Question 1

When the parties to a contract do not expressly agree on all the terms of their contract,it prevents the creation of a contract.

Accepted Answer

A) True 
 B)False

Question 2

How do courts deal with the situation in which an offeror tries to revoke an offer for a unilateral contract after the offeree has begun acceptance,but he has not completely accepted the offer?

Accepted Answer

If the offeree intends to accept an offe

Question 3

To determine whether the offeror has created a present intent to contract,courts consider:

Accepted Answer

A)  how the offer was made. 
B)  whether the offeror has communicated it to the offeree. 
C)  the intent of the parties subjectively. 
D)  the status of the person who has made the offer. 
A)  how the offer was made. 
B)  whether the offeror has communicated it to the offeree. 
C)  the intent of the parties subjectively. 
D)  the status of the person who has made the offer.

Question 4

The modern trend is for courts to tolerate more open and missing terms in offers.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following basic requirements must be met for an offer to sell goods to be a firm offer?

Accepted Answer

A)  It must contain assurances that it will be revocable. 
B)  The offeror must be a merchant. 
C)  It must have been made orally. 
D)  The outer limit on the period of irrevocability for firm offers must be 10 months. 
A)  It must contain assurances that it will be revocable. 
B)  The offeror must be a merchant. 
C)  It must have been made orally. 
D)  The outer limit on the period of irrevocability for firm offers must be 10 months.

Question 6

Which of the following would terminate an offer without notice to the offeree?

Accepted Answer

A)  Enactment of a statute making the contract illegal after acceptance 
B)  Physical inability of the offeree to perform 
C)  Promissory estoppel 
D)  Insanity of either party 
A)  Enactment of a statute making the contract illegal after acceptance 
B)  Physical inability of the offeree to perform 
C)  Promissory estoppel 
D)  Insanity of either party

Question 7

An offeree who attempts to accept after an offer has terminated is himself making a(n)_____.

Accepted Answer

A)  offer 
B)  revocation 
C)  counteroffer 
D)  grumbling acceptance 
A)  offer 
B)  revocation 
C)  counteroffer 
D)  grumbling acceptance

Question 8

To avoid problems from the revocation of offers for unilateral contracts,many courts hold a contract to be bilateral:

Accepted Answer

A)  only as a last possible resort. 
B)  whenever possible. 
C)  in a different view taken by the Restatement. 
D)  on a compulsory basis. 
A)  only as a last possible resort. 
B)  whenever possible. 
C)  in a different view taken by the Restatement. 
D)  on a compulsory basis.

Question 9

Brian offers to sell Jerry his house,but a hurricane destroys the house before Jerry accepts the offer.What would be the possible outcome of this offer?

Accepted Answer

A)  A written statement must be produced to the court of law to terminate the offer. 
B)  If the offer is not revoked within a week after the incident took place, the offer is considered to be open and Jerry can claim the recovery charges. 
C)  Jerry must be paid the recovery charges for losing the house as he had already been offered by Brian. 
D)  The offer is terminated when the house is destroyed as it happened without the knowledge or fault of either of the parties. 
A)  A written statement must be produced to the court of law to terminate the offer. 
B)  If the offer is not revoked within a week after the incident took place, the offer is considered to be open and Jerry can claim the recovery charges. 
C)  Jerry must be paid the recovery charges for losing the house as he had already been offered by Brian. 
D)  The offer is terminated when the house is destroyed as it happened without the knowledge or fault of either of the parties.

Question 10

An offer by itself does not include terms that limit its life.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following statements about an offer is true?

Accepted Answer

A)  Any definite offer made by a merchant is called a "firm offer." 
B)  An offer is effective upon dispatch. 
C)  A grumbling acceptance is a rejection and terminates the offer. 
D)  The death of an offeror will terminate the offer. 
A)  Any definite offer made by a merchant is called a "firm offer." 
B)  An offer is effective upon dispatch. 
C)  A grumbling acceptance is a rejection and terminates the offer. 
D)  The death of an offeror will terminate the offer.

Question 12

Advertisements are regulated outside of contract law by the:

Accepted Answer

A)  Uniform Commercial Code (UC
C) . 
B)  Restatement. 
C)  Federal Trade Commission. 
D)  United Nations Convention on Contracts for the International Sale of Goods (CISG). 
A)  Uniform Commercial Code (UC
C) . 
B)  Restatement. 
C)  Federal Trade Commission. 
D)  United Nations Convention on Contracts for the International Sale of Goods (CISG).

Question 13

The main thing that courts look for in deciding whether the parties entered into a contract is a "meeting of the minds" between the parties.

