Question 1

Advertising is generally regarded as a(n):

Accepted Answer

A)  invitation to trade. 
B)  firm offer. 
C)  commitment to sell. 
D)  executory contract. 
A)  invitation to trade. 
B)  firm offer. 
C)  commitment to sell. 
D)  executory contract. A

Question 2

What are the two conditions that must be met for an acceptance to be valid?

Accepted Answer

The two conditions that must be met for an acceptance to be valid are:
(1)it must be communicated to the offeror and
(2)it must be unconditional

Question 3

A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):

Accepted Answer

A)  offer. 
B)  acceptance. 
C)  request for proposal. 
D)  invitation to acceptance. 
A)  offer. 
B)  acceptance. 
C)  request for proposal. 
D)  invitation to acceptance. A

Question 4

All of the following are required for a valid offer,EXCEPT:

Accepted Answer

A)  definite and certain. 
B)  communicated to the offeree. 
C)  made with serious intent. 
D)  stated in writing. 
A)  definite and certain. 
B)  communicated to the offeree. 
C)  made with serious intent. 
D)  stated in writing.

Question 5

All of the following are considered to be forms of oral communications in acceptance of an offer,EXCEPT:

Accepted Answer

A)  silence. 
B)  television. 
C)  e-mail. 
D)  in person. 
A)  silence. 
B)  television. 
C)  e-mail. 
D)  in person.

Question 6

What are the usual means of communication of an offer?

Accepted Answer

For a valid contract,the offer must be c

Question 7

An offer can be terminated by an offeror's revocation before acceptance.

Accepted Answer

A) True 
 B)False

Question 8

Even after an offer is rejected by the offeree,it can be revived or made into a counteroffer once the communication of the rejection has been received by the offeror.

Accepted Answer

A) True 
 B)False

Question 9

The words,"first come,first served" in advertisements create a language of:

Accepted Answer

A)  promise. 
B)  offer. 
C)  acceptance. 
D)  request. 
A)  promise. 
B)  offer. 
C)  acceptance. 
D)  request.

Question 10

What is an invitation to trade?

Accepted Answer

An invitation to trade is generally an a

Question 11

As a general rule,if an offer is to be definite and certain,it should cover the same points as a good newspaper story.

Accepted Answer

A) True 
 B)False

Question 12

Is an acceptance valid if it states terms additional to or different from those offered or agreed upon? Please explain.

Accepted Answer

The acceptance of an offer must be the s

Question 13

A person cannot be compelled to speak or to write in order to avoid a(n):

Accepted Answer

A)  void agreement. 
B)  voidable agreement. 
C)  binding agreement. 
D)  illegal agreement. 
A)  void agreement. 
B)  voidable agreement. 
C)  binding agreement. 
D)  illegal agreement.

Question 14

The omission of one or more essential terms does not necessarily make the offer:

Accepted Answer

A)  voidable. 
B)  valid. 
C)  invalid. 
D)  void. 
A)  voidable. 
B)  valid. 
C)  invalid. 
D)  void.

Question 15

According to the ___________,uncertainty with respect to specific terms does not necessarily invalidate a contract.

Accepted Answer

A)  Uniform Civil Code 
B)  Uniform Commercial Code 
C)  United States Commercial Code 
D)  Uniform Contract Code 
A)  Uniform Civil Code 
B)  Uniform Commercial Code 
C)  United States Commercial Code 
D)  Uniform Contract Code

Question 16

Purchase orders are usually considered to be:

Accepted Answer

A)  an uncommon form of offer acceptance. 
B)  invalid forms of offer acceptance. 
C)  oral communication to acceptance. 
D)  offers to buy. 
A)  an uncommon form of offer acceptance. 
B)  invalid forms of offer acceptance. 
C)  oral communication to acceptance. 
D)  offers to buy.

Question 17

Even when an offer specifies all the terms and conditions of a contract,it is not considered as definite and certain.

Accepted Answer

A) True 
 B)False

Question 18

What criteria make a valid offer?

Accepted Answer

There are three criteria to be fulfilled

Question 19

The offeror may not communicate revocation to the offeree through:

Accepted Answer

A)  written words. 
B)  spoken words. 
C)  action. 
D)  coercion. 
A)  written words. 
B)  spoken words. 
C)  action. 
D)  coercion.

Question 20

Silence does not indicate assent to an offer,even if both parties agree beforehand that this is to be the means of acceptance.

Accepted Answer

A) True 
 B)False

Exam 8: Offer and Acceptance

Advertising is generally regarded as a(n):

What are the two conditions that must be met for an acceptance to be valid?

A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):

All of the following are required for a valid offer,EXCEPT:

All of the following are considered to be forms of oral communications in acceptance of an offer,EXCEPT:

What are the usual means of communication of an offer?

An offer can be terminated by an offeror's revocation before acceptance.

Even after an offer is rejected by the offeree,it can be revived or made into a counteroffer once the communication of the rejection has been received by the offeror.

The words,"first come,first served" in advertisements create a language of:

What is an invitation to trade?

As a general rule,if an offer is to be definite and certain,it should cover the same points as a good newspaper story.

Is an acceptance valid if it states terms additional to or different from those offered or agreed upon? Please explain.

A person cannot be compelled to speak or to write in order to avoid a(n):

The omission of one or more essential terms does not necessarily make the offer:

According to the ___________,uncertainty with respect to specific terms does not necessarily invalidate a contract.

Purchase orders are usually considered to be:

Even when an offer specifies all the terms and conditions of a contract,it is not considered as definite and certain.

What criteria make a valid offer?

The offeror may not communicate revocation to the offeree through:

Silence does not indicate assent to an offer,even if both parties agree beforehand that this is to be the means of acceptance.

Our System of Law

Ethics and the Law

Criminal Law

Tort Law

Constitutional Law

Administrative Law

Introduction to Contracts

Mutual Agreement

Consideration

Competent Parties

Legal Purpose of Contracts

Form of Contracts

Operation of Contracts

Discharge of Contracts

Transfer of Title

Sales

Warranties

Agency

Business Organizations

Bankruptcy

Introduction to Commercial Paper

Transfer and Discharge of Commercial Paper

Real and Personal Property

Bailments

Landlord-Tenant Relations

Wills, Intestacy, and Trusts

Intellectual Property

Computer Privacy and Speech

Conducting Business in Cyberspace

The Employer-Employee Relationship

Employment Law

Product Liability

Professionals Liability

International Business Law

Business and the Environment

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