Question 1

An offeree's inquiry about the terms of an offer that differ from the offeror's terms will have what effect?

Accepted Answer

A) The offer will be rejected. 
B) The offer will be revoked. 
C) The inquiry will not reject the offer, and if the offeror says no, the original offer may still be accepted if it has not been revoked. 
D) The inquiry will be considered a counteroffer. C

Question 2

The "mailbox rule" does not apply in situations where the offeror does not receive the acceptance.

Accepted Answer

A) True 
 B)False  False

Question 3

An offer made in jest that does not appear to be seriously intended to an offeree is considered a valid offer.

Accepted Answer

A) True 
 B)False  False

Question 4

If the intended acceptance varies or qualifies an offer, the counteroffer rejects the original offer under the common law.

Accepted Answer

A) True 
 B)False

Question 5

Ryan, a college student, intends to sell his car. He contacts his friend Luiz and inquires whether he is interested in buying the car. Luiz finds the quoted price reasonable and buys the car from Ryan. In this scenario, Ryan is the .

Accepted Answer

A) claimant 
B) offeror 
C) acceptor 
D) summoner

Question 6

Advertisements and catalogs are examples of general invitations.

Accepted Answer

A) True 
 B)False

Question 7

If a merchant displays a coat at a particular price, he has a binding requirement to sell at that price.

Accepted Answer

A) True 
 B)False

Question 8

An offer that does not specify a particular manner of acceptance may be accepted in any manner reasonable under the circumstances.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is true of a binding contract?

Accepted Answer

A) It allows an offer to be revoked once the contract is formed. 
B) It is created when an offeree accepts an offer that has been properly communicated. 
C) It is considered valid when the offer made is indefinite in nature. 
D) It is created when the offeror clearly shows an intention to make an offer.

Question 10

An offeree's response that rejects an offer by varying its terms is known as a(n).

Accepted Answer

A) counteroffer 
B) option 
C) circular 
D) invitation

Question 11

When an offeree is not aware of the insanity of the offeror and communicates assent to an offer, it is considered accepted.

Accepted Answer

A) True 
 B)False

Question 12

If, after an offer has been made, the performance of the contract becomes illegal, the offer is terminated.

Accepted Answer

A) True 
 B)False

Question 13

What are the requirements of a valid offer? Explain. ​

Accepted Answer

The answer of What are the requirements of a valid...

Question 14

If an offeror receives something of value in return for a promise to hold the offer open, it is said to be a(n), and this type of offer cannot be revoked.

Accepted Answer

A) option 
B) counteroffer 
C) invitation to make an offer 
D) definite offer

Question 15

Maya, an elderly lady, wanted to sell her house. She offered the house to Lily, a friend. However, before the house deeds were transferred, Maya passed away. Which of the following scenarios is legally acceptable in such a case?

Accepted Answer

A) Lily is still entitled accept the offer through legal action. 
B) Lily can accept the offer within a period of ten days after Maya's death. 
C) Lily must consider the offer automatically revoked and void. 
D) Lily can claim that she was not aware of Maya's death and accept the offer.

Question 16

Which of the following is true of a valid offer? ​

Accepted Answer

A) It is indefinite in nature. 
B) It is instituted by the offeree to the offeror. 
C) It is seriously intended. 
D) It can be accepted by anyone who hears about it.

Question 17

A toy merchant's display of a doll house in a store window for $100 constitutes:

Accepted Answer

A) a firm offer on the part of the merchant to sell the doll house. 
B) a binding contract between the merchant and the public. 
C) an invitation to the public to make an offer for the doll house. 
D) A quasi-contract between the merchant and the public.

Question 18

A firm offer can be best defined as:

Accepted Answer

A) an offer that cannot revoked for a reasonable time if no time is stated. 
B) an offer that becomes invalid if payment is not made to the offeror. 
C) a written document which has a seal in place of the merchant's signature. 
D) a verbal promise to hold an offer open.

