Question 1

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

Accepted Answer

A) True 
 B)False  False

Question 2

What are the factors that influence the reasonable length of an offer?

Accepted Answer

There are many factors that can influence when an offer has lapsed.These include the nature of the item being contracted for (e.g.,is it perishable),whether its price fluctuates quickly,the nature of the negotiations,and the history of prior negotiations.

Question 3

Which of the following statements about shrinkwrap contracts is true?

Accepted Answer

A) The label on the shrinkwrap states that by removing the shrinkwrap,the buyer accepts the terms of the software seller's licensing agreement. 
B) Shrinkwrap contracts are enforceable even when the terms violate contract rules such as unconscionability. 
C) The practice of using shrinkwraps never raises ethical problems like those involved in the use of small print,complex,or "hidden" language. 
D) Critics point out that all the consumers understand the contract before accepting the terms and conditions. Generally,when a purchaser buys software,the software is in the form of a disk or CD.These disks are encased in plastic shrinkwrap and frequently bear a label stating that by removing the shrinkwrap,the buyer accepts the terms of the software seller's licensing agreement.This is known as "shrinkwrap contracting." Shrinkwrap agreements are enforceable unless the terms violate contract rules such as unconscionability. 
A) The label on the shrinkwrap states that by removing the shrinkwrap,the buyer accepts the terms of the software seller's licensing agreement. 
B) Shrinkwrap contracts are enforceable even when the terms violate contract rules such as unconscionability. 
C) The practice of using shrinkwraps never raises ethical problems like those involved in the use of small print,complex,or "hidden" language. 
D) Critics point out that all the consumers understand the contract before accepting the terms and conditions. Generally,when a purchaser buys software,the software is in the form of a disk or CD.These disks are encased in plastic shrinkwrap and frequently bear a label stating that by removing the shrinkwrap,the buyer accepts the terms of the software seller's licensing agreement.This is known as "shrinkwrap contracting." Shrinkwrap agreements are enforceable unless the terms violate contract rules such as unconscionability. A

Question 4

Walter puts an ad in the paper as follows: "$500 reward for the return of my golden ring." Albrecht finds the ring and returns it to Walter,but he refuses to pay Albrecht the $500.Which of the following statements is true regarding this case?

Accepted Answer

A) Because the ad was merely a solicitation of offers,there was no contract until Walter accepted Albrecht's offer to find the ring. 
B) Albrecht may not recover the money because he did not contact Walter before he began his search. 
C) Because Albrecht did not pay Walter to keep the offer open,Walter is free to revoke and need not pay Albrecht anything. 
D) The ad was an offer for a unilateral contract,which Albrecht accepted by returning the ring; Walter is therefore bound to pay Albrecht the $500. 
A) Because the ad was merely a solicitation of offers,there was no contract until Walter accepted Albrecht's offer to find the ring. 
B) Albrecht may not recover the money because he did not contact Walter before he began his search. 
C) Because Albrecht did not pay Walter to keep the offer open,Walter is free to revoke and need not pay Albrecht anything. 
D) The ad was an offer for a unilateral contract,which Albrecht accepted by returning the ring; Walter is therefore bound to pay Albrecht the $500.

Question 5

Kyle offered to sell Pam 500 television sets.Kyle is the:

Accepted Answer

A) offeree. 
B) agent. 
C) offeror. 
D) distributor. 
A) offeree. 
B) agent. 
C) offeror. 
D) distributor.

Question 6

If an offeree accepts the offer but complains about the terms of the offer,a rejection is implied.

Accepted Answer

A) True 
 B)False

Question 7

According to the 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,though it lacks the 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,though it lacks the price terms.

Question 8

The CISG is similar to the UCC in that it considers an offer sufficiently definite if it lacks price terms.

Accepted Answer

A) True 
 B)False

Question 9

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 10

What is an offer? What are the three conditions necessary for the creation of an offer?

Accepted Answer

An offer is the manifestation of the wil

Question 11

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 before he has completely accepted the offer?

Accepted Answer

If the offeree intends to accept an offe

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Schwartz,a painter,offers to sell a painting entitled "The Riverside Damsel" to Grimgerde for $50.Grimgerde responds that she needs more time to think about Schwartz's offer.Then Schwartz dies and the value of the painting escalates.Grimgerde calls Schwartz's widow,Waltraute,and says "I accept Schwartz's offer." Which of the following statements is true?

