Exam 10: Mutual Assent

George offered to paint Catherine's barn for $3,000. Catherine said she would accept the offer if George would paint the woodshed, too. At this point, they have made a valid and enforceable contract.

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

An offer may be made to the general public.

Discuss silence as acceptance of an offer.

What are the ways in which an offer may be terminated?

In an output contract, the seller can operate a factory on a 24-hour-a-day schedule and insist that the buyer take all of the output when that buyer had operated only eight hours a day at the time the contract was made and the buyer had knowledge only of the eight-hours-a-day operating schedule.

The UCC provides missing contract terms in which of the following instances?

The common law "mirror image" rule applies to an offer and the acceptance of that offer in a contract for the sale of goods.

The way parties usually show mutual assent is by:

An acceptance is generally effective upon dispatch.

Contract law generally places more importance on the intent of the parties to form a contract than on the inclusion of certain terms in the contract.

Brooks 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 Brooks $100. Which statement describes the payment of $100?

Don offers to sell his diamond ring to Emily. If Diane overhears the offer and says, "I accept the offer":

Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind about selling. In this case, Elmer:

The definition of commercial reasonableness as used in contract law includes:

On June 1, Edward visited a bicycle sales and service center. Edward spotted a used bike he liked and was told by the dealer that he could have the bike for $100 cash. Since Edward needed a few days to get the money, Edward got a signed, written statement by the dealer that Edward could buy the bike for $100 at anytime on or before June 15. 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.

Destruction of the subject matter has what effect on the offer?

a. What are the three essentials of an offer? b. How does one distinguish between an offer and an invitation seeking offers?

A __________ is the refusal to accept an offer.

Joyce makes an offer to Ashley, but before Ashley can accept, the state legislature passes a law that makes Joyce's offer illegal. The new statute: