular manner of acceptance may be accepted in any manner reasonable under the circumstances.

Which of the following is true of a binding contract?

An offeree's response that rejects an offer by varying its terms is known as a(n).

When an offeree is not aware of the insanity of the offeror and communicates assent to an offer, it is considered accepted.

If, after an offer has been made, the performance of the contract becomes illegal, the offer is terminated.

What are the requirements of a valid offer? Explain. ​

If an offeror receives something of value in return for a promise to hold the offer open, it is said to be a(n), and this type of offer cannot be revoked.

Maya, an elderly lady, wanted to sell her house. She offered the house to Lily, a friend. However, before the house deeds were transferred, Maya passed away. Which of the following scenarios is legally acceptable in such a case?

Which of the following is true of a valid offer? ​

A toy merchant's display of a doll house in a store window for $100 constitutes:

A firm offer can be best defined as:

An offer expresses the willingness of the offeror to enter into a contractual agreement. ​

Silence constitutes acceptance to an offer if it is reasonable in consideration of previous dealings that the offeree to notify the offeror of non-acceptance.