Exam 10: Agreement

An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a(n)________.

Section 24 of the Restatement (Second)of Contracts defines a(n)________ as the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.

A response by an offeree that contains terms and conditions different from or in addition to those of the offer is called a(n)________.

Ron uses his status message on his Facebook account to invite his friends to buy his desktop computer. Carl, a friend, is interested and calls Ron to express his interest. Ron tells him that he is selling the computer for $400. Carl responds by saying that he is ready to buy it for $350. Ron thinks about it for a while and accepts the offer. They decide to make the exchange after three days. But the next day, Ron puts up another update on his Facebook account saying that he has decided not to sell his computer. -Ron's response to sell the computer to Carl is considered as a(n)________.

George made an offer to Jacob to sell his house for $1 million.The offer was received by Jacob on the 1st of May, and stipulated that he had 13 days to accept.But Jacob could not arrange the money, and on 16th May made a counteroffer to George to buy the house for $850, 000.Which of the following is true about the original offer made by George to Jacob?

Mandy has decided to sell her iPad, and makes an offer to her friend Shelly for $250.Shelly tells Mandy she is willing to buy the iPad, but would be glad if Shelly could lower her asking price.Mandy lowered the price to $210 and Shelly bought it.Which of the following would describe Shelly's response to Mandy for her first offer?

Ron uses his status message on his Facebook account to invite his friends to buy his desktop computer. Carl, a friend, is interested and calls Ron to express his interest. Ron tells him that he is selling the computer for $400. Carl responds by saying that he is ready to buy it for $350. Ron thinks about it for a while and accepts the offer. They decide to make the exchange after three days. But the next day, Ron puts up another update on his Facebook account saying that he has decided not to sell his computer. -Carl's response to Ron's offer is considered as a(n)________.

Explain the importance of "time of acceptance" of contracts.

If an offeree dispatches a rejection before an acceptance, then the rejection will not be applicable.

If the object of an offer is made illegal prior to the acceptance of the offer, then the offer terminates.

Jennifer had put up a reward offer, in the local newspaper, for her lost watch for two weeks now.But after buying a new watch, Jennifer decided to not pursue her old watch, and so decided not to put up the reward offer in the third week.Betty, who found the watch, and saw the reward offer, returned the watch to Jennifer during the third week.Which of the following would be true about Betty receiving or not receiving the reward?

Implied terms in a contract can be supplied by the courts.

A term in a contract that can reasonably be supplied by the courts is referred to as a(n)________.

A contract is created upon an equivocal response to an offer from the offeree.

Advertisements are considered to be invitations to make an offer.

An offeror can revoke his or her offer even after an agreement or acceptance has been reached.

An offer cannot stipulate that acceptance must be by a specified means of communication.

Ron uses his status message on his Facebook account to invite his friends to buy his desktop computer.Carl, a friend, is interested and calls Ron to express his interest.Ron tells him that he is selling the computer for $400.Carl responds by saying that he is ready to buy it for $350.Ron thinks about it for a while and accepts the offer.They decide to make the exchange after three days.But the next day, Ron puts up another update on his Facebook account saying that he has decided not to sell his computer. -Which of the following describes Ron's action of deciding not to sell his computer?

Explain implied and express modes of acceptance.

Give an account of termination of offer due to lapse of time.