Question 1

Kelly offers to sell a certain used forklift to Lumber Outlet, but Kelly dies before Lumber accepts. Most likely, Kelly's death

Accepted Answer

A)   does not affect the offer.
B)   shortens the time of the offer but does not terminate it.
C)   extends the time of the offer.
D)   terminates the offer.E) All of the above
F) None of the above

Question 2

On December 1, Petroleum, Inc., sent Rachel & Rico (R&R) a letter, via overnight delivery, offering to employ R&R to review Petroleum's tax situation for the current year for $10,000. In the letter, the company stated that R&R had ten days to accept. On December 5, R&R sent an e-mail message that stated, "The price for the tax analysis seems too low. Would you consider paying $15,000?" Petroleum received the message without responding immediately. The next day, Smith & Taylor, an R&R competitor, offered to conduct the appraisal for $8,000. On learning of this offer, R&R immediately e-mailed Petroleum, agreeing to do the work for $10,000. Petroleum received this message on December 7. Explain why R&R and Petroleum do, or do not, have a contract.

Accepted Answer

R&R and Petroleum have a contract. R&R e...

Question 3

An effective offer requires reasonably definite terms.

Accepted Answer

A) True 
 B)False

Question 4

A request to negotiate is not an offer.

Accepted Answer

A) True 
 B)False

Question 5

Acceptance takes effect at the time the communication is sent via the mode authorized by the offeror.

Accepted Answer

A) True 
 B)False

Question 6

Nevin negotiates a deal for the sale of twenty-five acres of farmland to Otis. Nevin promises to hold the offer open in return for a small payment but does not state an exact period of time. With respect to this offer

Accepted Answer

A)   the deal is binding except for the promise to hold the offer open.
B)   a reasonable period of time is implied.
C)   the offer must be held open for an indefinite period.
D)   the deal is done.E) All of the above
F) C) and D)

Question 7

Ricci, a user of SmartPhoneApps.com's website, can download apps for free if she first clicks on "I accept" after viewing certain terms. This is

Accepted Answer

A)   a contract that does not include the terms.
B)   a contract that includes the terms.
C)   not a contract but the terms are enforceable.
D)   unenforceable.E) A) and B)
F) All of the above

Question 8

The offeror can revoke the offer only be expressing repudiating it.

Accepted Answer

A) True 
 B)False

Question 9

The offeree must accept the offer without adding or changing any terms.

Accepted Answer

A) True 
 B)False

Question 10

Acceptance may consist of words or conduct.

Accepted Answer

A) True 
 B)False

Question 11

The power of acceptance can be terminated by operation of law.

Accepted Answer

A) True 
 B)False

Question 12

Kent tries to start his car with no success. He yells that he will sell the car to anyone for $10. Livy, a passerby, hears Kent's yell. This is not an effective offer because it lacks

Accepted Answer

A)   communication.
B)   definite terms.
C)   serious intent.
D)   none of the choices.E) None of the above
F) B) and C)

Exam 9: Offer and Acceptance

Nevin negotiates a deal for the sale of twenty-five acres of farmland to Otis. Nevin promises to hold the offer open in return for a small payment but does not state an exact period of time. With respect to this offer

Correct Answer
verified

Ricci, a user of SmartPhoneApps.com's website, can download apps for free if she first clicks on "I accept" after viewing certain terms. This is

Correct Answer
verified

The offeree must accept the offer without adding or changing any terms.

Correct Answer
verified

Correct Answer
verified
R&R and Petroleum have a contract. R&R e...
View Answer

The power of acceptance can be terminated by operation of law.

Correct Answer
verified

A request to negotiate is not an offer.

Correct Answer
verified

Kent tries to start his car with no success. He yells that he will sell the car to anyone for $10. Livy, a passerby, hears Kent's yell. This is not an effective offer because it lacks

Correct Answer
verified

Acceptance takes effect at the time the communication is sent via the mode authorized by the offeror.

Correct Answer
verified

An effective offer requires reasonably definite terms.

Correct Answer
verified

Kelly offers to sell a certain used forklift to Lumber Outlet, but Kelly dies before Lumber accepts. Most likely, Kelly's death

Correct Answer
verified

Acceptance may consist of words or conduct.

Correct Answer
verified

The offeror can revoke the offer only be expressing repudiating it.

Correct Answer
verified

Exam 9: Offer and Acceptance

Nevin negotiates a deal for the sale of twenty-five acres of farmland to Otis. Nevin promises to hold the offer open in return for a small payment but does not state an exact period of time. With respect to this offer

Correct AnswerverifiedShow Answer

Ricci, a user of SmartPhoneApps.com's website, can download apps for free if she first clicks on "I accept" after viewing certain terms. This is

Correct AnswerverifiedShow Answer

The offeree must accept the offer without adding or changing any terms.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedR&R and Petroleum have a contract. R&R e...View AnswerShow Answer

The power of acceptance can be terminated by operation of law.

Correct AnswerverifiedShow Answer

A request to negotiate is not an offer.

Correct AnswerverifiedShow Answer

Kent tries to start his car with no success. He yells that he will sell the car to anyone for $10. Livy, a passerby, hears Kent's yell. This is not an effective offer because it lacks

Correct AnswerverifiedShow Answer

Acceptance takes effect at the time the communication is sent via the mode authorized by the offeror.

Correct AnswerverifiedShow Answer

An effective offer requires reasonably definite terms.

Correct AnswerverifiedShow Answer

Kelly offers to sell a certain used forklift to Lumber Outlet, but Kelly dies before Lumber accepts. Most likely, Kelly's death

Correct AnswerverifiedShow Answer

Acceptance may consist of words or conduct.

Correct AnswerverifiedShow Answer

The offeror can revoke the offer only be expressing repudiating it.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified
R&R and Petroleum have a contract. R&R e...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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