Chapter 10 Quiz Questions: (Quiz #5)
_____ 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
According to the mailbox rule, what happens when an acceptance letter is dispatched (i.e., mailed) but lost in transmission?
Acceptance is effective
If no time is stated, an offer terminates _____.
After a reasonable time
The words _____ and contract are often used interchangeably.
Agreement
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 willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.
An offer
A contract requires which of the following?
An offer and an acceptance
Which of the following is an INCORRECT statement regarding rejection of an offer?
An offer is not terminated if the offeree rejects it.
Unless otherwise expressly stated, an auction is considered a(n) _____.
Auction with reserve
In a(n) _____, the seller expressly gives up his or her right to withdraw the goods from sale and must accept the highest bid.
Auction without reserve
A(n) _____ by the offeree simultaneously terminates the offeror's offer and creates a new offer.
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) _____ 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) _____ term in a contract is one that can reasonably be supplied by the courts.
Implied
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
The acceptance-upon-dispatch rule is more commonly known as the _____ rule.
Mailbox
For an acceptance to exist, the offeree must accept the terms as stated in the offer. This is called the _____ rule.
Mirror image
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
In an auction without reserve, the seller is the _____, and the bidders are the _____.
Offerer; offeree
The _____ is the party who makes an offer.
Offeror
_____ is the withdrawal of an offer by the offeror that terminates the offer.
Revocation
_____ 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.
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
Prior to acceptance of an offer, the death or incompetence of the offeror or the offeree _____ the offer.
Terminates
A counteroffer by the offeree simultaneously _____ the offeror's offer and _____ a new offer.
Terminates; creates
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.
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
Unless otherwise expressly stated, an auction is considered an auction _____.
with reverse
