Exam 10: Creating a Contract: Offers

Beck tells his mom that he is thinking of selling his vintage coupe to his neighbor, Sam, for $100. Beck's mom calls Sam and tells him about her conversation with Beck. Sam then calls Beck and tells him that he accepts his offer. Under these circumstances, _____.

Advertisements are regulated outside of contract law by the:

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?

The courts have generally held that advertisements for the sale of goods at a specified price are not offers; instead, they are treated as invitations to negotiate or to make an offer.

Which of the following statements about shrinkwrap contracts is true?

Stan read an advertisement in the newspaper that 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?

Which of the following must be present for an offer to have a legal effect?

Advertisements for rewards, such as for the return of lost property, information, or the capture of criminals, are generally held to be:

Which of the following statements about an offer is true?

If the subject matter of a proposed contract is destroyed without the knowledge of either party after the making of an offer but before its acceptance, the offer cannot be terminated.

An offeree who makes an inquiry about the terms of the offer has made a counteroffer and has terminated the offer by rejecting it.

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

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?

If the offer does not state a time for acceptance, it is valid for thirty (30) days.

In determining contractual intent, courts rely on what the parties say they actually, or subjectively, intended.

An option contract is created when the offeree gives the offeror something of value in exchange for a promise not to revoke the offer for a stated period of time.

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

The basic thing the courts require for the creation of an offer is a future intent to contract on the part of the offeror.

When an offeror does not specifically indicate what he is willing to do and what he wants the offeree to agree to do in return, his behavior will probably be classed as an:

An agreement represents a "meeting of the minds" between contracting parties.