ch 9 practice

if the offeror wants a promise from the offeree to form a binding contract, the contract is an _________ contract a. bilateral b. unconditional c. conditional d. unilateral

a. bilateral

which of the following are the source of contract law? a. case law b. the united nations treaty on global contracts c. the uniform commercial code d. the universal contracts code

a. case law c. the uniform commrcial code

an ___________ is an indication of the willingness of the offeror to enter into a contract a. offer b. acceptance c. counteroffer d. reply

a. offer

which of the following is an accurate statement if an offer is directed to a specific offeree? a. only the offeree to whom the offer was directed can accept the offer b. according to the irse in time rule, any person can accept the offer c. the offer is void since an offer must be directed to two or more offerees in order for it to be valid d. other persons with socioeconomic characteristics similar to the offeree can accept the offer

a. only the offeree to whom the offer was directed can accept the offer

which of the following is an accurate statement regarding an invitation to negotiate?

an invitation to negotiate is not an offer

which of the following is an inaccurate statement regarding the communication of acceptance of an offer to the offeror? a. the offeror has the power to control the means by which acceptance is communicated b. an acceptance must be communicated in writing for it to be effective c. if no means of communicating of acceptance is specified, any reasonable means is generally accepted d. if the offeror specifies that only a certain method of communication will be accepted, only that method forms a valid

b. an acceptance must be communicated in writing for it to be effective

in an offer, the _____ must be communicated to the offeree or to the offeree's agent a. acceptance b. offer c. rejection d. confirmation

b. offer

in which of the following auctions must the seller accept the highest bid? a. an auction without reserve b. an auction with reserve c. an ebay auction d. an agricultural auction

a. an auction without reserve

according to the common law, which of the following is not a required element of an offer? a. definite an certain terms b. intent c. revocation of the offer by the offeror d. communication of the offer to the offeree

c. revocation of the offer by the offferor

if nothing is said to the contrary in the terms of an auction, the auction is presumed to be ___________. a. without reserve b. without condition c. with reserve d. voidable at the election of the auctioneer

c. with reserve

______ is defined as the bargained for exchange a. deliberation b. revocation c. renunciation d. consideration

d. consideration

a ________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty a. gift b. tort c. crime d. contract

d. contract

who accepts the terms of an offer? a. the offeree b. the third party beneficiary c. the offeror d. the delegate

the offeree

a ________ contract is one that contains all of the legal elements of a contract a. quasi b. void c. valid d. null

valid