Exam 10: Mutual Assent

Lynn offers to sell his house to Dennis for $95,000.Dennis responds,"I will pay you $95,000 if you will paint the second floor." This response could best be described as:

In order for an offer to end by lapse of time,the offeror must specify the time within which the offer is to be accepted.

Maxine offered to sell her video camera to Tom for $200 and also stated to Tom,"I will give you two weeks to accept my offer." One week later Tom learned that Maxine had sold the video camera to Cindy.Maxine:

If a promisor intends her promise as a joke,whether or not the promisee as a reasonable person should understand it to be such,the promise is not an offer.

Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $400,000.After mailing the letter,Elmer learns that the farm is actually worth $500,000 and changes his mind about selling.Elmer:

Which of the following would most likely be a merchant with respect to the goods in question under the UCC definition?

Albert read Gem City's ad in the local newspaper advertising a one-quarter carat diamond ring for $89.Albert rushed to the store to buy the ring,only to be told by the salesperson that the ad was a misprint and the price should have been $289.Albert gave the salesperson $89 plus sales tax and demanded the ring.In this case:

In an output contract,the seller can operate a factory on a 24-hour-a-day schedule and insist that the buyer take all of the output when that buyer had operated only eight hours a day at the time the contract was made and the buyer had knowledge of the eight-hour-a-day operating schedule.

The way parties usually show mutual assent is by:

Which of the following would most probably be considered a valid offer?

An offer need not take any particular form to have legal validity.To be effective,however,it must:

The law applies a subjective standard of intent in determining whether there was the requisite intent to enter into a contract.

Elvis makes an offer to Miguel,but before Miguel can accept,the state supreme court decides a case that makes the offer illegal.The court decision:

Discuss silence as acceptance of an offer.

Wes,who is an art collector,offered to buy a print from Le Monde Gallery.Le Monde balked at the price,sending Wes a letter of rejection.That day it discovered that the print was not as highly valued as originally thought.Le Monde immediately telephoned Wes to accept his offer.Is there a contract?

A ____ is an offeree's refusal to accept an offer.

An offer under Article 2 of the UCC that is irrevocable even though no consideration is given to keep it open is known as a(n):

On Tuesday morning Juan sends a letter to Arlene rejecting her offer,but later the same day Juan changes his mind and sends a letter of acceptance to Arlene.The letter of acceptance will be effective only if it is received by Arlene before she receives the rejection.

An implied contract is not an enforceable contract.

Hugh recently purchased a motorcycle for $4,000 but has had extensive problems starting the motor.In disgust at not being able to start the motorcycle,Hugh shouts to his friends,"Any of you want to buy this thing for $20?" A contract will be formed if a friend gives Hugh a twenty-dollar bill.