Chapter 7 Quiz

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Chapter 7
1.
Which of the following constitutes a rejection of the original offer and also reverses the roles of the original offeror and offeree?
a.A counteroffer -

b.A refusal

c. A termination

d.A communication

________________________________________
2.
Sally is thinking about buying Bruce's car for $5,000, but she is uncertain. She pays him $50 to hold the offer to buy the car for $5,000 open for one week. She has entered into a ________ contract with Bruce.

a.counteroffer

b.option -

c.requirements

d.output

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3.
Under the ________, the traditional concept of contract formation requires that what the offeree accepts must be exactly the same as what the offeror has offered.
a.traditional image concept

b.common image rule

c.consideration ideal rule

d.mirror image rule -

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4.
Monica pays Andy $30 for a used business law book. Monica's $30 and Andy's book in legal terms would accurately be referred to as forms of ________.
a.offer and acceptance

b.consideration -

c.inducement

d.provision
Correct.

________________________________________
5.
A ________ contract is a promise given in exchange for another promise.
a.bilateral -

b.unilateral

c.traditional

d.common

________________________________________
6.
ABC Grocery agreed to purchase all the tomatoes it wanted from Tomato Farms. This is an example of ________.
a.an illusory promise -

b.a bilateral promise

c.a unilateral promise

d.an option contract

________________________________________
7.
In a(n) ________ contract, the buyer agrees to buy all of its requirements of a specified commodity from the seller, and the seller agrees to meet those requirements whereas in a(n) ________ contract, the buyer promises to buy all that the seller produces.

a.output,...
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