Exam 10: Mutual Assent

On June 10 Edward came to the dealer with the money, but the bike had been sold to another customer.Was the dealer under any obligation to Edward to keep this offer open until June 15? Give legal reasoning for your answer.

Ron offers to sell Pete his stamp collection.Pete gives Ron $10 to induce him to keep his offer open for a week.If Ron decides on day four of the week that he really does not want to sell to Pete, he can revoke his offer without fear of a breach of contract lawsuit being filed against him.

Michelle's Boutique places an ad in the Sunday paper for beautiful, top-of-the-line designer suits for $3.00 each. Irene sees the ad in the paper and goes to the store to stock up on business suits for her new job.Michelle apologizes for the misprint.Irene has just finished a class in contract law and insists that the store sell her five suits for $15.00.Irene threatens to sue Michelle for breach of contract.In this case:

Alice offers to sell her computer, monitor, and printer to Bradley for $300.Bradley says he will accept provided that Alice includes her word processing software.What is the status of their discussions?

There is no necessity to distinguish language which constitutes an offer from that which merely solicits or invites offers.

Which of the following is correct with regard to counteroffers?

Marilyn read an ad in the school newspaper offering a thousand dollar swimming scholarship to anyone who could swim 500 laps in the school pool.Marilyn called the advertiser and began swimming.She has reached lap number 460; she feels great and is sure she can make it all the way.The advertiser:

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:

Jack has been in the business of selling carpeting for 20 years.He calls Barb, who is opening another branch of her furniture stores, and offers to sell her 100 yards of carpet at $12 per square yard.Barb agrees and sends back the following letter confirming the deal: Dear Jack: As we discussed on the phone January 3, we accept your offer of 100 yards of Saxony "heather blue" carpeting at the price of $12 per square yard.We also reserve the right to purchase any additional yardage we need to carpet our other showroom facilities at the same rate for one year from that date. Very truly yours, Barb Which of the following is true?

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.

The Rogers family has always wanted to buy the beautiful house at the top of the hill.The owners of the house, the Thompsons, decided to sell and called Mr.Rogers.Before he could get back in touch with Mr.Thompson, Mr.Rogers suffered a heart attack and died.Mr.Rogers' adult daughter, to whom the Thompsons had not spoken, still wants the house.She may:

Assume an offeree mails a rejection to the offeror on November 1.This rejection arrives at the offeror's place of business on November 5.In the meantime, on November 4, the offeree sends the offeror an acceptance that arrives November 6.Which of the following statements correctly describes the situation?

Under the common law, the must be the mirror image of the .

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

A valid offer may be in the form of an act for a promise, which is an offer to enter into an inverted unilateral contract.

When does acceptance of an offer to enter into a unilateral contract generally occur?

The UCC and the Restatement make no provision for supplying terms omitted by the parties' contract.

Death or insanity of either the offeror or the offeree ordinarily terminates the offer.

Both the Code and the Restatement provide that, unless the offer or circumstances indicate otherwise, an authorized means of accepting an offer is any reasonable means of communication.

Which is an irrevocable offer?