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Contract Formation Quiz
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A counteroffer is a rejection of the original offer and the making of a new offer. A firm offer can only be made by a merchant. A firm offer is separate contract that eliminates the offeror’s right to revoke the offer for the time period specified in the option. A meeting of the minds is called mutual assent. True or False: T A revocation of an offer is not effective until it is known by the offeree. A unilateral contract is created when the offeror wants the offeree to give a promise to perform. A unilateral mistake generally does not affect the contract. A voidable contract is one in which either party can avoid the duties or obligations under it. An agreement that will not be enforced because it calls for the performance of an illegal act is: An offer is a promise that can be met with acceptance or rejection. An offer will be terminated by operation of law if a reasonable time has expired. An offer will be terminated by operation of law if one or both of the parties die or become incompetent. An offer will be terminated by operation of law if the time for accepting the offer, as set by the offeror, has expired. True or False: T An offer will not be terminated by operation of law if the subject matter of the offer is destroyed. An offer will not be terminated by operation of law simply because there is an intervening illegality of object of the contract. True or False: F An option contract is always enforceable without consideration. Chrissie, Inc. entered into a contract with Sari, Inc. for the purchase of batteries. The contract did not specify the price. Which statement is correct? Contract which are so one-sided in favor of one of the parties such that they shock the conscience are called: Differences exist between the common law system used in the U.S. and the civil law system used in Europe. Generally, a mutual mistake makes a contract unenforceable. In this type of contract, the terms of the offer and acceptance are specifically stated, either orally or in writing. Luke offers Price the opportunity to buy 100 screwdrivers for $1.00 each; she replies with the suggestion that she buy 200 at $.90 each. Her response is known as: Of all the uniform codes of law, the most important to business is the Uniform Commercial Code. On September 1, Sara wrote a letter to Chris offering to sell her snowmobile. Chris received the letter on September 3 and immediately sent a letter to Sara accepting the offer. Two hours after Chris mailed the letter of acceptance, Sara called and informed Chris that she changed her mind about the snowmobile. In most states, the parties: Once made, an offer cannot be revoked by the offeror. Sara offered to buy Chris’s house. To be valid, Chris’s acceptance: Sara paid Chris $2000 to hold an offer on some farm land open for six months. Chris: Silence can often be construed as an acceptance. The Hamer v. Sidway case addressed the issue of: The mirror image rule requires that the offeree’s acceptance to match the offeror’s offer exactly. The UCC covers contracts involving the sale of personal property, under Article 3. This type of contract is required to be in a special form to be valid; an example is a bail bond to obtain someone’s release from jail. Under the FTC’s Negative Acceptance Rule, book and video clubs are required to give members enough time to respond if they want to decline the monthly selection. Under this FTC rule, book and video clubs are required to give members enough time to respond if they want to decline the monthly selection. Unless an offer is irrevocable, it can be revoked by the offeror at any time before acceptance. When the parties act as if a contract were made, even though no specific words were spoken or written to that effect, the law can imply an existing contract. Which of the following is not always an element of a contract? Which of the following is/are elements for an offer under the common law to be effective? When fraud occurs, the injured party can void the contract. A counteroffer is a rejection of the original offer and the making of a new offer. A firm offer can only be made by a merchant. A firm offer is separate contract that eliminates the offeror’s right to revoke the offer for the time period specified in the option. A meeting of the minds is called mutual assent. True or False: T A revocation of an offer is not effective until it is known by the offeree. A unilateral contract is created when the offeror wants the offeree to give a promise to perform. A unilateral mistake generally does not affect the contract. A voidable contract is one in which either party can avoid the duties or obligations under it. An agreement that will not be enforced because it calls for the performance of an illegal act is: An offer is a promise that can be met with acceptance or rejection. An offer will be terminated by operation of law if a reasonable time has expired. An offer will be terminated by operation of law if one or both of the parties die or become incompetent. An offer will be terminated by operation of law if the time for accepting the offer, as set by the offeror, has expired. True or False: T An offer will not be terminated by operation of law if the subject matter of the offer is destroyed. An offer will not be terminated by operation of law simply because there is an intervening illegality of object of the contract. True or False: F An option contract is always enforceable without consideration. Chrissie, Inc. entered into a contract with Sari, Inc. for the purchase of batteries. The contract did not specify the price. Which statement is correct? Contract which are so one-sided in favor of one of the parties such that they shock the conscience are called: Differences exist between the common law system used in the U.S. and the civil law system used in Europe. Generally, a mutual mistake makes a contract unenforceable. In this type of contract, the terms of the offer and acceptance are specifically stated, either orally or in writing. Luke offers Price the opportunity to buy 100 screwdrivers for $1.00 each; she replies with the suggestion that she buy 200 at $.90 each. Her response is known as: Of all the uniform codes of law, the most important to business is the Uniform Commercial Code. On September 1, Sara wrote a letter to Chris offering to sell her snowmobile. Chris received the letter on September 3 and immediately sent a letter to Sara accepting the offer. Two hours after Chris mailed the letter of acceptance, Sara called and informed Chris that she changed her mind about the snowmobile. In most states, the parties: Once made, an offer cannot be revoked by the offeror. Sara offered to buy Chris’s house. To be valid, Chris’s acceptance: Sara paid Chris $2000 to hold an offer on some farm land open for six months. Chris: Silence can often be construed as an acceptance. The Hamer v. Sidway case addressed the issue of: The mirror image rule requires that the offeree’s acceptance to match the offeror’s offer exactly. The UCC covers contracts involving the sale of personal property, under Article 3. This type of contract is required to be in a special form to be valid; an example is a bail bond to obtain someone’s release from jail. Under the FTC’s Negative Acceptance Rule, book and video clubs are required to give members enough time to respond if they want to decline the monthly selection. Under this FTC rule, book and video clubs are required to give members enough time to respond if they want to decline the monthly selection. Unless an offer is irrevocable, it can be revoked by the offeror at any time before acceptance. When the parties act as if a contract were made, even though no specific words were spoken or written to that effect, the law can imply an existing contract. Which of the following is not always an element of a contract? Which of the following is/are elements for an offer under the common law to be effective? When fraud occurs, the injured party can void the contract. |
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