Chapter 10 Assignment

The objective standard of intent refers to how the specific offeree would view an offeror's words and acts. an outdated approach to contract interpretation that was popular with early American courts. how an unreasonable person, familiar with the circumstances, would view an offeror's words and acts. how a court would view an offeror's words and acts, as well as the circumstances surrounding an offer. how a court analyzes the inner minds of parties to a contract.

how a court would view an offeror's words and acts, as well as the circumstances surrounding an offer.

What is objectively indicated when an offeror communicates terms of an offer to an offeree? An offeror has very strong negotiation skills. An offeror may be interested in revoking a deal. An offeree may be interested in rejecting a deal. A present intent to be bound by those terms.

A present intent to be bound by those terms.

Which of the following can impact the time that an offeree may respond to an offer that does not include a specific time to accept the offer? All of these answers would influence the time frame. If the subject of the offer involves commodities traded on the open market. If the subject of the offer is time sensitive. If the subject of the offer involves stocks or bonds that are traded on the open market. If the subject of the offer involves food that may spoil.

All of these answers would influence the time frame.

To distinguish an offer, courts look for certain requirements. Which of the following is required to create a legally binding offer? Objective indication of a present intent to contract on the part of the offeror. The offer must include definite terms. All of these are necessary to create a legally binding offer. The offer must be communicated to the offeree. The offer must include specific terms.

All of these are necessary to create a legally binding offer.

To reject an offer, the offeree can: Make a counteroffer to the offeror with materially different terms. Send the offeror a handwritten letter rejecting the offer. Any of these responses will constitute a rejection of the offer. Send the offeror an email rejecting the offer.

Any of these responses will constitute a rejection of the offer.

True or False: An offer that fails to provide a specific time for acceptance is void. False. An offer without a specific acceptance time is voidable for a reasonable amount of time. True. An offer without a specific acceptance time is voidable. False. An offer without a specific acceptance time is voidable for a reasonable amount of time. False. An offer without a specific acceptance time is valid for a reasonable amount of time.

False. An offer without a specific acceptance time is valid for a reasonable amount of time.

If someone says to you, "Your bicycle is beautiful. Can I buy it?", and you say, "Sold!" - has a contract been formed? Yes, because it is a serious question to inquire about buying someone's mode of transportation. No, because there is not sufficient specificity or definiteness to create an offer. Yes, because the requisite communication between offeror and offeree has occurred. No, because this type of contract must always be in writing. No, because there is no way to determine whether the bicycle really is beautiful or not.

No, because there is not sufficient specificity or definiteness to create an offer.

A determination of whether two parties to an alleged contract actually reached a "meeting of the minds" is governed by which standard of intent? Objective standard Modified objective standard Subjective standard The 20 Bishops standard

Objective standard

The individual with the power to reject an offer is the: Negotiator Offeror Offeree Rejector

Offeree

If an offeree makes a counteroffer with materially different terms from the original offer, the original offer is considered to be: Invalid. Rejected. Voidable. Revoked.

Rejected.

If an offer does not have a specific time for acceptance, how would a court interpret the offer? Such offers are voidable. Such offers are only valid until the sun sets. Such offers are considered valid for a reasonable time. Such offers are void.

Such offers are considered valid for a reasonable time.

If an offer is deemed to be too vague, what test is it likely to fail if a court is asked to enforce an alleged contract? The test for specificity or definiteness of terms. The test for whether negotiations dragged on for too long. The test for whether the offeror accepted the contract. The test for whether the offeree revoked the offer in a timely fashion. The test for whether the acceptance was clearly communicated.

The test for specificity or definiteness of terms.

The first step in any contract formation process is to make _____. an offer a deal a few bucks an excuse

an offer

The reason that modern courts reject the subjective standard of intent in most cases is that is a relic of the 19th century. is not reasonable. is not a fair representation of the parties and their "meeting of the minds." creates a situation that challenges the authority of at least 20 bishops. leaves contracts vulnerable to disputes about actual intent, thereby creating uncertainty in the enforcement.

leaves contracts vulnerable to disputes about actual intent, thereby creating uncertainty in the enforcement.

To have an agreement that is bound and enforceable, there must be both a(n) _______ and a(n) ________. rejection, acceptance revocation, acceptance offer, acceptance offer, rejection

offer, acceptance

The person who makes the offer is the ______. The person to whom the offer is given is the _____. offeror, offeree contractor, contractee decider, divider offeree, offeror

offeror, offeree

If an offer has not been communicated, this may be an objective indication that the offeror has not yet decided to enter into a binding agreement. that the offeree is getting a very bad deal. that the offeror is not feeling well. that the offeree will probably reject the offer.

that the offeror has not yet decided to enter into a binding agreement.

Communication of an offer is necessary because when the offeree communicates the terms of the offer, the offeree objectively indicates an intent to be bound. none of these indicate why communication of an offer is necessary. communication is the heart of negotiation. all of these indicate why communication of an offer is necessary. when the offeror communicates the terms of the offer, she objectively indicates an intent to be bound.

when the offeror communicates the terms of the offer, she objectively indicates an intent to be bound.