Business Law - Quiz Ch. 9

According to the Uniform Electronic Transactions Act (UETA), which of the following is true?

A contract may not be denied enforceability solely because an electronic record was used in its formation.

As per the mailbox rule, an acceptance is effective when it is received by the offeree.

False

Dixie writes an e-mail to sell her bike for $1,000, but forgets to send it. Coincidentally, her classmate's mother wants to buy a bike for her kids and sends an e-mail to Dixie saying that she wants to buy her bike for $1,000. This is a valid offer.

False

In the case of Lucy v. Zehmer, if you assume that the defendant, Zehmer was joking when he offered to sell his property to Lucy, the offer would not be valid.

False

Jim offers to sell his bike for $300 to Rick. Rick responds as follows: "let me think about the $300 but in the meantime would you consider accepting $250?" Rick's response would be considered a counteroffer.

False

The estate of a deceased person cannot be held liable on a contract made by the person before death.

False

Tonya's dog Lucky escapes. She offers a reward for its return. John finds Lucky and using its dog tag returns the dog to Tonya. John is unaware of the reward until he hands lucky to Tonya. Tonya refuses to pay the reward and John sues her. John will win.

False

Under common law, which of the following is an example of a valid contract following the "mirror image" rule?

Tibb offers to sell his bike to Rony for $10,000 and gives a written promise to keep the offer open for 10 days. Rony responds on the second day saying that he is ready to accept the offer and that he would also like a helmet.

According to Lefkowitz v. Great Minneapolis Surplus Store, under proper circumstances, an advertised statement can be construed as an offer.

True

Which of the following is an example of a valid offer?

Walmart advertises that all canned juices in its stores would be available at a discount of 50 percent on the printed price.