Deck 8: Offer and Acceptance

Question 1

The omission of one or more essential terms does not necessarily make the offer:

A) voidable.
B) valid.
C) invalid.
D) void.

Answer 1

C

Question 2

Even when an offer specifies all the terms and conditions of a contract,it is not considered as definite and certain.

Answer 2

False

Question 3

An offer is not terminated due to lapse of time.

Answer 3

False

Question 4

A person can be compelled to speak or to write in order to avoid a binding agreement,and is under no obligation to reply to an offer.

Question 5

The general rule of contract provides that the acceptance of an offer must be the same as the offer.

Question 6

As a general rule,if an offer is to be definite and certain,it should cover the same points as a good newspaper story.

Question 7

Offer and acceptance are the essential elements of a contract.

Question 8

According to the ___________,uncertainty with respect to specific terms does not necessarily invalidate a contract.

A) Uniform Civil Code
B) Uniform Commercial Code
C) United States Commercial Code
D) Uniform Contract Code

Question 9

If goods are advertised in a newspaper at an incorrect price,and the fault is of the newspaper,the merchant may recoup his losses from the publication.

Question 10

The requirement of offer and acceptance is usually fairly straightforward in contracts involving just two or,perhaps,a few parties.

Question 11

Just as a qualified acknowledgment of the rejection of an offer serves to keep an offer alive,a qualified rejection may have a similar effect.

Question 12

The Uniform Commercial Code (UCC)provides that additional (or different)terms are to be construed as proposals for addition to the contract,and between merchants,become part of the contract.

Question 13

Even after an offer is rejected by the offeree,it can be revived or made into a counteroffer once the communication of the rejection has been received by the offeror.

Question 14

Acceptance of a public offer by anyone,as indicated by the performance of the act,does not result in an enforceable contract.

Question 15

An offer can be terminated by an offeror's revocation before acceptance.

Question 16

All of the following are considered to be forms of oral communications in acceptance of an offer,EXCEPT:

A) silence.
B) television.
C) e-mail.
D) in person.

Question 17

A proposal that is both offered by the offeror and accepted by the offeree is a contract which is:

A) void.
B) invalid.
C) valid.
D) voidable.

Question 18

A counteroffer,that is,a conditional,or qualified,acceptance of an offer,is generally interpreted as an acceptance and is not binding on the parties.

Question 19

All of the following are required for a valid offer,EXCEPT:

A) definite and certain.
B) communicated to the offeree.
C) made with serious intent.
D) stated in writing.

Question 20

Silence does not indicate assent to an offer,even if both parties agree beforehand that this is to be the means of acceptance.

Question 21

A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):

A) offer.
B) acceptance.
C) request for proposal.
D) invitation to acceptance.

Question 22

If the offeror acknowledges the rejection but restates the offer,the offeree:

A) loses the opportunity to accept, but retains the authority to make a counteroffer.
B) does not have any opportunity to accept, or reject, or make a counteroffer.
C) still has the opportunity to accept, or reject, or make a counteroffer.
D) cannot be revived or make a counteroffer.

Question 23

The words,"first come,first served" in advertisements create a language of:

A) promise.
B) offer.
C) acceptance.
D) request.

Question 24

If an advertisement contains a positive promise and a positive statement of what the advertiser expects in return,the court will usually hold that the advertisement is a(n):

A) proposal.
B) offer.
C) request.
D) informal invitation.

Question 25

A person cannot be compelled to speak or to write in order to avoid a(n):

A) void agreement.
B) voidable agreement.
C) binding agreement.
D) illegal agreement.

Question 26

A purchase order issued by one firm to another is generally considered a(n):

A) offer.
B) acceptance.
C) first step in negotiation.
D) request for proposal.

Question 27

Advertising is generally regarded as a(n):

A) invitation to trade.
B) firm offer.
C) commitment to sell.
D) executory contract.

Question 28

All of the following are offers that are obviously not made with the intent of entering into a valid,enforceable agreement,EXCEPT:

A) under severe emotional strain.
B) in anger.
C) through electronic means.
D) under jest.

Question 29

The offeror may not communicate revocation to the offeree through:

A) written words.
B) spoken words.
C) action.
D) coercion.

Question 30

The offer,once rejected by the offeree,cannot be revived or made into a counter offer once the communication of the rejection has been received by the:

A) offeror.
B) offeree.
C) courier authority that communicates.
D) agent of the offeree.

Question 31

If the offer is silent as to the time the acceptance is effective,the ____________ states that an acceptance sent via the postal system or by courier is effective when sent.

A) rule of contract
B) mailbox rule
C) acceptance rule
D) sent rule

Question 32

The offer and acceptance issue gets complicated when there is little or no direct contact between the parties,as in the case of all of the following EXCEPT:

A) bidding.
B) advertising.
C) public offers.
D) agreement.

Question 33

What is considered a reasonable time (in case of termination of contract by lapse of time)can vary according to the:

A) assessment of a court-appointed judge.
B) circumstances.
C) opinion of the parties.
D) opinion of the witness.

Question 34

The offer and acceptance by the conduct of the parties is called as a(n):

A) express contract.
B) implied contract.
C) conduct contract.
D) social contract.

Question 35

When no ?definite time for acceptance is stated in an offer,it terminates after passing of:

A) a reasonable time.
B) 18 months.
C) two months.
D) two years.

Question 36

Purchase orders are usually considered to be:

A) an uncommon form of offer acceptance.
B) invalid forms of offer acceptance.
C) oral communication to acceptance.
D) offers to buy.

Question 37

If an advertisement offers a reward for information that might lead to the arrest of a criminal or to the return of a lost article,it is regarded as a:

A) request for an offer.
B) reward offer.
C) public offer.
D) call for a bid.

Question 38

What criteria make a valid offer?

Question 39

The general rule regarding the effective date and time an acceptance becomes binding is:

A) when the parties intend.
B) three days after receipt of the acceptance.
C) three days after acceptance is sent.
D) upon receipt by the offeree.

Question 40

Offers are terminated for all of the following reasons EXCEPT:

A) lapse of time.
B) revocation.
C) rejection.
D) silence.

Question 41

What are the two conditions that must be met for an acceptance to be valid?

Question 42

Is an acceptance valid if it states terms additional to or different from those offered or agreed upon? Please explain.

Question 43

What is an invitation to trade?

Question 44

What are the usual means of communication of an offer?