BLAW Ch 10 Warm Up/Quiz

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Which of the following is a correct statement regarding an advertisement for the sale of​ goods?

An advertisement for the sale of goods constitutes an invitation to make an offer.

​_____ is the manifestation of two or more persons of the substance of a contract.

An agreement

Which of the following is an INCORRECT statement regarding rejection of an​ offer?

An offer is not terminated if the offeree rejects it.

Suppose that on June​ 1, Susan offers to sell her house to Damon for​ $1 million, provided that Damon decides on or before June 15 that he will buy it. If Susan dies on June​ 7, before Damon has made up his​ mind, _______.

E. the offer automatically terminates

Akari offers to sell her car to Frankie for​ $10,000 if Frankie can pay cash the same day. Frankie brings​ $10,000 to​ Akari's home the next day. Which of the following is​ true?

Frankie's acceptance was not properly dispatched.

Calista Cars places a flyer in the local newspaper advertising the cars it has for sale including stock photos of each brand of car it usually has on its lot. Carlita circles one of the photos and brings it into the dealership. Is Calista Cars obligated to sell Carlita the make and model of car she circled on the​ flyer?

No, an advertisement is an invitation to make an offer.

_____ is the​ offeror's withdrawal of an offer that results in termination of the offer.

Revocation

Which of the following is an accurate statement regarding silence as​ acceptance?

Silence is not usually considered acceptance.

Which of the following is a required element for an offer to be​ effective?

The terms of the offer must be definite or reasonably certain.

A meat wholesaler delivers 50 pounds of meat to a restaurant each Friday for several years and is paid for the meat on the following Monday. Which of the following statements is​ true?

The wholesaler can continue the deliveries with expectation of payment until notified otherwise by the restaurant. Prior dealings between the parties indicate that silence means acceptance.

Ally says to​ Lexi, "I will sell you my iPad tablet for​ $300." If Lexi​ says, "That is a lot of money for an​ iPad, but​ yes, I will buy your tablet at that​ price," then​ _______.

a contract has been formed

Which type of communication is effective when dispatched by the​ offeree?

acceptance of an offer for a bilateral contract

If no time is​ stated, an offer terminates​ _____.

after a reasonable time

A contract requires which of the​ following?

an offer and an acceptance

Akari offers to sell her car to Frankie for​ $10,000 if Frankie can pay cash the same day. Frankie brings​ $9,000 to​ Akari's home. The​ $9,000 would constitute​ a(n) _____.

counteroffer

Suppose Fei says to​ Harold, "I will sell you my house for​ $700,000." Harold​ says, "I think​ $700,000 is too​ high; I will pay you​ $600,000." Harold has made​ a(n) _____.

counteroffer

​A(n) _____ by the offeree simultaneously terminates the​ offeror's offer and creates a new offer.

counteroffer

​A(n) _____ is a response by an offeree that contains terms and conditions different from or in addition to those of the offer.

counteroffer

According to the mailbox​ rule, acceptance is effective when it is​ _____.

dispatched

A(n) _____ authorization is a stipulation in an offer that says the acceptance must be by a specified means of communication.

express

A(n) _____ authorization is a mode of acceptance that is implied from what is customary in similar​ transactions, usage of​ trade, or prior dealings between the parties.

implied

A(n) _____ term in a contract is one that can reasonably be supplied by the courts.

implied

Amy​ Jones, the CEO of Amy​ Corporation, wants to sell an industrial plant to Baker Corporation. She puts the offer in​ writing, but she does not send it to the Baker Corporation. Anastasia​ Anderson, the CFO of Anderson​ Corporation, visits Ms. Jones on another matter and sees the written offer lying on​ Jones' desk. Anastasia then sends an acceptance letter to Ms. Jones. This acceptance is​ ________.

invalid because the offer was never communication to Anderson Corporation

For an acceptance to exist in a common law​ contract, the offeree must accept the terms as stated in the offer. This is called the​ _____ rule.

mirror image

Ally says to​ Lexi, "I will sell you my iPad tablet for​ $300." If Lexi​ says, "I would like to buy​ it, but​ I'm not​ sure," then​ _______.

no contract has been formed because the acceptance was equivocal

In order for an offer to be​ valid, the offeror must​ _____ intend to be bound by the offer.

objectively

The​ _____ is the party to whom an offer has been made.

offeree

The​ _____ is the party who makes an offer.

offeror

If Company A offers to sell 300 pairs of socks to Company​ B, but then sells them to Company​ C, this would be​ a(n) _____.

revocation of the offer

After Angie offers to purchase​ Raul's automobile, she changes her mind. If she no longer wishes to purchase the​ car, she must​ _____ the offer prior to the time the Raul accepts it.

revoke

Which of the following is NOT a way that an offer is terminated by the operation of​ law?

silence

The enactment of a​ statute, regulation, or court decision that makes the object of an offer illegal is known as a​ _____.

supervening illegality

An offer​ _____ if the subject matter of the offer is destroyed through no fault of either party prior to the​ offer's acceptance.

terminates

On May​ 1, Jolene offers to purchase​ Aimee's home for​ $300,000. Prior to signing the​ contract, Aimee passes away unexpectedly.​ Aimee's death​ _____ Jolene's offer.

terminates

A counteroffer by the offeree simultaneously​ _____ the​ offeror's offer and​ _____ a new offer.

terminates; creates

Bob offers to buy a building owned by Richard. If a fire destroys the building before Richard has accepted the​ offer, _______.

the offer automatically terminates

An offer to pay a reward​ (for example, for the return of lost property or the capture of a​ criminal) is an offer to form​ a(n) _____ contract.

unilateral

To be considered​ definite, an offer​ (and contract) generally must contain which of the following​ terms?

​(1) identification of the​ parties, (2) identification of the subject matter and​ quantity, (3) consideration to be​ paid, and​ (4) time of performance

​_____ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the​ _____ theory of contracts.

​Acceptance; objective

Jenni​ Harrington's dog,​ Sammy, runs away and Jenni is heartbroken. She places posters around the neighborhood stating​ "$100 reward for return of Sammy to my home. Call​ 212-555-6789." Rob​ Borden, who is unaware of the​ offer, finds the dog. He reads the tag containing​ Harrington's name,​ address, and telephone​ number, and brings Sammy to​ Jenni's home. Must Jenni pay the reward to​ Rob?

​No, Rob was unaware of the reward

Joyce, a salesperson at Oranges​ Computer, Inc., offers to sell​ 4,000 Cutie computers to​ Tessa, the purchasing manager of General Motors​ Corporation, for​ $4,000,000. The offer is made on August 1. Tessa telephones Joyce on August 2 to say that she is not interested. Can Tessa call Joyce on August 3 to accept the​ offer?

​No, Tessa has rejected the offer

Jenni​ Harrington's dog,​ Sammy, runs away and Jenni is heartbroken. She places posters around the neighborhood stating​ "$100 reward for return of Sammy to my home. Call​ 212-555-6789." Rob Borden immediately calls the phone number and tells Jenni that he promises to find the dog. Must Jenni pay the reward to Rob at that​ moment?

​No, unilateral offer can only be accepted with the requested act.

Esmerelda offers to buy​ Antonio's farm for​ $1,000,000. Antonio sends his written acceptance on September 1 via an overnight service. On September​ 2, before receiving​ Antonio's written​ acceptance, Esmerelda lets him know that she found a better deal on a farm down the road and that she is withdrawing her offer. According to the mailbox​ rule, acceptance is effective when it is​ _____ and​ Esmerelda's withdrawal is​ _____.

​dispatched; invalid


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