Exam 10: Mutual Assent

James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer open for one month if Jennifer will pay him $100 for the privilege.Jennifer pays James $100.Which statement describes the payment of $100?

An implied contract is not an enforceable contract.

A contract cannot be formed unless it is possible to determine the exact moment at which it was made.

An offer can be communicated by words or by conduct.

The UCC Battle of the Forms rule:

On Tuesday morning John sends a letter to Arlene rejecting her offer, but later the same day John 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.

If Thomas seemingly offers to sell to Raquel his Toro lawnmower but he intends to offer and believes he is offering her his Murray mower, and she accepts the offer, reasonably believing it was for the Toro, no contract has been formed because there is no mutual assent.

The Code's firm offer rule applies only to offers in writing that are made by a merchant offeror.

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.

In general, an acceptance is effective upon dispatch.

If a person, without knowing of an advertised reward for information leading to the return of a lost dog, gives information that leads to its return, is she entitled to the reward?

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:

If an offeror makes an offer to an offeree by letter and it is lost in the mail, no legally sufficient offer has been made.

To be effective, notice of revocation of an offer:

An agreement of a seller to supply a buyer with all of the buyer's requirements for certain goods is known as:

Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000.After mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind about selling.Elmer:

If the offer specifies it MUST be accepted by telegram, a letter will not be a valid means of acceptance.

An offer is effective as soon as it is dispatched.

Gail sent a letter of acceptance to an offer that has expired.Gail has made:

An ad in a newspaper or a circular describing goods and stating prices would generally be considered a(n):