Exam 10: Creating a Contract: Offers

With regard to the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the Uniform Commercial Code (UCC), which of the following statements is correct?

For an offer to sell goods to be a firm offer, it must have been made orally, the offeror must be a non-merchant, and it must contain some indication that it will not be revoked.

Advertisements for rewards for the return of lost property, for information, or for the capture of criminals are generally held to be offers for bilateral contracts.

A counteroffer:

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

Bob, a merchant, makes an offer to Linda, another merchant, to buy 1,000 of her widgets in a signed letter containing all necessary terms of the offer. The letter states that Bob will keep the offer open for three weeks from the day the offeree receives it. One week later, Bob writes another letter to Linda attempting to revoke his offer. Linda writes a letter to Bob accepting Bob's original offer before she receives his revocation. Which of the following statements is true of this situation?

Habib makes an offer to sell 500 television sets to Aisha. Habib is the _____.

Under the Uniform Commercial Code (UCC), a sales contract can be created:

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

According to Article 2 of the Uniform Commercial Code (UCC), a sales contract can be created in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a contract.

The offeror who makes a firm offer and promises to hold it open for six months:

In an agreement between two parties, if the facts indicate that a term was left out because the parties were unable to reach an agreement about it, it would probably mean that the:

A subcontractor's bid:

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

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

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

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.

The doctrine of promissory estoppel does NOT require:

Offerors generally have the power to revoke their offers at any time prior to acceptance, even if they have promised not to revoke for a stated period of time.

Kamal places an ad in the local newspaper as follows: "$500 reward for the return of my gold ring." Mira finds the ring and returns it to Kamal, but he refuses to pay her the $500. Which of the following statements is true regarding this case?