Chapter 11: Agreement Quiz

Which of the following statements is an offer? A. I will sell you my house for $400, 000. B. I am thinking about selling my house for $400,000. C. House for sale! Asking $400,000. D. There is no way I could sell my house for less than $400,000.

A. I will sell you my house for $400,000.

If two parties have an on-going oral agreement that that one will ship and the other will accept 50 pounds of produce each week unless the buyer informs the seller one week before not to ship the next order, then the buyer's failure to speak up and tell the shipper not to send the produce: A. Fails as an acceptance for lack of timeliness. B. Cannot be held against them as acceptance of an offer. C. Qualifies as acceptance of that week's delivery offer. D. Does not qualify as a valid acceptance of the offer.

C. Qualifies as acceptance of that week's delivery offer.

How may a revocable offer effectively be revoked? Choose 2 answers. A. The offeree may reject the offer with a clear expression. B. The offeror may convert the offer to an option contract. C. The offeror may withdraw the offer with clear expression. D. The offeror may take an action that contradicts the offer and make that known to the offeree.

C. The offeror may withdraw the offer with a clear expression. D. The offeror may take an action that contradicts the offer and make that known to the offeree.

What conditions must be met for an offer to be legally accepted? Choose 2 answers. A. It may only be accepted by the intended offeree or the offeree's agent. B. Acceptance must be communicated in words, either written or oral. C. Acceptance must be unequivocal with no requests for changes in the offer. D. The offer must be accepted within 24 hours of communication.

A. It may only be accepted by the intended offeree or the offeree's agent. C. Acceptance must be unequivocal with no requests for changes in the offer.

In an auction, the bidder is: A. The offeror. B. Counter-offeror. C. Seller D. The offeree.

A. The offeror

Must all terms of a deal be included in an offer? A. Yes, unless it is an offer for services in which case some terms can be filled in later? B. No, but the terms required will depend on the type of contract. C. No, unless the offeror purposely leaves terms of the offer ambiguous. D. Yes, an offer is not complete unless all terms are included.

B. No, but the terms required will depend on the type of contract.

How many an offer be terminated? Choose 3 answers. A. A competitor to the offeror can issue a better offer for the same product or service. B. The offeree may make a counteroffer. C. An offeror may terminate an offer by revocation. D. A reasonable amount of time has passed.

B. The offeree may make a counteroffer. C. An offeror may terminate an offer by revocation. D. A reasonable amount of time has passed.

What happens when a party with the right to avoid a contract chooses not to avoid it? A. The contract becomes void. B. The contract becomes a quasi-contract. C. The contract is rejected. D. The contract is ratified.

D. The contract is ratified.

Which of the following words, if added to an offer, will cause the offer to fail for definiteness? A. Might, as in "I might want to sell you my boar for $1000" B. Tomorrow, as in "I will sell you my boat tomorrow for $1000" C. In the future, as in "I will sell you my boat sometime in the future for $1000" D. Friday, as in, "I will sell you my boat Friday for $1000"

A. Might, as in "I might want to sell you my boat for $1000" C. In the future, as in "I will sell you my boat sometime in the future for $1000"

What elements are required for an offer to be effective under the common law? Choose three answers. A. The terms of the offer must be reasonably definite so that all parties understand them, B. The offer must be irrevocable for a set period of time to allow acceptance. C. The offer must be communicated to the offeree. D. The offeror must intend to be bound by the offer.

A. The terms of the offer must be reasonably definite so that all parties understand them. C. The offer must be communicated to the offeree. D. The offeror must intend to be bound by the offer.