Question 19

An offer expresses the willingness of the offeror to enter into a contractual agreement. ​

Accepted Answer

A) True 
 B)False

Question 20

Silence constitutes acceptance to an offer if it is reasonable in consideration of previous dealings that the offeree to notify the offeror of non-acceptance.

Accepted Answer

A) True 
 B)False

Exam 6: Offer and Acceptance

An offeree's inquiry about the terms of an offer that differ from the offeror's terms will have what effect?

The "mailbox rule" does not apply in situations where the offeror does not receive the acceptance.

An offer made in jest that does not appear to be seriously intended to an offeree is considered a valid offer.

If the intended acceptance varies or qualifies an offer, the counteroffer rejects the original offer under the common law.

Ryan, a college student, intends to sell his car. He contacts his friend Luiz and inquires whether he is interested in buying the car. Luiz finds the quoted price reasonable and buys the car from Ryan. In this scenario, Ryan is the .

Advertisements and catalogs are examples of general invitations.

If a merchant displays a coat at a particular price, he has a binding requirement to sell at that price.

An offer that does not specify a particular manner of acceptance may be accepted in any manner reasonable under the circumstances.

Which of the following is true of a binding contract?

An offeree's response that rejects an offer by varying its terms is known as a(n) .

When an offeree is not aware of the insanity of the offeror and communicates assent to an offer, it is considered accepted.

If, after an offer has been made, the performance of the contract becomes illegal, the offer is terminated.

What are the requirements of a valid offer? Explain.

If an offeror receives something of value in return for a promise to hold the offer open, it is said to be a(n) , and this type of offer cannot be revoked.

Maya, an elderly lady, wanted to sell her house. She offered the house to Lily, a friend. However, before the house deeds were transferred, Maya passed away. Which of the following scenarios is legally acceptable in such a case?

Which of the following is true of a valid offer?

A toy merchant's display of a doll house in a store window for $100 constitutes:

A firm offer can be best defined as:

An offer expresses the willingness of the offeror to enter into a contractual agreement.

Silence constitutes acceptance to an offer if it is reasonable in consideration of previous dealings that the offeree to notify the offeror of non-acceptance.

Exam 6: Offer and Acceptance

An offeree's inquiry about the terms of an offer that differ from the offeror's terms will have what effect?

The "mailbox rule" does not apply in situations where the offeror does not receive the acceptance.

An offer made in jest that does not appear to be seriously intended to an offeree is considered a valid offer.

If the intended acceptance varies or qualifies an offer, the counteroffer rejects the original offer under the common law.

Ryan, a college student, intends to sell his car. He contacts his friend Luiz and inquires whether he is interested in buying the car. Luiz finds the quoted price reasonable and buys the car from Ryan. In this scenario, Ryan is the .

Advertisements and catalogs are examples of general invitations.

If a merchant displays a coat at a particular price, he has a binding requirement to sell at that price.

An offer that does not specify a particular manner of acceptance may be accepted in any manner reasonable under the circumstances.

Which of the following is true of a binding contract?

An offeree's response that rejects an offer by varying its terms is known as a(n) .

When an offeree is not aware of the insanity of the offeror and communicates assent to an offer, it is considered accepted.

If, after an offer has been made, the performance of the contract becomes illegal, the offer is terminated.

What are the requirements of a valid offer? Explain. ​

If an offeror receives something of value in return for a promise to hold the offer open, it is said to be a(n) , and this type of offer cannot be revoked.

Maya, an elderly lady, wanted to sell her house. She offered the house to Lily, a friend. However, before the house deeds were transferred, Maya passed away. Which of the following scenarios is legally acceptable in such a case?

Which of the following is true of a valid offer? ​

A toy merchant's display of a doll house in a store window for $100 constitutes:

A firm offer can be best defined as:

An offer expresses the willingness of the offeror to enter into a contractual agreement. ​

Silence constitutes acceptance to an offer if it is reasonable in consideration of previous dealings that the offeree to notify the offeror of non-acceptance.

What are the requirements of a valid offer? Explain.

Which of the following is true of a valid offer?

An offer expresses the willingness of the offeror to enter into a contractual agreement.