Accepted Answer

A) There is a binding contract entitling Grimgerde to the painting. 
B) There is a binding contract entitling Grimgerde to the painting if she did not know Schwartz was dead when she called Waltraute. 
C) There is no binding contract entitling Grimgerde to the painting under any circumstances. 
D) There is no binding contract entitling Grimgerde to the painting unless Grimgerde actually pays Waltraute the $50. 
A) There is a binding contract entitling Grimgerde to the painting. 
B) There is a binding contract entitling Grimgerde to the painting if she did not know Schwartz was dead when she called Waltraute. 
C) There is no binding contract entitling Grimgerde to the painting under any circumstances. 
D) There is no binding contract entitling Grimgerde to the painting unless Grimgerde actually pays Waltraute the $50.

Question 14

Courts have traditionally said they are contract makers,not enforcers.

Accepted Answer

A) True 
 B)False

Question 15

Stan read an ad in the newspaper which said that the jackpot for picking the six winners in the dog race on the last night of the season was $825,000.Stan went that night and correctly picked the winners.However,it turned out that the newspaper had made a mistake.The jackpot was $25,000,not $825,000.Therefore the track owners refused to pay the latter amount.If this ad is treated like offers of reward,can Stan collect the $825,000?

Accepted Answer

Yes.While the track owners did not inten

Question 16

Which of the following authorities requires that,at minimum,the terms of the offer must be sufficiently clear so that what was promised can be determined?

Accepted Answer

A) The UCC only. 
B) The common law and the Restatement. 
C) The UCC and the Restatement. 
D) The CISG and the UCC. 
A) The UCC only. 
B) The common law and the Restatement. 
C) The UCC and the Restatement. 
D) The CISG and the UCC.

Question 17

Under the UCC,a sales contract can be created:

Accepted Answer

A) if the contract is reduced to writing. 
B) in any manner sufficient to show agreement,including conduct. 
C) when the offeror forms subjective intent to contract. 
D) when the contract contains the price terms. 
A) if the contract is reduced to writing. 
B) in any manner sufficient to show agreement,including conduct. 
C) when the offeror forms subjective intent to contract. 
D) when the contract contains the price terms.

Question 18

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

Accepted Answer

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

Question 19

When parties fail to expressly agree on the terms of a sales contract:

Accepted Answer

A) the contract is automatically void. 
B) the contract will fail if the court finds that the parties are acting as though they have a contract and it is impossible to point to a particular moment in time when the contract was created. 
C) the contract will not be enforceable under the UCC. 
D) the contract will not fail if the court finds that the parties intended to make a contract and that their agreement is complete enough to allow the court to reach a fair settlement of their dispute. 
A) the contract is automatically void. 
B) the contract will fail if the court finds that the parties are acting as though they have a contract and it is impossible to point to a particular moment in time when the contract was created. 
C) the contract will not be enforceable under the UCC. 
D) the contract will not fail if the court finds that the parties intended to make a contract and that their agreement is complete enough to allow the court to reach a fair settlement of their dispute.

Question 20

An offeree who attempts to accept after an offer has terminated is making:

Accepted Answer

A) an offer. 
B) a solicitation. 
C) a revocation. 
D) a counteroffer. 
A) an offer. 
B) a solicitation. 
C) a revocation. 
D) a counteroffer.

Exam 10: Creating a Contract: Offers

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

What are the factors that influence the reasonable length of an offer?

Which of the following statements about shrinkwrap contracts is true?

Walter puts an ad in the paper as follows: "$500 reward for the return of my golden ring." Albrecht finds the ring and returns it to Walter,but he refuses to pay Albrecht the $500.Which of the following statements is true regarding this case?

Kyle offered to sell Pam 500 television sets.Kyle is the:

If an offeree accepts the offer but complains about the terms of the offer,a rejection is implied.

According to the CISG,an offer:

The CISG is similar to the UCC in that it considers an offer sufficiently definite if it lacks price terms.

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

What is an offer? What are the three conditions necessary for the creation of an offer?

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 before he has completely accepted the offer?

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

Courts have traditionally said they are contract makers,not enforcers.

Which of the following authorities requires that,at minimum,the terms of the offer must be sufficiently clear so that what was promised can be determined?

Under the UCC,a sales contract can be created:

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

When parties fail to expressly agree on the terms of a sales contract:

An offeree who attempts to accept after an offer has terminated is making:

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