Question 1

In a bilateral contract,communication of acceptance is necessary.

Accepted Answer

A) True 
 B)False

Question 2

Barney offers to sell his Call Marketing Center to Domino for $100,000.Domino replies,"The price is too high.I will offer to buy it for $90,000." Domino has​

Accepted Answer

A)  ​accepted the offer. 
B)  ​made a counteroffer without rejecting the offer. 
C)  ​rejected the offer and made a counteroffer. 
D)  ​rejected the offer without making a counteroffer. 
A)  ​accepted the offer. 
B)  ​made a counteroffer without rejecting the offer. 
C)  ​rejected the offer and made a counteroffer. 
D)  ​rejected the offer without making a counteroffer.

Question 3

Craig decides to sell his Box-C Ranch in an auction "without reserve." If Craig changes his mind at the auction,he can withdraw his property​

Accepted Answer

A)  ​only before the auctioneer announces that the ranch is sold. 
B)  ​only before the auctioneer delivers the deed to the buyer. 
C)  ​under no circumstances. 
D)  ​within thirty days after the auction. 
A)  ​only before the auctioneer announces that the ranch is sold. 
B)  ​only before the auctioneer delivers the deed to the buyer. 
C)  ​under no circumstances. 
D)  ​within thirty days after the auction.

Question 4

An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate.

Accepted Answer

A) True 
 B)False

Question 5

A statute or court decision that makes an offer illegal automatically terminates the offer.

Accepted Answer

A) True 
 B)False

Question 6

Most advertisements-"this property for sale"-are offers.

Accepted Answer

A) True 
 B)False

Question 7

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer​

Accepted Answer

A)  ​before Thomas accepts the offer. 
B)  ​before March 1, whether or not Thomas has accepted the offer. 
C)  ​only after Thomas accepts the offer. 
D)  ​only after March 1. 
A)  ​before Thomas accepts the offer. 
B)  ​before March 1, whether or not Thomas has accepted the offer. 
C)  ​only after Thomas accepts the offer. 
D)  ​only after March 1.

Question 8

Interstate Coffee Brokers,Inc.(ICBI),offers to sell Java Roasters,Inc.,fifty bags of coffee beans.Java rejects the offer.The offer is​

Accepted Answer

A)  ​terminated. 
B)  ​valid for a reasonable time to give Java a "second chance." 
C)  ​valid for the period of time prescribed by a state statute. 
D)  ​valid until ICBI revokes the offer. 
A)  ​terminated. 
B)  ​valid for a reasonable time to give Java a "second chance." 
C)  ​valid for the period of time prescribed by a state statute. 
D)  ​valid until ICBI revokes the offer.

Question 9

Pete and Will have an option contract for the sale of some fresh vegetables.Jane and Ashley have an option contract for the sale of some books.Neither contract has an exact period of time specified in the option.The reasonable period of time implied is​

Accepted Answer

A)  ​the same for both contracts. 
B)  ​shorter for the vegetable contract than for the book contract. 
C)  ​longer for the vegetable contract than for the book contract. 
D)  ​determined by state laws. 
A)  ​the same for both contracts. 
B)  ​shorter for the vegetable contract than for the book contract. 
C)  ​longer for the vegetable contract than for the book contract. 
D)  ​determined by state laws.

Question 10

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer​

Accepted Answer

A)  ​before Thomas accepts the offer. 
B)  ​before March 1, whether or not Thomas has accepted the offer. 
C)  ​only after Thomas accepts the offer. 
D)  ​only after March 1. 
A)  ​before Thomas accepts the offer. 
B)  ​before March 1, whether or not Thomas has accepted the offer. 
C)  ​only after Thomas accepts the offer. 
D)  ​only after March 1.

Question 11

Diverse Diversions,Inc.,makes computer,video,and mobile device games.Ember buys a hard copy of Final Infinity.Inside the package is a shrink-wrap agreement.With respect to the contract for the game's purchase,the shrink-wrap agreement may not be enforced if​

Accepted Answer

A)  ​Ember does not read it. 
B)  ​Ember learns of it after using the game. 
C)  ​Ember learns of it before using the game. 
D)  ​the play of the game is poor. 
A)  ​Ember does not read it. 
B)  ​Ember learns of it after using the game. 
C)  ​Ember learns of it before using the game. 
D)  ​the play of the game is poor.

