Question 1

An offeror says,"If you'll agree to do my taxes this year,I'll pay you $100 after you finish." This is an offer for which kind of contract?

Accepted Answer

A)  Executed.
B)  Implied-in-fact.
C)  Unilateral.
D)  Bilateral.
E)  Promissory.

Question 2

A rejection is effective upon dispatch.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following will not generally automatically terminate an open offer?

Accepted Answer

A)  Death of the offeror.
B)  Death of the offeree.
C)  Changed economic circumstances.
D)  Destruction of the subject matter of the contract.
E)  Supervening illegality of the object of the contract.

Question 4

Pam offers a reward for the return of the pet snake that escaped from her purse while she was having dinner at a restaurant.Fred finds the snake and returns it to her.Which of the following is relevant in deciding whether Pam must pay the reward?

Accepted Answer

A)  Whether Fred is a minor.
B)  Whether Fred knew about the reward when he returned the snake.
C)  Whether Fred intended to get the reward.
D)  Whether the offer for the reward was in writing.

Question 5

What does an offeree use to simply indicate that he/she is not interested in an offer?

Accepted Answer

A)  Revocation.
B)  Rejection.
C)  Counteroffer.
D)  Promissory estoppel.
E)  Option.

Question 6

A rejection of an offer is generally not effective until it is received by the offeror.

Accepted Answer

A) True 
 B)False

Question 7

Advertisements are usually considered to be:

Accepted Answer

A)  Offers that can be accepted only by those who have seen the advertisement.
B)  Invitations to deal.
C)  Offers that can be accepted by anyone attempting to purchase the item whether or not that person has seen the actual advertisement.
D)  Counteroffers to any previous advertisements.

Question 8

Offeror says,"I will sell you my dog for $100.You have a week to decide." Two days later she tells the offeree,"I've changed my mind.I'm keeping the dog." This last statement is:

Accepted Answer

A)  An effective revocation.
B)  An effective rejection.
C)  Ineffective in terminating the offer.
D)  A counteroffer.

Question 9

The basic concept that both parties to a contract should have agreed to the same terms is referred to as:

Accepted Answer

A)  Bilateral agreement.
B)  Mutual assent.
C)  Co-agreement.
D)  Common intent.

Question 10

Sam receives an offer that states: "I will sell you my car for $8,500,you have 10 days to accept." On Day 4,Sam tells the seller that he will give him $8,000,but the seller rejects this.Which of the following is true?

Accepted Answer

A)  If Sam tells the seller within 6 days that he'll pay the $8,500,a contract is formed.
B)  Sam's only alternative is to pay the asking price for the car.
C)  If the seller changes his mind within 6 days,he can make Sam buy the car for $8,000.
D)  There is no open offer.
E)  If the seller does not want to sell his car to Sam for $8,500,he must revoke his offer.

Question 11

Under modern law,the court can supply a missing contract term if a reasonable term can be implied.

Accepted Answer

A) True 
 B)False

Question 12

The rejection of an offer:

Accepted Answer

A)  Is effective when received by the offeror,and prevents the offeree from later accepting that offer.
B)  Is effective when sent to the offeror,and prevents the offeree from later accepting that offer.
C)  Is effective when received by the offeror,but does not prevent the offeree from later accepting that offer.
D)  Is effective when sent to the offeror,but does not prevent the offeree from later accepting that offer.

Question 13

Generally,an offeror can specify the manner in which he/she wants his/her offer to be accepted.

Accepted Answer

A) True 
 B)False

Question 14

The communication of an offer can be made by the offeror or the offeror's agent.

Accepted Answer

A) True 
 B)False

Question 15

Objective intent refers to the actual intent of a particular person.

Accepted Answer

A) True 
 B)False

Question 16

An offer made in anger,where a reasonable person would not have known that it was made in anger,cannot result in a contract.

Accepted Answer

A) True 
 B)False

Question 17

The offeree has the power to create a contract by accepting the offer.

Accepted Answer

A) True 
 B)False

Question 18

Wildland Amusements has just received an offer to install video games in the cafeterias of local high schools and split the revenues with the school system.This promises to be a very lucrative contract,and Wildland has 30 days within which to accept the offer.Wildland purchases a number of video games to place in the schools.Within the 30 days and on the day before Wildland plans to send its written acceptance to the School Board,the local city council passes an ordinance outlawing all video games in schools.Can Wildland recover damages from the school?

Accepted Answer

The supervening illegality terminated th...

Question 19

An offer lapses upon the following except:

Accepted Answer

A)  Counteroffer.
B)  Rejection.
C)  Detrimental reliance.
D)  Expiration of reasonable time.
E)  Death of offeror.

Question 20

Offers made to the public may be revoked by communicating the revocation bythe same means used to make the offer.

