D216 Module 4 Quiz

unequivocal and absolute acceptance requirement

The mirror image rule is also referred to as

common law.

The primary source for contract law is

A unilateral contract is a promise for an act,

formed not when promises are exchanged but when the act is performed.

bilateral contract

goods exchanged for payment.

In an express contract the terms

of the agreement are fully and explicitly stated in words, oral or written.

In the law of contracts, the mirror image rule

states that an offer must be accepted exactly with no modifications.

lease

A transfer of the right to possess and use goods for a period of time in exchange for payment.

if it is signed by Bean.

Bean Processor Inc. agrees to ship a certain quantity of coffee beans to Coffee Café LLC. Bean sends to Coffee an e-mail indicating that the parties intended to form a contract. Against Bean, as a contract, the e-mail will be sufficient

irrevocable for the stated period.

Bon, an agent for City Motors Inc., e-mails Dale on May 1 that the dealer will sell to her a 2018 Ford pick-up truck for $25,000 between May 1 and July 1. Bon's offer to Dale is

the terms of the original offer.

Dona offers to sell her used sofa, chair, coffee table, end table, and lamp to Etta for $700. Etta responds that she will pay that price if Dona's TV set is included. Neither party is a merchant. Their contract is formed according to

a sale of goods.

Embers Corporation orders 12 fire extinguishers from Firefighting Inc., which delivers the equipment. This is most likely

whatever is reasonable.

Grinders Mill agrees to sell to Harvest Company a certain quantity of refined grains. Some of the other terms in the deal are left open. In the case of a dispute, a court will generally presume

a unilateral contract.

Juan offers to pay Sari to deliver certain documents within thirty minutes. Sari can accept the offer only by completing the task within the deadline. If she does, Juan and Sari will have

Nona promised to pay for the watch.

Macy offers to sell his fitness watch for $50 to Nona. Nona promises to pay Macy the price. Later, they exchange the watch for the funds. A contract was created when

an express contract.

Marketing Inc. offers to create a campaign to increase N'Ice Cream Inc.'s online business. N'Ice agrees to pay for the service. These parties have

a sale.

Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is

a lease.

Seacoast Transport Company pays Trucks & Trailers Inc. a stated price for the use of seven tractor-trailer rigs for a year. Under the UCC, this is