D e NAIT BACK TO MYNAIT arch 01... Quiz nav Time left 0:41:20 2 Question 1 Which of the following is not necessary to form a valid contract. Select one: Not yet answered 10 11 Select one: Marked out of O a. Convention 1.00 Ob. Legality Flag question Oc. Consensus d. Intention Oe. Capacity Clear my choice Question 2 Not yet answered 4 Identify the correct statement: Marked out of 1.00 Select one: Flag question a. Acceptance, in a bilateral contract, consists of a promise to do what the offeror requested. Ob. An act performed in the past can be valuable consideration for a promise now made by the offerer. Oc. Promises must be of equal value to be valid consideration. d. Three necessary elements of a contract are consensus, intention, and convention. . 89 19 20 20 Finish attemp 1=11337634 FNCE3323 in... WileyPLUS Course Home Course Home Admission Portal of... Hle NAIT BACK TO MYNAIT 01.1 Question 3 Not yet answered Marked out of 1.00 Flag question Time left 0:40:46 If communication by mail is appropriate in the circumstances, ferecevrung to the post box rule: Select one: a. The acceptance takes effect where and when it is received. Ob. A letter revoking an offer takes effect when it is dropped in the post box. c. The court uses the but for test to decide whether it is reasonable to assume a contract has been intended. Od. The contract is formed when and where the acceptance is mailed. Clear my choice e to search Question 4 Not yet answered Marked out of 1.00 Flag Question Which of the following is an offer which is capable of being accepted to form a contract: Select one: O a. a letter delivered only to Bill Smith that states: "I, John Brown, hereby offer to sell to Olive Grant my 1973 gold coin for $700." b. C. an offer to sell a car for $7,000 where the offer was made six months ago. a statement to fifty people at a meeting hall as follows: "I, John Brown, hereby agree to pay the sum of $500 for the return of my missing Rolex watch provided it is returned to me no later than noon tomorrow." 20 10C n Time left 0:40:19 Question 5 Not yet answered Marked out of 1.00 Flag question Bill saw a truck he liked at Millar Chev Olds. He offered $24,000 for the vehicle. The salesman indicated that he didn't have the authority to accept an offer below list price. Bill said "Well then, present my offer to your manager but give me an answer before Friday at noon for my offer is only open until then." Read each of the following and indicate which is FALSE. Select one: O a. Should the dealership present a counteroffer, Bill's offer will end. O b. If Bill receives no immediate response from the dealership, he can revoke the offer even before the Friday noon deadline. Oc. Unless Bill specifically revokes the offer, a contract will be formed, should the dealership accept it on Saturday. Od. If Bill receives no response by noon on Friday, the offer will lapse. Next page TERM TEST #2 (A01) - Jump to... Spring 2022