Question 12

Bret buys a subscription to the catalog of music provided by Concerto,an online music vendor.Before accessing the catalog,Bret must agree to a provision stating that she will not make and sell copies of the music.This provision is​

Accepted Answer

A)  ​a browse-wrap term. 
B)  ​a click-on agreement. 
C)  ​a shrink-wrap agreement. 
D)  ​a wrap-around agreement. 
A)  ​a browse-wrap term. 
B)  ​a click-on agreement. 
C)  ​a shrink-wrap agreement. 
D)  ​a wrap-around agreement.

Question 13

Gayla tells Francisco that she will pay him $50 to haul the trimmed tree limbs and other lawn debris from her property.Francisco's acceptance is complete​

Accepted Answer

A)  ​as soon as he says he will do the job. 
B)  ​once he starts to work. 
C)  ​only after he hauls away the debris. 
D)  ​when he hears the offer. 
A)  ​as soon as he says he will do the job. 
B)  ​once he starts to work. 
C)  ​only after he hauls away the debris. 
D)  ​when he hears the offer.

Question 14

Jake bids on a duplex in an auction with reserve.Jake is the​

Accepted Answer

A)  ​offeror. 
B)  ​offeree. 
C)  ​promisee. 
D)  ​auctioneer. 
A)  ​offeror. 
B)  ​offeree. 
C)  ​promisee. 
D)  ​auctioneer.

Question 15

On December 1,Petroleum,Inc.,sent Rachel & Rico (R&R)a letter,via overnight delivery,offering to employ R&R to review Petroleum's tax situation for the current year for $10,000.In the letter,the company stated that R&R had ten days to accept.On December 5,R&R sent an e-mail message that stated,"The price for the tax analysis seems too low.Would you consider paying $15,000?" Petroleum received the message without responding immediately.The next day,Smith & Taylor,an R&R competitor,offered to conduct the appraisal for $8,000.On learning of this offer,R&R immediately e-mailed Petroleum,agreeing to do the work for $10,000.Petroleum received this message on December 7.Explain why R&R and Petroleum do,or do not,have a contract.

Accepted Answer

R&R and Petroleum have a contract.R&R ef

Question 16

Younger asks Zippy,"Do you want to buy one of my fishing rods?" This is​

Accepted Answer

A)  ​a valid offer. 
B)  ​not a valid offer because the terms are not definite. 
C)  ​not a valid offer because Younger did not state an intent. 
D)  ​not a valid offer because Zippy did not respond. 
A)  ​a valid offer. 
B)  ​not a valid offer because the terms are not definite. 
C)  ​not a valid offer because Younger did not state an intent. 
D)  ​not a valid offer because Zippy did not respond.

Question 17

A price list is a form of invitation to negotiate or trade.

Accepted Answer

A) True 
 B)False

Question 18

Corner Convenience Store (CCS)takes out a full-page ad in a local newspaper and runs a thirty second commercial on a local television station,offering a reward for information leading to the apprehension of a certain criminal.CCS could normally terminate the offer by placing​

Accepted Answer

A)  ​a full-page ad in the local paper and a thirty second commercial on the local station. 
B)  ​a notice in the "Legal Announcements" section of the paper. 
C)  ​a notice to the news departments of the local stations. 
D)  ​any, or none, of the choices. 
A)  ​a full-page ad in the local paper and a thirty second commercial on the local station. 
B)  ​a notice in the "Legal Announcements" section of the paper. 
C)  ​a notice to the news departments of the local stations. 
D)  ​any, or none, of the choices.

Question 19

An offeree's power of acceptance is terminated when the offeror dies unless the offer is irrevocable.

Accepted Answer

A) True 
 B)False

Question 20

Rafi offers to sell his sailboat,Sea Siren,to Tiara for $50,000.Referring to the prices for similar vessels,Tiara says,"I'll pay no more than $40,000." Rafi's offer is​

Accepted Answer

A)  ​still open. 
B)  ​terminated. 
C)  ​rejected and subject to a counteroffer. 
D)  ​revoked. 
A)  ​still open. 
B)  ​terminated. 
C)  ​rejected and subject to a counteroffer. 
D)  ​revoked.

Exam 10: Offer and Acceptance

In a bilateral contract,communication of acceptance is necessary.

Barney offers to sell his Call Marketing Center to Domino for $100,000.Domino replies,"The price is too high.I will offer to buy it for $90,000." Domino has​

Craig decides to sell his Box-C Ranch in an auction "without reserve." If Craig changes his mind at the auction,he can withdraw his property​

An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate.

A statute or court decision that makes an offer illegal automatically terminates the offer.

Most advertisements-"this property for sale"-are offers.

