Offer and Acceptance Law class

Offer and Acceptance Chapter 6

True/False • 1. The person to whom an offer is made is termed the offeror.

True/False • 1. False

True/False • 2. all contracts have to be in writing to be enforceable.

True/false • 2. False

True/False • A store display of a MP3 player marked $121.00 would be an offer.

True/False • 3. False

True/False • 4. the write to withdraw an offer before it is accepted is known as the right of redemption.

True/False • 4. False

True/False • A clear rejection terminates an offer.

True/False • 5. True

Multiple Choice • 12. Which of the following is not one of the major requirements for a contract?

Multiple Choice • 12. A (offer and accommodation)

Multiple Choice • 13. Which of the following is not a test that a valid offer musty pass?

Multiple Choice • 13. C (Is the offer a Solemn offer and not made in jest?)

Multiple Choice • 14. An unaccepted offer may be terminated by?

Multiple Choice • 14. D (All of these)

Multiple Choice • 15. Which of the following statements about a firm offer is untrue?

Multiple Choice • 15. D (all of the above statements are true.)

Multiple Choice • 16. Which of the following circumstances might render an acceptance invalid?

Multiple Choice • 16. C (The offer is accepted by someone other than the offeree & the acceptance does not match the offer.)

Completion • 33. To be legally enforceable as a contract, the agreement must involve both sides receiving both sides receiving something of legal value as a result of the transaction. This something of value is labeled?

Completion • 33. Consideration

Completion • 34. Individuals who regularly deal in he goods, or tangible personal property, being bought or sold are labeled?

Completion • 34. Merchants

Completion • 35. After an offer is rejected, unless renewed by the original _________, the offeree can no longer accept the original offer.

Completion • 35. Offeror

Completion • 38. When the specific subject matter of an offer is destroyed before the offer can be accepted, the offer is automatically_________.

Completion • 38. Terminated

Completion • Dalia owns a dress shop in town; she purchases much of the mechandise for her store from Wholesale Clothiers, Inc. Wholesale offers to sell Dalia 20 various prom dresses at a price of $65 each and agrees to keep this offer open for 30 days. Both parties sign a document agreeing to the timeframe of the offer. Their agreement is best described as a(n)____________.

Completion • 36. Firm Offer