chapter 14 mgmt

If an offer provides certain ways of acceptance but does not require a specific way of acceptance, use of a different means of acceptance

If an offer provides certain ways of acceptance but does not require a specific way of acceptance, use of a different means of acceptance.

Amy offers to paint Louis's house for $1,000. The offer stated that acceptance in person was required. Within a reasonable time, Louis e-mailed Amy his acceptance. Which of the following statements is true about this situation?

Louis has not accepted the offer as required by the offeror, and there is no contract.

__________ terms in an offer and its resulting contract allow a court to determine damages in the event that one of the parties breaches the contract. They include the subject matter, price, quantity, quality, and parties.

Material

Jason agrees to buy Sara's car for $10,000. However, Sara tells Jason that she will only sell the car to him if he pays $12,000. In this scenario, Sara makes a(n)

counteroffer

According to the __________ rule, an acceptance is valid when the offeree places it in the mailbox, whereas a revocation is effective only when the offeree receives it.

mailbox

An offeror's intent is interpreted based upon a(n) __________ standard.

objective

According to the "mirror-image" rule, if the terms of the acceptance do not mirror the terms of the offer,

the attempted acceptance is a counteroffer.

If nothing is stated to the contrary in the terms of an auction, the auction is presumed to be __________, which means that the seller is merely expressing intent to receive offers.

with reserve

In an auction __________, the seller is treated as making an offer to accept the highest bid and therefore must accept it

without reserve