Question 1

A record or signature is denied legal effect or enforceability solely because it is in electronic form.

Accepted Answer

According to many countries' electronic commerce laws, electronic records and signatures have legal effect and enforceability.

Question 2

Boris offers to sell either of his bikes, red or blue, to Saks for $1,000 on a Monday, to which Saks agrees. On the second Monday of the month, Saks asks Boris to sell his red bike for $1,000. It is a valid contract according to the UCC.

Accepted Answer

According to UCC, a contract for the sale of goods can be made in any manner sufficient to show agreement, including conduct. In this case, Boris offered to sell his bikes for $1,000, and Saks agreed to buy either of them. On the second Monday, Saks asked specifically for the red bike, which was within the scope of their original agreement. Therefore, the contract is valid under the UCC.

Question 3

In interpreting an agreement, courts generally apply a subjective standard.

Accepted Answer

In interpreting an agreement, courts generally apply an objective standard, meaning they look at the facts and language of the agreement from a reasonable person's perspective rather than solely considering the subjective intent of the parties involved.

Question 4

If, after a reasonable time, an offeree does not fulfill the terms of an offer, then it may be revoked.

Accepted Answer

This statement is true. If the offeree does not fulfill the terms of an offer within a reasonable time frame, then the offeror has the right to revoke the offer.

Question 5

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.

Accepted Answer

An offer requires communication of the intent to be bound by the terms, which did not occur here as Dixie did not send her email. The classmate's mother's email is an independent offer, not an acceptance of Dixie's unsent offer.

Question 6

If a faxed document is sent but for some reason not received or not noticed, the emerging law is that the mailbox rule does not apply.

Accepted Answer

The mailbox rule applies to acceptance of offers sent through mail or other similar means, but it may not necessarily apply to fax transmissions if the document is not received or noticed by the recipient.

Question 7

According to the mirror image rule, a response to an offer can change its terms.

Accepted Answer

The answer of According to the mirror image rule, a...

Question 8

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

Accepted Answer

In Lefkowitz v. Great Minneapolis Surplus Store, the court held that an advertised statement can be construed as an offer if it is clear, definite, and explicit, and leaves nothing open for negotiation.

Question 9

Which of the following is an example of a valid contract according to common law?

Accepted Answer

The answer of Which of the following is an example...

Question 10

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

Accepted Answer

The answer of Which of the following is an example...

Question 11

Acceptances are considered effective when mailed, regardless of the method used to transmit the offer.

Accepted Answer

This is known as the "mailbox rule" and it provides certainty in contract formation by considering acceptances effective upon dispatch. This rule applies even if the acceptance is lost in the mail or never reaches the offeror.

Question 12

For unilateral contracts without notification, the offeror may, after a reasonable time, treat the offer as having lapsed.

Accepted Answer

Unilateral contracts involve the offeror making a promise to provide something in exchange for a specific act or performance by the offeree. If the offeree does not perform the required act, the offeror may treat the offer as lapsed after a reasonable time has passed. However, the offeror must provide notification to the offeree of the offer's lapse in cases of bilateral contracts.

Question 13

As per the mailbox rule, an acceptance is effective when it is dropped in the mail by the offeree.

Accepted Answer

According to the mailbox rule, an acceptance is effective when it is dispatched (sent or dropped in the mail) by the offeree, rather than when it is received by the offeror. Therefore, option A is correct.

Question 14

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

Accepted Answer

The answer of Which of the following is an example...

Question 15

According to the UCC, an offer must remain open for the time period stated or, if no time period is given, at least for a reasonable period of time, which may not exceed five months.

Accepted Answer

The answer of According to the UCC, an offer must...

Question 16

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

Accepted Answer

The answer of The estate of a deceased person cannot...

Question 17

A promise cannot be made to one person who is not expected to do anything in return.

Accepted Answer

A promise can be made to someone without the expectation of receiving something in return. Promises can be made out of kindness, gratitude, or simply because the promiser wants to help or do something nice for the recipient.

Question 18

Which of the following is a valid contract under UCC?

Accepted Answer

The answer of Which of the following is a valid...

Question 19

If an acceptance that requests a change or an addition to the offer does not require the offeror's assent, then the acceptance is valid.

Accepted Answer

The answer of If an acceptance that requests a change...

Question 20

Which of the following is a valid contract according to common law?

Accepted Answer

In option A, there is a valid offer made by Jon, a counteroffer made by Jack, and acceptance by Jack within the time frame stipulated by Jon. Even though Jon attempted to revoke the offer before it was accepted, since he did not communicate this revocation to Jack before he accepted, it is still a valid contract. Option B is not valid because the original offer was not communicated in writing or signed, and revocation was also not communicated in writing as required by common law. Option C is not valid because acceptance was communicated after the offer had expired. Option D is not valid because revocation was not communicated in the same manner as the offer. Option E is not valid because there was no acceptance of the offer.

Quiz 9: The Agreement

A record or signature is denied legal effect or enforceability solely because it is in electronic form.

Boris offers to sell either of his bikes, red or blue, to Saks for $1,000 on a Monday, to which Saks agrees. On the second Monday of the month, Saks asks Boris to sell his red bike for $1,000. It is a valid contract according to the UCC.

In interpreting an agreement, courts generally apply a subjective standard.

If, after a reasonable time, an offeree does not fulfill the terms of an offer, then it may be revoked.

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.

If a faxed document is sent but for some reason not received or not noticed, the emerging law is that the mailbox rule does not apply.

According to the mirror image rule, a response to an offer can change its terms.

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

Which of the following is an example of a valid contract according to common law?

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

Acceptances are considered effective when mailed, regardless of the method used to transmit the offer.

For unilateral contracts without notification, the offeror may, after a reasonable time, treat the offer as having lapsed.

As per the mailbox rule, an acceptance is effective when it is dropped in the mail by the offeree.

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

According to the UCC, an offer must remain open for the time period stated or, if no time period is given, at least for a reasonable period of time, which may not exceed five months.

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

A promise cannot be made to one person who is not expected to do anything in return.

Which of the following is a valid contract under UCC?

If an acceptance that requests a change or an addition to the offer does not require the offeror's assent, then the acceptance is valid.

Which of the following is a valid contract according to common law?