Question 1: Which of the following statements is correct in relation to the withdrawal of an offer?

a. An offer cant be withdrawn once it is made

b. An offer may only be withdrawn by offeror

c. An offeror can withdraw the offer within 5 days

d. An offer may be withdrawn by offeror or reliable third party before it is accepted

Question 2: As per the Postal Acceptance Rule, the Acceptance of the offer by post is complete when:

a. the letter containing the acceptance information is delivered to the offeror

b. the letter containing the acceptance information is received by offeree

c. the letter containing the acceptance information is read by offeror

d. the letter containing the acceptance information is posted by offeree

Question 3: Amy asks Brian if hell drive her to the airport and pick her up from her return flight if she pays him $20. Brian says hell do it if she pays him $40 now. Amy discusses with Ryan and gives Brian the $40.Who is the Offeree?

a. Ryan

b. Amy

c. Brian

d. No One

Question 4: If a teenager agrees to wash his fathers vehicle for $20 but the father refuses to pay the promised amount, what element is missing in the above agreement for the teenager to make it a legally-binding contract?

a. The form of contract must be written

b. Capacity of the teenager if he/she is a minor

c. No intention in social and domestic arrangements

d. Legality

Question 5: Bob gave information about a criminal to a police officer and later found out that there was a cash reward on offer to anyone giving information about that thief by the police department. Bob was not aware of the reward when he initially provided the information. Can Bob claim the reward?

a. Yes, there is a unilateral contract.

b. No, a department is never contractually obliged to pay reward monies

c. No, because a party cannot accept an offer of which he has no knowledge

d. Yes, there is a bilateral contract.