Business Law Chapter 14
Which of the following does not constitute a valid offer?
A) Preliminary negotiations B) Advertisements C) An offer communicated by the offeror to the offeree's agent D) A. and B. D**
__________ is when the means by which acceptance can occur is expressly stated in the offer
Express authorization
According to the __________ rule, an acceptance is valid when the offeree places it in the mailbox, whereas a revocation is effective only when the offeree receives it
Mailbox
__________ terms in an offer and its resulting contract allow a court to determine damages in the event that one of the parties breaches the contract. They include the subject matter, price, quantity, quality, and parties
Material
Offeror intent is determined based upon a(n) __________ standard
Objective
Formation of a contract begins when the party initiating the contract, called the __________, makes an offer to another party, called the __________
Offeror; offeree
According to the "mirror-image" rule, if the terms of the acceptance do not mirror the terms of the offer
The attempted acceptance is a counteroffer
If an offer merely authorizes a certain method of acceptance but does not condition acceptance on the use of this method, and the offeree uses an unauthorized means of acceptance
The contract is not formed until acceptance is received by the offeror
If nothing is stated to the contrary in the terms of an auction, the auction is presumed to be __________, which means that the seller is merely expressing intent to receive offers
With reserve
In an auction __________, the seller is treated as making an offer to accept the highest bid and therefore must accept it
Without reserve