Question 1

A statute or court decision that makes an offer illegal automatically terminates the offer.

Accepted Answer

A) True 
 B)False

Question 2

A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.

Accepted Answer

A) True 
 B)False

Question 3

An ad on the NewsNow Web site asks viewers to “send us your story and we might share it with the world.” Onyx submits a manuscript, adding, “I accept your offer.” Between NewsNow and Onyx, there is

Accepted Answer

A)  a contract for the publication of Onyx’s story.
B)  a contract to consider Onyx’s story before any others.
C)  a contract to negotiate for the publication of Onyx’s story.
D)  no contract.E) A) and C)
F) B) and C)

Question 4

World Shipping Corporation enters into contracts with distributors and other buyers in e-commerce and in traditional commerce. The UETA applies, if at all, only to those transactions in which the parties agree to use

Accepted Answer

A)   electronic means.
B)   paper documents.
C)   ​updates and cross-checks to orally verify any e-terms.
D)   notarized documents.E) B) and C)
F) All of the above

Question 5

An offer may invite an acceptance to be worded in specific terms but that cannot make the contract definite.

Accepted Answer

A) True 
 B)False

Question 6

On December 1, Petroleum, Inc., sent Rachel & Rico (R&R) a letter, via overnight delivery, offering to employ R&R to review Petroleum's tax situation for the current year for $10,000. In the letter, the company stated that R&R had ten days to accept. On December 5, R&R sent an e-mail message that stated, "The price for the tax analysis seems too low. Would you consider paying $15,000?" Petroleum received the message without responding immediately. The next day, Smith & Taylor, an R&R competitor, offered to conduct the appraisal for $8,000. On learning of this offer, R&R immediately e-mailed Petroleum, agreeing to do the work for $10,000. Petroleum received this message on December 7. Explain why R&R and Petroleum do, or do not, have a contract.

Accepted Answer

R&R and Petroleum have a contract. R&R...

Question 7

The first requirement for an effective offer is a serious intent on the part of the offeror.

Accepted Answer

A) True 
 B)False

Question 8

Signe offers to sell Thom her textbook but conditions the sale on Thom ac-cepting the offer by March 1. Signe may revoke the offer

Accepted Answer

A)   beforeThom accepts the offer.
B)   before March 1, whether or not Thom has accepted the offer.
C)   only after Thom accepts the offer.
D)   only after March 1.E) C) and D)
F) A) and B)

Question 9

A price list is treated as an invitation to negotiate.

Accepted Answer

A) True 
 B)False

Question 10

Crafted Iron Works, Inc., offers to design, make, and sell City Transit Agency fourteen streetcars. Crafted authorizes a particular mode of communication, but City Transit sends an acceptance via a substituted means. This acceptance is effective when it is

Accepted Answer

A)   in transit.
B)   received.
C)   sent.
D)   written.E) All of the above
F) B) and D)

Question 11

Fix-It-Quik, Inc., offers Denise a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate

Accepted Answer

A)   after a reasonable period.
B)   after a work week (five business days) .
C)   after a month (thirty calendar days) .
D)   never.E) A) and C)
F) A) and D)

Question 12

Younger asks Zoey, "Do you want to buy one of my fishing rods?" This is

Accepted Answer

A)   a valid offer.
B)   not a valid offer because the terms are not definite.
C)   not a valid offer because Younger did not state an intent.
D)   not a valid offer because Zoey did not respond.E) All of the above
F) B) and D)

Exam 11: Agreement

An offer may invite an acceptance to be worded in specific terms but that cannot make the contract definite.

Correct Answer
verified

The first requirement for an effective offer is a serious intent on the part of the offeror.

Correct Answer
verified

Younger asks Zoey, "Do you want to buy one of my fishing rods?" This is

Correct Answer
verified

World Shipping Corporation enters into contracts with distributors and other buyers in e-commerce and in traditional commerce. The UETA applies, if at all, only to those transactions in which the parties agree to use

Correct Answer
verified

Correct Answer
verified

R&R and Petroleum have a contract. R&R...
View Answer

Fix-It-Quik, Inc., offers Denise a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate

Correct Answer
verified

Crafted Iron Works, Inc., offers to design, make, and sell City Transit Agency fourteen streetcars. Crafted authorizes a particular mode of communication, but City Transit sends an acceptance via a substituted means. This acceptance is effective when it is

Correct Answer
verified

A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.

Correct Answer
verified

A statute or court decision that makes an offer illegal automatically terminates the offer.

Correct Answer
verified

Signe offers to sell Thom her textbook but conditions the sale on Thom ac-cepting the offer by March 1. Signe may revoke the offer

Correct Answer
verified

A price list is treated as an invitation to negotiate.

Correct Answer
verified

An ad on the NewsNow Web site asks viewers to “send us your story and we might share it with the world.” Onyx submits a manuscript, adding, “I accept your offer.” Between NewsNow and Onyx, there is

Correct Answer
verified

Exam 11: Agreement

An offer may invite an acceptance to be worded in specific terms but that cannot make the contract definite.

Correct AnswerverifiedShow Answer

The first requirement for an effective offer is a serious intent on the part of the offeror.

Correct AnswerverifiedShow Answer

Younger asks Zoey, "Do you want to buy one of my fishing rods?" This is

Correct AnswerverifiedShow Answer

World Shipping Corporation enters into contracts with distributors and other buyers in e-commerce and in traditional commerce. The UETA applies, if at all, only to those transactions in which the parties agree to use

Correct AnswerverifiedShow Answer

Correct Answerverified​R&R and Petroleum have a contract. R&R...View AnswerShow Answer

Fix-It-Quik, Inc., offers Denise a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate

Correct AnswerverifiedShow Answer

Crafted Iron Works, Inc., offers to design, make, and sell City Transit Agency fourteen streetcars. Crafted authorizes a particular mode of communication, but City Transit sends an acceptance via a substituted means. This acceptance is effective when it is

Correct AnswerverifiedShow Answer

A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.

Correct AnswerverifiedShow Answer

A statute or court decision that makes an offer illegal automatically terminates the offer.

Correct AnswerverifiedShow Answer

Signe offers to sell Thom her textbook but conditions the sale on Thom ac-cepting the offer by March 1. Signe may revoke the offer

Correct AnswerverifiedShow Answer

A price list is treated as an invitation to negotiate.

Correct AnswerverifiedShow Answer

An ad on the NewsNow Web site asks viewers to “send us your story and we might share it with the world.” Onyx submits a manuscript, adding, “I accept your offer.” Between NewsNow and Onyx, there is

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

R&R and Petroleum have a contract. R&R...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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