Accepted Answer

A) True 
 B)False

Exam 2: Agreement

The offeree has the power to create a contract by accepting the offer.

Correct Answer
verified

An offer made in anger,where a reasonable person would not have known that it was made in anger,cannot result in a contract.

Correct Answer
verified

The rejection of an offer:

Correct Answer
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Which of the following will not generally automatically terminate an open offer?

Correct Answer
verified

The basic concept that both parties to a contract should have agreed to the same terms is referred to as:

Correct Answer
verified

Sam receives an offer that states: "I will sell you my car for $8,500,you have 10 days to accept." On Day 4,Sam tells the seller that he will give him $8,000,but the seller rejects this.Which of the following is true?

Correct Answer
verified

Offeror says,"I will sell you my dog for $100.You have a week to decide." Two days later she tells the offeree,"I've changed my mind.I'm keeping the dog." This last statement is:

Correct Answer
verified

Generally,an offeror can specify the manner in which he/she wants his/her offer to be accepted.

Correct Answer
verified

Pam offers a reward for the return of the pet snake that escaped from her purse while she was having dinner at a restaurant.Fred finds the snake and returns it to her.Which of the following is relevant in deciding whether Pam must pay the reward?

Correct Answer
verified

An offeror says,"If you'll agree to do my taxes this year,I'll pay you $100 after you finish." This is an offer for which kind of contract?

Correct Answer
verified

The communication of an offer can be made by the offeror or the offeror's agent.

Correct Answer
verified

A rejection of an offer is generally not effective until it is received by the offeror.

Correct Answer
verified

Correct Answer
verified
The supervening illegality terminated th...
View Answer

Under modern law,the court can supply a missing contract term if a reasonable term can be implied.

Correct Answer
verified

Offers made to the public may be revoked by communicating the revocation bythe same means used to make the offer.

Correct Answer
verified

A rejection is effective upon dispatch.

Correct Answer
verified

An offer lapses upon the following except:

Correct Answer
verified

What does an offeree use to simply indicate that he/she is not interested in an offer?

Correct Answer
verified

Advertisements are usually considered to be:

Correct Answer
verified

Objective intent refers to the actual intent of a particular person.

Correct Answer
verified

Exam 2: Agreement

The offeree has the power to create a contract by accepting the offer.

Correct AnswerverifiedShow Answer

An offer made in anger,where a reasonable person would not have known that it was made in anger,cannot result in a contract.

Correct AnswerverifiedShow Answer

The rejection of an offer:

Correct AnswerverifiedShow Answer

Which of the following will not generally automatically terminate an open offer?

Correct AnswerverifiedShow Answer

The basic concept that both parties to a contract should have agreed to the same terms is referred to as:

Correct AnswerverifiedShow Answer

Sam receives an offer that states: "I will sell you my car for $8,500,you have 10 days to accept." On Day 4,Sam tells the seller that he will give him $8,000,but the seller rejects this.Which of the following is true?

Correct AnswerverifiedShow Answer

Offeror says,"I will sell you my dog for $100.You have a week to decide." Two days later she tells the offeree,"I've changed my mind.I'm keeping the dog." This last statement is:

Correct AnswerverifiedShow Answer

Generally,an offeror can specify the manner in which he/she wants his/her offer to be accepted.

Correct AnswerverifiedShow Answer

Pam offers a reward for the return of the pet snake that escaped from her purse while she was having dinner at a restaurant.Fred finds the snake and returns it to her.Which of the following is relevant in deciding whether Pam must pay the reward?

Correct AnswerverifiedShow Answer

An offeror says,"If you'll agree to do my taxes this year,I'll pay you $100 after you finish." This is an offer for which kind of contract?

Correct AnswerverifiedShow Answer

The communication of an offer can be made by the offeror or the offeror's agent.

Correct AnswerverifiedShow Answer

A rejection of an offer is generally not effective until it is received by the offeror.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe supervening illegality terminated th...View AnswerShow Answer

Under modern law,the court can supply a missing contract term if a reasonable term can be implied.

Correct AnswerverifiedShow Answer

Offers made to the public may be revoked by communicating the revocation bythe same means used to make the offer.

Correct AnswerverifiedShow Answer

A rejection is effective upon dispatch.

Correct AnswerverifiedShow Answer

An offer lapses upon the following except:

Correct AnswerverifiedShow Answer

What does an offeree use to simply indicate that he/she is not interested in an offer?

Correct AnswerverifiedShow Answer

Advertisements are usually considered to be:

Correct AnswerverifiedShow Answer

Objective intent refers to the actual intent of a particular person.

Correct AnswerverifiedShow Answer

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The supervening illegality terminated th...
View Answer

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