Business Law chapter 11 T/F
An offer terminates automatically when the time specified in the offer has passed. a. True b. False
True
A preliminary agreement cannot constitute a binding contract. a. True b. False
False
An acceptance can materially change or add to the terms of the original offer without rejecting it. a. True b. False
False
An agreement is evidenced by one event: an offer. a. True b. False
False
An e-contract must meet basic requirements that are different from those required of a paper contract. a. True b. False
False
An expression of opinion—"this is excellent"—is an offer. a. True b. False
False
An invitation to negotiate is an agreement. a. True b. False
False
An invitation to negotiate—"can you afford this?"—is an offer. a. True b. False
False
An offer does not need to be communicated to the offeree to become effective. a. True b. False
False
An offer may invite an acceptance to be worded in specific terms but that cannot make the contract definite. a. True b. False
False
An offer must be practical to be effective. a. True b. False
False
An offeror's subjective intent determines the effectiveness of an offer. a. True b. False
False
Most advertisements—"this property for sale"—are offers. a. True b. False
False
No offer can be accepted by silence. a. True b. False
False
Revocation is effective on dispatch. a. True b. False
False
The mailbox rule applies to communication by phone as well as by mail. a. True b. False
False
There are no revocable offers. a. True b. False
False
If no time for acceptance is specified in an offer, the offer terminates after a reasonable length of time. a. True b. False
True
Under the mailbox rule, an acceptance becomes valid when it is dispatched. a. True b. False
True
An offer made in obvious anger is still an effective offer. a. True b. False
False
. One necessary element for an effective offer is a reasonable price related to market value. a. True b. False
False
A counteroffer is a rejection of the original offer and the simultaneous making of a new offer. a. True b. False
True
A forum-selection clause specifies that any contract dispute will be settled in a particular jurisdiction. a. True b. False
True
A price list is treated as an invitation to negotiate. a. True b. False
True
A statute or court decision that makes an offer illegal automatically terminates the offer. a. True b. False
True
An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate. a. True b. False
True
An acceptance must be unequivocal. a. True b. False
True
An acceptance sent by means not expressly or impliedly authorized is not effective until it is received. a. True b. False
True
An effective offer requires reasonably definite terms. a. True b. False
True
An offeree's power of acceptance is terminated when the offeror dies unless the offer is irrevocable. a. True b. False
True
An option contract is created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree. a. True b. False
True
In a bilateral contract, communication of acceptance is necessary. a. True b. False
True
In most cases, an offeror can revoke an offer as long as the revocation is communicated before the offeree accepts. a. True b. False
True
The UETA applies only to electronic records and electronic signatures relating to a transaction. a. True b. False
True
The first requirement for an effective offer is a serious intent on the part of the offeror a. True b. False
True
