Exam 10: Agreement

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.

Which of the following is true for legally claiming a reward?

A rejection of an offer is not effective until it is actually received by the offeror.

Ron uses his status message on his Facebook account to invite his friends to buy his desktop computer.His friend Carl is interested and calls Ron to express his interest.Ron tells him that he is selling the computer for $400.Carl offers to pay $350 and Ron accepts the offer.They decide to complete the sale after three days.The next day,Ron puts up another update on his Facebook account stating he has decided not to sell his computer.Which of the following describes Ron's action of deciding not to sell his computer?

Only the offeree has the legal power to accept an offer and create a contract.

An offer is not effective until it is actually received by the offeree.

An offer is terminated on the grounds of "lapse of time" if ________.

Quentin is a member of the Album of the Month Club and receives a new music CD every month without fail.The Club usually gives its members a time period within which they can reject the selection and stop shipment of the CD,failing which the CD will be shipped.Last month,Quentin received a CD from Album of the Month Club,a copy of which a friend had already gifted him.As he was away,Quentin had not found time to reject the selection and had to buy the CD.What kind of an offer-acceptance model does Album of the Month Club have?

________ is a stipulation in an offer that says the acceptance must be by a specified means of communication.

A(n)________ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts.

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

The term ________ refers to a mode of acceptance that is indicated from what is customary in similar transactions,usage of trade,or prior dealings between the parties.

An offer is terminated if the subject matter of the offer is destroyed.

A(n)________ is a withdrawal of an offer by the offeror that terminates the offer.

Which of the following statements is true of an offer that was not communicated?

The mirror image rule states that ________.

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

Peter plans to sell his two houses,numbered Lot 1 and Lot 2,at $800,000 each.David,who was interested in buying Lot 2,could not make up his mind on the final offer and asks Peter to give him a week to decide.Peter accepts,but David takes two weeks to decide the counteroffer.Before he could give David a reply to his counteroffer,Peter is killed in a fire that burned down Lot 1.Which of the following would be true in this case?

Without mutual assent,there is no contract.

An offer terminates upon the expiration of a stated time in the offer.