Exam 12: Agreement

The intent of the offeror to extend an offer to the offeree is generally determined by reference to

If an offer specifies no time limit in which to accept,

What elements are necessary for an offer to be valid? Give two examples of nonoffers.

Jerry knows that Lucy has coveted his classic car for quite some time.Finally willing to sell it,he sends a letter to Lucy offering to sell the car for $15,000.Lucy responds by saying she needs time to arrange financing.Lucy offers Jerry $100 to keep the offer open for two weeks.Jerry agrees,taking the $100.Three days later,Roberta contacts Jerry saying she is interested in buying the car and has the cash to buy it outright.Jerry is concerned that if he doesn't sell the car to Roberta now,she may not be interested later.Furthermore,Lucy may never be able to arrange financing.Jerry is afraid he may end up with no buyer at all.He comes to you for advice.What do you advise?

Nella offers to sell her crop of strawberries,which have just been picked,to Morgan's Market.Since Nella does not specify a time limit for acceptance,Morgan's can accept the offer at any point in time.

Floyd offers to sell his 1967 Ford Mustang convertible to Tim.Before they conclude their negotiations,Floyd dies.Which of the following is true?

Seth told the salesperson at Outdoor Times that he wanted the sleeping bag that was advertised in the Sunday paper;one that would keep him comfortable if the temperature drops to 10 degrees Fahrenheit.The salesperson told Seth they were sold out of that bag,but there were two other styles that would meet his needs and were the same price.Seth insisted he wanted the advertised bag and threatened to sue for breach of contract.Which is true?

Wally owns 200 acres of land.Wally offers to sell the land to Robert for $1,500 per acre.Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre.Wally agrees to sell but does not identify which 40 acres.Later,Wally refuses to sell any land to Robert.What is the result?

The Johnsons decided to sell their summer cabin on Beech Lake.They sent flyers out to all who previously had expressed an interest in buying the cabin stating that they were planning on selling their cabin.The flyer described the location of the property,the size of the lot,and the price.If one of the recipients responds by sending a letter accepting,an agreement

According to the UCC,one or more open terms will not cause a sales contract to fail for indefiniteness as long as the parties intended to make a contract and there is a reasonably certain basis for the court to determine the open terms.

Bob signed an agreement with Joe under which Bob agreed to purchase all the hay that Joe grew during the coming growing season.This contract will be

Which of the following are generally considered to be legal offers?

If Morales and Rolfes Supply negotiate for the purchase and sale of a supply of fuel for a three-year period for Morales' business,

Hensley and Boyer have been negotiating for several months over issues related to the purchase and sale of some real estate.They draft a letter of intent that

Briefly discuss how an offer can be accepted.Include in your answer the application of the mirror image rule.

A seller's form clearly states no warranty is included.The buyer's form states that the seller warrants the goods for one year.In this case

Which of the following offers are considered to be irrevocable for a given period?

Vick Valve Company makes valves for plumbing fixtures.At the beginning of the year,it sends out a price list addressing each one,"To our valued customers." Honest Hank Hardware orders a variety of valves at the prices quoted on the price list.Vick Valve must honor the prices on the list and sell the valves to Honest Hank.

Oxtron,Inc.sent the following price list to its customers. Dispensers: SBC-500J $\quad$$\quad$$\quad$$\quad$$\quad$ $670.00 True TDD-1 $\quad$$\quad$$\quad$$\quad$$\quad$ $875.00 True TDD-2 $\quad$$\quad$$\quad$$\quad$$\quad$ $1,465.00 True TDD-3 $\quad$$\quad$$\quad$$\quad$$\quad$ $1,515.00 CO2 Tank and Regulator $\quad$ $150.00 Which statement is correct?

Nunnsky's Retail sent out newspaper inserts advertising wool suits for $50.In fact,the store had only two,out-of-style suits for sale at this price.Their other wool suits started at $175.This constitutes bad faith in its advertising,so consumers may have protection through state consumer protection statutes.