Question 1

If the offeror does not expressly specify a certain mode of acceptance, then acceptance can be made by any means, regardless of  reasonableness.

Accepted Answer

A) True 
 B)False

Question 2

An offer terminates automatically when the period of time specified in the offer has passed.

Accepted Answer

A) True 
 B)False

Question 3

Rich, an auctioneer, puts a sailboat up for auction. Rich is

Accepted Answer

A)   the offeror.
B)   the offeree.
C)   the bidder.
D)   the buyer.E) All of the above
F) B) and C)

Question 4

Fresh Service, Inc., offers to deliver produce to Growers' Market's customers for a certain price. Fresh's intent to extend a serious offer to Growers' Market is determined by reference to Fresh's

Accepted Answer

A)   assumptions.
B)   beliefs.
C)   intentions.
D)   words and conduct.E) B) and C)
F) A) and B) D

Question 5

Jan offers to sell a crate of cookbooks to Kurt. No time for acceptance is specified in the offer. A reasonable period of time for termination of the offer is determined by

Accepted Answer

A)   the subject matter of the contract.
B)   business conditions.
C)   market conditions.
D)   all of the choices.E) A) and B)
F) All of the above

Question 6

Paolo offers to sell a truckload of fresh vegetables to Quality Market. No time for acceptance is specified in the offer. A reasonable period of time for termination of the offer is determined by

Accepted Answer

A)   the subject matter of the contract.
B)   business conditions.
C)   market conditions.
D)   all of the choices.E) All of the above
F) A) and B)

Question 7

Acceptance of an e-contract must show that the offeree voluntarily assented to the offer's terms .

Accepted Answer

A) True 
 B)False

Question 8

A price list is usually considered an invitation to negotiate or trade.

Accepted Answer

A) True 
 B)False

Question 9

Domestic Gas Company offers to sell Energy Ltd. a certain quantity of liquefied natural gas. If Energy sends an acceptance via Domestic's authorized mode of communication, it will be effective when it is

Accepted Answer

A)   in transit.
B)   received.
C)   sent.
D)   written.E) B) and D)
F) None of the above

Question 10

Shelby offers to make digital copies of Reliable Company's business conference videotapes, CDs, DVDs, and other media for $500. Under the mailbox rule, Reliable's acceptance by e-mail will be considered effective when

Accepted Answer

A)   received.
B)   sent.
C)   followed up by a confirmation letter sent by regular mail.
D)   composed on a Reliable computer.E) C) and D)
F) A) and D) B

Question 11

On May 1 Ralph offers to cure and smoke Sam's pork. On May 3 Ralph mails Sam a letter revoking the offer. Sam receives the letter on May 5 and responds on May 6. Ralph's revocation of the offer became effective on

Accepted Answer

A)   May 1.
B)   May 3.
C)   May 5.
D)   no date because Sam responded to the offer.E) A) and D)
F) C) and D)

Question 12

Simone offers Tom a dozen piano lessons for a certain price per lesson but conditions the deal on Tom accepting the offer by April 1. Simone may revoke the offer

Accepted Answer

A)   before Tom accepts it.
B)   before April 1, whether or not Tom has accepted it.
C)   only after Tom accepts it.
D)   only after April 1.E) A) and C)
F) C) and D)

Question 13

Barrett files a suit against City Moving Service for breach of contract, based on what Barrett claims was City's offer. For a court to determine if a contract has been breached and to give an appropriate remedy, the offer must include terms that are

Accepted Answer

A)   exactly precise.
B)   reasonably definite.
C)   unequivocally approximate.
D)   vague or uncertain.E) All of the above
F) A) and D)

Question 14

Rejection of an offer is usually effective only when it is actually received.

Accepted Answer

A) True 
 B)False  True

Question 15

A counteroffer gives the original offeror (now the offeree) the power of acceptance.