Accepted Answer

A) True 
 B)False

Question 14

Bogdan,a painter,offers to sell his painting to Mirka for $90.Mirka responds that she needs more time to think about Bogdan's offer.Then Bogdan dies,and the value of the painting escalates.Mirka calls Bogdan's widow,Gizela,and says "I accept Bogdan's offer." Which of the following statements is true of the case?

Accepted Answer

A)  There is a binding contract entitling Mirka to the painting. 
B)  There is a binding contract entitling Mirka to the painting if she did not know Bogdan was dead when she called Gizela. 
C)  There is no binding contract entitling Mirka to the painting under any circumstances. 
D)  There is no binding contract entitling Mirka to the painting unless she actually pays Gizela the $90. 
A)  There is a binding contract entitling Mirka to the painting. 
B)  There is a binding contract entitling Mirka to the painting if she did not know Bogdan was dead when she called Gizela. 
C)  There is no binding contract entitling Mirka to the painting under any circumstances. 
D)  There is no binding contract entitling Mirka to the painting unless she actually pays Gizela the $90.

Question 15

In deciding a contract dispute,courts look to the subjective intent of the parties.

Accepted Answer

A) True 
 B)False

Question 16

Consumer protection laws regulate advertisements outside of contract law.

Accepted Answer

A) True 
 B)False

Question 17

The United Nations Convention on Contracts for the International Sale of Goods (CISG)is similar to the Uniform Commercial Code (UCC)in that it considers an offer sufficiently definite if it lacks price terms.

Accepted Answer

A) True 
 B)False

Question 18

According to the United Nations Convention on Contracts for the International Sale of Goods (CISG),an offer:

Accepted Answer

A)  must be directed to a specific person. 
B)  must express the quality of the goods to be valid. 
C)  is not valid, if it impliedly provides means of determining the quantity of the goods. 
D)  is sufficiently definite even if it lacks price terms. 
A)  must be directed to a specific person. 
B)  must express the quality of the goods to be valid. 
C)  is not valid, if it impliedly provides means of determining the quantity of the goods. 
D)  is sufficiently definite even if it lacks price terms.

Question 19

If an offer does not state a time for acceptance,it is valid:

Accepted Answer

A)  for a reasonable time, which depends on the circumstances of the offer. 
B)  for 10 days from the day the offer is made. 
C)  for 20 days from the day the offer is received by the offeree. 
D)  until the offeree accepts it. 
A)  for a reasonable time, which depends on the circumstances of the offer. 
B)  for 10 days from the day the offer is made. 
C)  for 20 days from the day the offer is received by the offeree. 
D)  until the offeree accepts it.

Question 20

The doctrine of promissory estoppel does NOT require a(n):

Accepted Answer

A)  promise. 
B)  significant reliance on a promise. 
C)  injustice as a result of reliance. 
D)  consideration. 
A)  promise. 
B)  significant reliance on a promise. 
C)  injustice as a result of reliance. 
D)  consideration.

Exam 10: Creating a Contract: Offers

When the parties to a contract do not expressly agree on all the terms of their contract,it prevents the creation of a contract.

How do courts deal with the situation in which an offeror tries to revoke an offer for a unilateral contract after the offeree has begun acceptance,but he has not completely accepted the offer?

To determine whether the offeror has created a present intent to contract,courts consider:

The modern trend is for courts to tolerate more open and missing terms in offers.

Which of the following basic requirements must be met for an offer to sell goods to be a firm offer?

Which of the following would terminate an offer without notice to the offeree?

An offeree who attempts to accept after an offer has terminated is himself making a(n)_____.

To avoid problems from the revocation of offers for unilateral contracts,many courts hold a contract to be bilateral:

Brian offers to sell Jerry his house,but a hurricane destroys the house before Jerry accepts the offer.What would be the possible outcome of this offer?

An offer by itself does not include terms that limit its life.

Which of the following statements about an offer is true?

Advertisements are regulated outside of contract law by the:

The main thing that courts look for in deciding whether the parties entered into a contract is a "meeting of the minds" between the parties.

In deciding a contract dispute,courts look to the subjective intent of the parties.

Consumer protection laws regulate advertisements outside of contract law.

The United Nations Convention on Contracts for the International Sale of Goods (CISG)is similar to the Uniform Commercial Code (UCC)in that it considers an offer sufficiently definite if it lacks price terms.

According to the United Nations Convention on Contracts for the International Sale of Goods (CISG),an offer:

If an offer does not state a time for acceptance,it is valid:

The doctrine of promissory estoppel does NOT require a(n):

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

The Nature and Origins of Contracts

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remediespart Three Sales

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Partnerships

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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