business 10

Which of the following is not a requirement for promissory estoppel?

A violation of the parol evidence rule

As a general rule, which of the following is correct regarding whether a person going to a show is bound by the fine print on her ticket?

If the offeree reads the fine print, or if a reasonable person would have been on notice of the fine print, she is bound by it.

Which of the following is correct regarding a firm offer?

It must be made by someone who deals in the kinds of goods involved in the offer.

What standard of interpretation do courts use in determining whether parties intended to enter into a contract?

Objective intent

What is the basic formula for a contract?

Offer plus acceptance equals agreement

If Johnson Farms, Inc. offers to sell wheat to a buyer in Iran, what happens if the United States Congress then prohibits grain sales to Iran before the buyer accepts Johnson's offer?

The offer is terminated, and no contract can be formed as a result.

If Juan offers to sell Fenil a boat, what happens if the boat is destroyed before Fenil accepts the offer?

The offer is terminated, and there is no resulting contract.

Which of the following is correct regarding an option contract?

The option is a separate contract for the limited purpose of holding the offer open.

Which of the following is correct regarding website and newspaper advertisements?

Website advertisements, like newspaper ads, generally are treated as invitations to buyers to make an offer rather than as offers themselves.

No "meeting of the minds" is possible when ______.

a party has died or become insane

The main thing a court looks for in deciding whether parties have a contract is a(n) ______.

agreement

The death of either the offeror or the offeree before the offer is accepted ______.

automatically terminates the offer

An offeror generally has the power to revoke his offer at any time ______.

before acceptance

A(n) ______ cannot be revoked if the offeror promises to hold the offer open.

firm offer

The two main requirements a court looks for in determining whether the offeror had a present intent to contract are ______ and ______.

how definite the supposed offer is; whether the offeror has communicated the offer to the offeree

When a construction contractor advertises for subcontractors to submit bids for portions of a project, the contractor's advertisement is considered a(n) ______.

invitation for subcontractors to make offers

If the performance of a proposed contract becomes illegal after the offer is made and before it is accepted, the offer ______.

is terminated

If an offer is made to the general public by television or newspaper, revocation of the offer ______.

must be made in the same way the offer was made

The general rule is that revocation of an offer is ______.

not effective until it is received by the offeree

Courts have generally held that advertisements for the sale of goods at a specified price are ______.

not offers

When a construction contractor advertises for subcontractors to submit bids for portions of a project, a subcontractor's bid is considered a(n) ______.

offer

The person to whom an offer is made is known as the ______.

offeree

In some cases, the ______ doctrine prevents offerors from revoking their offers.In some cases, the ______ doctrine prevents offerors from revoking their offers.

promissory estoppel

An offer is terminated when it is ______ by the offeree.

rejected

An important factor in determining whether an offeror had the required intent to contract is whether ______.

she communicated her offer to the offeree

If an offeree attempts to accept an offer that has been terminated, the original offeror is ______.

the offeree of a new offer

When a computer user orders goods or services he finds advertised on a website, ______.

the user is offering to buy the goods or services at the advertised terms, and the website owner is then free to accept or reject his offer

If there is no offer, ______.

there is no contract

Today, the judicial trend is to ______ and, consequently, more ______ and ______ terms

tolerate more indefiniteness; open; missing

According to common law, an offeree must fully perform the requested act in order to accept an offer for a(n) ______ contract.

unilateral

Which of the following is correct regarding whether an offer itself may include terms that limit its duration?

An offer may include terms that limit its duration.

Which of the following is created when an offeree gives the offeree something of value in exchange for a promise not to revoke the offer for a state period of time?

An option contract

In a unilateral contract situation, if the offeree starts to perform but the offeror revokes before the performance is complete and the offeror benefited from the offeree's attempted performance, some courts may allow the offeror to revoke but require him to pay the offeree the ______ under a(n) ______ contract theory.

reasonable value of the performance; quasi

As a general rule, if an offeror has promised not to revoke her offer for a stated period of time, ______.

she may nevertheless revoke the offer at any time prior to acceptance

If the subject matter of a proposed contract is destroyed without the knowledge or fault of either party after making the offer but before it is accepted, the offer is ______.

terminated

If an offer does not state a time for acceptance, it is ______.

valid for a reasonable time

As a general rule, what are advertisements for the sale of goods at a specified price?

Invitations for readers of the advertisement to make an offer

What, if anything, must an offeree do to accept a unilateral contract?

Perform the act the offeror requests

Today, many consumers enter into contracts to receive services or download content from the Internet by using "______" agreements.

click-on

The act of ______ the offer indicates that the offeror is willing to be bound by its terms.

communicating

Any attempt by the offeree to change the material terms of the offer or to add significant new terms is treated as a(n) ______.

counteroffer

Traditionally, shrinkwrap agreements were ______.

enforced unless their terms violated contract rules such as unconscionability

Courts have traditionally said they are contract ______, not ______.

enforcers; makers

If an offer has been terminated and the offeree nevertheless attempts to accept the offer, the ______.

offeree becomes an offeror

Subcontractors who submit a bid for a portion of a project are considered

offeror

Bidders at auctions are generally held to be ______.

offerors

Sellers at auctions are generally held to be ______.

offerors

Advertisements for rewards for the return of lost property, for information, or for the capture of criminals are generally held to be ______ for ______ contracts.

offers; unilateral

The basic thing courts require for the creation of an offer is a ______ intent to contract on the part of the ______.

present; offeror

If parties have dealt with each other on a regular basis, their ______ will be considered in determining a reasonable time for acceptance.

prior dealings

If an offeror specifies in her offer that the offeree "must accept (the offer) within five (5) business days," the offer is ______.

valid, and the offeree must accept the offer within the time period specified in the offer

After a court decides that an offer existed, it must then decide ______.

what, if anything, the offeree agreed to