Accepted Answer

A) True 
 B)False

Question 16

Gayle tells Franco that she will pay him $50 to haul lawn debris from her property. Franco's acceptance is complete

Accepted Answer

A)   as soon as he says he will do the job.
B)   once he starts to work.
C)   only after he hauls away the debris.
D)   when he hears the offer.E) C) and D)
F) A) and C)

Question 17

The first requirement for an effective offer is a pair of disinterested parties.

Accepted Answer

A) True 
 B)False

Question 18

In a unilateral contract, communication of acceptance is necessary.

Accepted Answer

A) True 
 B)False

Question 19

Once an invitation to bid is made, contractors who respond to those bids are making offers.

Accepted Answer

A) True 
 B)False

Question 20

Lon says to Misty, "I would like to sell you my sports memorabilia." This statement is

Accepted Answer

A)   an offer.
B)   an invitation to negotiate, not an offer.
C)   a circular, not an offer.
D)   a request, not an offer.E) A) and B)
F) A) and C)

Exam 9: Offer and Acceptance

If the offeror does not expressly specify a certain mode of acceptance, then acceptance can be made by any means, regardless of reasonableness.

Correct AnswerverifiedShow Answer

An offer terminates automatically when the period of time specified in the offer has passed.

Correct AnswerverifiedShow Answer

Rich, an auctioneer, puts a sailboat up for auction. Rich is

Correct AnswerverifiedShow Answer

Fresh Service, Inc., offers to deliver produce to Growers' Market's customers for a certain price. Fresh's intent to extend a serious offer to Growers' Market is determined by reference to Fresh's

Correct AnswerverifiedD

Jan offers to sell a crate of cookbooks to Kurt. No time for acceptance is specified in the offer. A reasonable period of time for termination of the offer is determined by

Correct AnswerverifiedShow Answer

Paolo offers to sell a truckload of fresh vegetables to Quality Market. No time for acceptance is specified in the offer. A reasonable period of time for termination of the offer is determined by

Correct AnswerverifiedShow Answer

Acceptance of an e-contract must show that the offeree voluntarily assented to the offer's terms .

Correct AnswerverifiedShow Answer

A price list is usually considered an invitation to negotiate or trade.

Correct AnswerverifiedShow Answer

Domestic Gas Company offers to sell Energy Ltd. a certain quantity of liquefied natural gas. If Energy sends an acceptance via Domestic's authorized mode of communication, it will be effective when it is

Correct AnswerverifiedShow Answer

Shelby offers to make digital copies of Reliable Company's business conference videotapes, CDs, DVDs, and other media for $500. Under the mailbox rule, Reliable's acceptance by e-mail will be considered effective when

Correct AnswerverifiedB

On May 1 Ralph offers to cure and smoke Sam's pork. On May 3 Ralph mails Sam a letter revoking the offer. Sam receives the letter on May 5 and responds on May 6. Ralph's revocation of the offer became effective on

Correct AnswerverifiedShow Answer

Simone offers Tom a dozen piano lessons for a certain price per lesson but conditions the deal on Tom accepting the offer by April 1. Simone may revoke the offer

Correct AnswerverifiedShow Answer

Barrett files a suit against City Moving Service for breach of contract, based on what Barrett claims was City's offer. For a court to determine if a contract has been breached and to give an appropriate remedy, the offer must include terms that are

Correct AnswerverifiedShow Answer

Rejection of an offer is usually effective only when it is actually received.

Correct AnswerverifiedTrue

A counteroffer gives the original offeror (now the offeree) the power of acceptance.

Correct AnswerverifiedShow Answer

Gayle tells Franco that she will pay him $50 to haul lawn debris from her property. Franco's acceptance is complete

Correct AnswerverifiedShow Answer

The first requirement for an effective offer is a pair of disinterested parties.

Correct AnswerverifiedShow Answer

In a unilateral contract, communication of acceptance is necessary.

Correct AnswerverifiedShow Answer

Once an invitation to bid is made, contractors who respond to those bids are making offers.

Correct AnswerverifiedShow Answer

Lon says to Misty, "I would like to sell you my sports memorabilia." This statement is

Correct AnswerverifiedShow Answer

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D

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B

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True

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