Business and Law

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  • Topic: Contract, Option contract, Offer and acceptance
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  • Published : November 12, 2012
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Assignment Name: Adamson, Law for Business and Personal Use, 17e, Xtra! Quiz, Chapter 6

Offers that require the offeree to accept by communicating the requested promise to the offeror are: a. unilateral contracts. 1. b. bilateral contracts. c. matching acceptance rule. d. mirror image contracts.

When the current market price is not specified in a contract between merchants for the sale of goods, but the current market price is understood to be the basis of the contract, the price term is said to be: 2. a. clear. b. essential. c. reasonable. d. implied.

An unaccepted offer may be terminated by the rejection of the: a. offeree. 3. b. acceptor. c. third party. d. offeror.

The Uniform Commercial Code makes firm offers binding for the stated period of time in the offer but not to exceed: 4. a. thirty days. b. three months. c. six months. d. one year.

5.

Advertisements in newspapers, radio, television, and direct mailings that include a price for the product are always offers. True False

If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is called a(n): a. firm offer. 6. b. unilateral contract. c. option.

d. acceptance.

What circumstance might render an acceptance invalid?
a. The offer and the acceptance are in writing. 7. b. The acceptance does not match the offer. c. The acceptance does match the offer. d. The offer is accepted by the offeree.

All contracts must be in writing to be enforceable.
8. True False

A contract in which performance alone is acceptance is termed a unilateral contract. 9. True False

What three things are essential for an offer to contain?
a. The subject matter, date of closing, and quantity. 10. b. The price, quantity, and date of closing. c. The price, subject matter, and date of contracting. d. The price, subject matter, and quantity.

11.

If an offeree alters a term in the original offer and sends it back to the original...
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