Reference: Kubasek Dynamic Business Law the Essentials 5th Edition Book

Practice Questions

Rafael loves old books. He gives Li an offer to buy Li's used book for $25, and Li could really use the money. Li receives the offer, but has eight different used books. What is the problem, if any, with Rafael's offer? O It lacks intent by the offeror. It lacks intent by the offeree. Nothing, it is a valid offer. It lacks communication. It lacks definite and certain terms.Mn} ________ contract is one that contains all the legal elements of a contract. O voidable I have a contract to buy a home owned by a famous country singer. If the home is destroyed by tornado before my purchase contract, the offer ________. O is yoidable O immediately terminates O is still subject to acceptance by the oeree unless the offeror revokes the offer before the offeree accepts it Q applies to other similar property own ed by the offeror 0 becomes the subject of an option contract Quanda receives an offer to contract from an offeror in another state with no indication of how she should respond to the offer. Which of the following is NOT an appropriate way for Quanda to respond to the offer? Mail the response to the offeror. Walk the response to the offeror. Call the offeror. O Email the offeror. Fax the offeror.USA Swimming makes an offer to Michael Phelps to come back and swim for Team USA in exchange for a large salary, but the offer does not tell Michael howr to respond his acceptance. Which of the following is true if no means of communicating an acceptance is specified in an offer? O Acceptance must be made orally or in writing within twenty-four hours. O Acceptance may be made by any reasonable means. 0 No yalid contract may be entered into because the offer must specify a means by which to accept. O The acceptance must be in writing. O The acceptance must be made orally either by telephone or in person