Question 1

Donny shares a cubicle with Emily and Diane.One day while all three were working,Donnyoffered to sell his sports carto Emily for $24,000.00.Diane overheard the offer and said, "I accept the offer.I will buy your sports car for $24,000.00."Which statement is most accurate?

Group of answer choices

Diane cannot accept the offerbecause the offer wasn't made to her.

Diane's acceptance of the offer isa valid acceptance.

The offer is not valid since ithas not been communicated to the offeree.

Diane cannot accept the offer because Donny's statement is an invitation seeking offers and not an offer.

Flag question: Question 2

Question 2

1pts

A __________ is the refusal to accept an offer.

Group of answer choices

revocation.

statutory irrevocability.

counteroffer.

rejection.

Flag question: Question 3

Question 3

1pts

Mike was selling his car for $4,500.00.Carla wanted to buy Mike's car.She spoke to him on Monday about buying his car.Five days later she went to Mike and told him that she wanted to accept his offer.Which of the following statement is most accurate?

Group of answer choices

Mike's offer is no longer open because too much time has passed.

Mike's offer can still be accepted by Carla unless Mike terminated it.

None of the above.

The delay in Carla's acceptance of the offer constituted a counter offer which was sufficient to reject the underlying offer.

Flag question: Question 4

Question 4

1pts

Vince made an offer to Brae.To be effective, an offer must:

Group of answer choices

be sufficiently definite and certain.

be communicated to the offeree.

All of these.

None of these.

manifest an intent to enter into a contract.

Flag question: Question 5

Question 5

1pts

Texas Tanya (who resides in Texas) offered to sell Margaret (who resides in NY) her pet parakeet for sale for $400.00.On Monday Margaret wrote Texas Tanya a letter telling her that she did not want to buy her pet parakeet.Margaret sent the letter by regular mail.On Tuesday, Margaret reconsidered and sent Texas Tanya a letter telling her that she wanted to buy the parakeet.The second letter was sent overnight.Texas Tanya received the second letter before she received the first letter rejecting the offer. Which of the following statements is most accurate?

Group of answer choices

Margaret's actions will not be considered an acceptance of the offer because Margaret rejected the offer first.

Margaret's actions will be considered an acceptance ofTexas Tanya's offer sinceTexas Tanyareceived Margaret's letter accepting the offer before she received the letter declining the offer.

Margaret's actions will be interpreted by the reasonable person standard - so the court will focus on whether or not a reasonable person would have acted in the manner that Margaret did.

None of the above

Flag question: Question 6

Question 6

1pts

SportMart placed an ad in the local newspaper announcing a sale of their basketball backboard.The ad placed by SportMart in the circular - which described the backboard and gave a price.An ad like this would generally be considered:

Group of answer choices

a firm offer because it was made by SportMart.

an invitation to buyers to make an offer to SportMartto buy the basketball backboard.

an offer irrespective of who made the offer.

an offer because it was made by SportMart, but not a firm offer.

Flag question: Question 7

Question 7

1pts

Audra and Patricia entered into a contract.Theway Audra and Patricia canshow their mutual assent is with:

Group of answer choices

an offer and a counteroffer.

an act exchanged for an act.

an offer by words or conduct and an acceptance by words or conduct.

a proposal in words and an acceptance in words.

Flag question: Question 8

Question 8

1pts

A contract that binds the offeror to keep an offer open for a specified period of time is known as:

Group of answer choices

an option.

a unilateral contract.

a offer with reserve.

promissory estoppel.

Flag question: Question 9

Question 9

1pts

Arnie offered to make Bob apartner in his lawn business if Bob was willing to pay Arnie$5,000 cash. In response to Arnie's offer, Bob said, "I'll give you $3,000 cash now and I will pay you the remainder in two months after I see whether things are working out as a partnership in the lawn business." Which statement is most accurate?

Group of answer choices

Bob has made a counteroffer and hence there is no contract.

Any indefinite provisions in the contract between Arnie and Bob will be supplied by Article 2 of the UCC.

Bob has rejected the terms of the original offer, but there is still a contract.

Under Article 2 of the UCC, Arnie is a merchant making a firm offer. Hence there is a contract.

Flag question: Question 10

Question 10

1pts

Chandler and Justin want to enter into a contract.In order to form a contract, Chandler and Justin must:

Group of answer choices

indicate solely through the written word their intent.

manifest their agreement subjectively.

create a formal document.

manifest their agreement objectively.

Flag question: Question 11

Question 11

1pts

Max offered to sell his camera to Thomasina for $500 and also stated to Thomasina, "I will give you two weeks to accept my offer." One week later Thomasina learned that Max had sold the camera to Mindy.Which statement is most accurate?

Group of answer choices

Max must get the camera back from Mindy if Thomasina accepts his offer within two weeks.

Max and Thomasina createdan option contract.Max is liable to Thomasina if he sells the camera to someone else within the two-week period.

Max revoked his offer to Thomasina.

Max's offer is a firm offer and he must sell Thomasina a camera for $200.

Flag question: Question 12

Question 12

1pts

Brad told Katherine that he would pay her $100 if she would clean his house.When has Katherine accepted Brad's offer?

Group of answer choices

When Brad asks Katherine to clean his house.

When Katherine has finished cleaning Brad's house.

When Katherine tells Brad she will clean his house.

When Katherine starts to clean Brad's house.

Flag question: Question 13

Question 13

1pts

Cait was reading the Sunday paper and saw that her favorite clothing store was having a giant sale on yoga pants.Cait went to the store the next day to buy the yoga pants but the store was already out of her size.Which of the following statements is most accurate?

Group of answer choices

There is no contract between Cait and the store because Cait did not detrimentally rely on the ad.

There is no contract between Cait and the store because Cait never made a promise to purchase the yoga pants - which was necessary for a bilateral contract.

There is a contract between Cait and the store so Cait will be able to successfully sue the store.

There is no contract between Cait and the store because advertisements are not considered offers.

Flag question: Question 14

Question 14

1pts

Evelyn is selling her engagement ring for $5,000.Ken saw Evelyn's ad and called Evelyn.Ken met Evelyn and looked at the ring.Ken then told Evelyn that he will buy the ring for $5,000.Which statement is most accurate?

Group of answer choices

Ken's statement to Evelyn constitutes an acceptance of Evelyn's offer since a bilateral contract is accepted by an overt act

Ken's statement to Evelyn does not constitute an acceptance of Evelyn's offer.

None of the answers are correct.

Ken's statement to Evelyn constitutes an acceptance of Evelyn's offer since a bilateral contract is accepted by making a promise.

Flag question: Question 15

Question 15

1pts

When does acceptance of an offer to enter into a unilateral contract generally occur?

Group of answer choices

Upon full performance by the offeree.

Upon notice of intent to accept by the offeree.

Upon commencement of performance by the offeree.

Upon full performance by the offeror.