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer​

Interstate Coffee Brokers,Inc.(ICBI),offers to sell Java Roasters,Inc.,fifty bags of coffee beans.Java rejects the offer.The offer is​

Pete and Will have an option contract for the sale of some fresh vegetables.Jane and Ashley have an option contract for the sale of some books.Neither contract has an exact period of time specified in the option.The reasonable period of time implied is​

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer​

Diverse Diversions,Inc.,makes computer,video,and mobile device games.Ember buys a hard copy of Final Infinity.Inside the package is a shrink-wrap agreement.With respect to the contract for the game's purchase,the shrink-wrap agreement may not be enforced if​

Bret buys a subscription to the catalog of music provided by Concerto,an online music vendor.Before accessing the catalog,Bret must agree to a provision stating that she will not make and sell copies of the music.This provision is​

Gayla tells Francisco that she will pay him $50 to haul the trimmed tree limbs and other lawn debris from her property.Francisco's acceptance is complete​

Jake bids on a duplex in an auction with reserve.Jake is the​

Younger asks Zippy,"Do you want to buy one of my fishing rods?" This is​

A price list is a form of invitation to negotiate or trade.

Corner Convenience Store (CCS)takes out a full-page ad in a local newspaper and runs a thirty second commercial on a local television station,offering a reward for information leading to the apprehension of a certain criminal.CCS could normally terminate the offer by placing​

An offeree's power of acceptance is terminated when the offeror dies unless the offer is irrevocable.

Rafi offers to sell his sailboat,Sea Siren,to Tiara for $50,000.Referring to the prices for similar vessels,Tiara says,"I'll pay no more than $40,000." Rafi's offer is​

Introduction to the Law and Our Legal System

Ethics in Business

The Courts and Alternative Dispute Resolution

Constitutional Law

Tort Law

Intellectual Property

Internet Law, social Media, and Privacy

Criminal Law and Cyber Crime

Introduction to Contracts

Consideration

Capacity

The Legality of Agreements

Voluntary Consent

Written Contracts

Third Party Rights

Contract Discharge and Remedies

Introduction to Sales and Lease Contracts

Title and Risk of Loss

Performance and Breach

Warranties and Product Liability

Consumer Protection

The Essentials of Negotiability

Transferability and Liability

Checks and Banking in the Digital Age

Agency

Employment, immigration, and Labor Law

Employment Discrimination

Sole Proprietorships, partnerships, and Limited Liability Companies

Formation and Termination of a Corporation

Management and Ownership of a Corporation

Secured Transactions

Creditors Rights and Remedies

Bankruptcy

Insurance

Personal Property and Bailments

Real Property

Landlord and Tenant Law

Wills and Trusts

Administrative Law

Antitrust Law

International Law

Filters

Barney offers to sell his Call Marketing Center to Domino for $100,000.Domino replies,"The price is too high.I will offer to buy it for $90,000." Domino has

Craig decides to sell his Box-C Ranch in an auction "without reserve." If Craig changes his mind at the auction,he can withdraw his property

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer

Interstate Coffee Brokers,Inc.(ICBI),offers to sell Java Roasters,Inc.,fifty bags of coffee beans.Java rejects the offer.The offer is

Pete and Will have an option contract for the sale of some fresh vegetables.Jane and Ashley have an option contract for the sale of some books.Neither contract has an exact period of time specified in the option.The reasonable period of time implied is

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer

Diverse Diversions,Inc.,makes computer,video,and mobile device games.Ember buys a hard copy of Final Infinity.Inside the package is a shrink-wrap agreement.With respect to the contract for the game's purchase,the shrink-wrap agreement may not be enforced if

Bret buys a subscription to the catalog of music provided by Concerto,an online music vendor.Before accessing the catalog,Bret must agree to a provision stating that she will not make and sell copies of the music.This provision is

Gayla tells Francisco that she will pay him $50 to haul the trimmed tree limbs and other lawn debris from her property.Francisco's acceptance is complete

Jake bids on a duplex in an auction with reserve.Jake is the

Younger asks Zippy,"Do you want to buy one of my fishing rods?" This is

Corner Convenience Store (CCS)takes out a full-page ad in a local newspaper and runs a thirty second commercial on a local television station,offering a reward for information leading to the apprehension of a certain criminal.CCS could normally terminate the offer by placing

Rafi offers to sell his sailboat,Sea Siren,to Tiara for $50,000.Referring to the prices for similar vessels,Tiara says,"I'll pay no more than $40,000." Rafi's offer is