Help with business homework!! Correct the wrong answers, please!

1. Revocation of an offer is not good until receipt.

False.

2. The rejection of an offer terminates the offer even if the offeror shows the intent to keep the offer open.

False.

3. When an ad says that a store will sell Savi snowboard for $450 to the first 5 people in line on a particular day, the store has made an offer to sell the snowboard at that price to those people.

True.

4. Indefiniteness in an "offer" indicates that the supposed "offeror" lacked the present intent to enter into a contract.

True.

5. According to traditional law, a term in a written contract would not be enforceable if the offeree did not have reasonable or actual notice of it.

False.

6. An offeror can never place unreasonable terms or conditions in an offer.

False.

7. An offeree may accept a stipulated offer by using any reasonable means.

True.

8. Typically, revocations and rejections are good upon dispatch, and acceptances are good upon receipt.

True.

9. Unless there is a valid contract, you cannot enforce someone's promise.

True.

10. If parties expect and intend an oral agreement to later be reduced to a signed written contract, the oral agreement is probably not enforceable until the written contract is signed.

True.

11. Today, an offeree may accept an offer in any reasonable manner no matter what the terms of an offer says.

False.

12. This question is based on the following fact pattern . . .

10/1/03 Marge mails Lisa an offer to sell her a car for $25,000

10/5/03 at 10 am, Marge sends Lisa a letter by certified mail and attempts to revoke her offer of 10/1

10/5/03 at 10:30 am, Lisa mails her acceptance of Marge's 10/1 offer

10/5/03. at 11 am, Lisa receives Marge's 10/5 revocation

10/5/03 at 11:30 am, Marge receives Lisa's acceptance

Question:

Under the UCC, there is a contract since Lisa's acceptance is reasonable and therefore good upon dispatch.

False.

13. This question is based on the following fact pattern . . .

10/1/03 Marge mails Lisa an offer to sell her a car for $25,000

10/5/03 at 10 am, Marge sends Lisa a letter by certified mail and attempts to revoke her offer of 10/1

10/5/03 at 10:30 am, Lisa mails her acceptance of Marge's 10/1 offer

10/5/03. at 11 am, Lisa receives Marge's 10/5 revocation

10/5/03 at 11:30 am, Marge receives Lisa's acceptance

Question:

Even if Marge's offer said that Lisa must accept by fax, there would still be a contract since Lisa's acceptance was reasonable.

False.

14. This question is based on the following fact pattern . . .

10/1/03 Marge mails Lisa an offer to sell her a car for $25,000

10/5/03 at 10 am, Marge sends Lisa a letter by certified mail and attempts to revoke her offer of 10/1

10/5/03 at 10:30 am, Lisa mails her acceptance of Marge's 10/1 offer

10/5/03. at 11 am, Lisa receives Marge's 10/5 revocation

10/5/03 at 11:30 am, Marge receives Lisa's acceptance

Question:

Assuming that Marge's offer said nothing about how Lisa must accept, there is a contract since Lisa' s acceptance is reasonable and therefore good upon dispatch.

False.

15. This question is based on the following fact pattern . . .

10/1/03 Marge mails Lisa an offer to sell her a car for $25,000

10/5/03 at 10 am, Marge sends Lisa a letter by certified mail and attempts to revoke her offer of 10/1

10/5/03 at 10:30 am, Lisa mails her acceptance of Marge's 10/1 offer

10/5/03. at 11 am, Lisa receives Marge's 10/5 revocation

10/5/03 at 11:30 am, Marge receives Lisa's acceptance

Article 2 of the UCC may still control a contract that involves the performance of some services.

False.

16. When a contract is voidable, neither party can enforce it.

False.

17. Under the UCC, an acceptance sent by unreasonable means is effective upon dispatch if it is received within the time that a reasonable acceptance would have been received.

True.

18. If A gives a legal value or there is a bargained for exchange, A has given consideration.

True.

19. Today, a contract without consideration may still be enforced.

False.

20. A contract to settle a liquidated debt for part payment of the debt before its due date has no consideration.

True.

21. Performance of a preexisting duty is not consideration.

True.

22. Under the UCC, output and requirements contracts are illusory.

True.

23. Agreeing to give up a valid legal claim against another party can be consideration.

True.

24. Accord and satisfaction only applies to liquidated debts.

False.

25. Illusory promises have no consideration because they do not have "legal value."

True.

26. An offeror can never place unreasonable terms or conditions in an offer.

False.

27. The silence of an offeree can never act as an acceptance.

False.