Exam 10: Mutual Assent

Martha puts an ad in her company's newsletter saying she would pay $5,000 for a first-issue Grace Kelly stamp to the first person who accepted her offer. Martha decides she would rather go on a European vacation and changes her mind about investing in the stamp. Martha posts a sign at the executive water fountain saying the offer is no longer valid. A foreman from a branch plant takes a flight to the Chicago main office to see Martha and accept her offer. Martha does not owe him any money to pay for a breach of contract.

In the Giannetti v. Cornillie case, the court found:

In the Osprey L.L.C. v. Kelly-Moore Paint Co.,Inc. case, the Supreme Court of Oklahoma held that:

The UCC provides that a merchant is bound to keep a written offer open for the stated period, but no longer than:

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?

The common law "mirror image" rule applies to an offer and the acceptance of that offer in a contract for the sale of goods.

Jeb submits a bid to construct a student union building for the local community college. He realizes after submitting the final bid that he forgot to include the cost of the window casings for the entire building. He may:

a. What are the three essentials of an offer? b. How does one distinguish between an offer and an invitation seeking offers?

To be effective, an offer must:

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

Unless an auction is advertised or announced to be without reserve, when a bid is made at an auction, it can be withdrawn if the auctioneer has not yet accepted the bid, because the auctioneer has the power of acceptance.

The person to whom an offer is made is an offeree.

In order to form a contract, the parties must:

A contract is invalid if all of the terms are not clearly stated.

It is a fundamental policy that if the parties do not provide definite enough terms in their contracts, the courts will complete the contract in the court's best judgment.

Which is not a revocable offer?

An auctioneer is the offeror and a contract is formed when a bid is made.

If no time is stated, an offer will terminate automatically after a reasonable period of time.

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

A __________ is the refusal to accept an offer.