Exam 10: Mutual Assent

Bart sends Carla an offer by express mail.Carla receives it at 10 a.m.on Tuesday.At 11 a.m.on Tuesday, Carla delivers an acceptance to Speedy Mail-to-You Express, Inc., but due to their error, the letter is not sent out by the company until Wednesday at 8 a.m.At what time does the law consider the acceptance to be effective?

An offer is an indefinite proposal made by one person to another indicating willingness to enter into a contract.

Charlene hears about a reward being offered by the local television station for information leading to the arrest and conviction of a local rapist.She supplies the requested information and the suspect is then arrested and convicted.

A counteroffer operates as a rejection of the original offer.

The law applies a subjective standard in determining whether there was the requisite intent to enter into a contract.

An offer that is made by a merchant under the UCC and 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.

Hugh recently purchased a motorcycle for $3,000 but has had extensive problems starting the motor.In disgust at not being able to start the motor, Hugh shouts to his friends, "Any of you want to buy this thing for $20?" A contract will be formed if a friend gives Hugh a twenty-dollar bill.

Will offers to sell his bike to Stan.Will has seemingly offered to sell his motorcycle, but he intended to and believes he is offering his 10-speed bike.If Stan accepts the offer, reasonably believing it was for the motorcycle:

Which is not a revocable offer?

If there is no time specified for the acceptance of an offer, when does the offer terminate?

The intent of an offer is determined by a subjective standard.

Silence can never be an acceptance.

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

An auctioneer is the offeror and a contract is formed when a bid is made.

A contract that binds the offeror to keep an offer open for a specified period of time is known as:

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.

A defective acceptance does not create a contract, but does constitute a new offer.

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

If Anna Laura, in return for the payment of $200 to her by Catherine, gives Catherine an option to buy Jesse, a prime Arabian mare, at any time within the next 14 days at a price of $50,000, Anna Laura's offer to Catherine is: