Question 1

An agreement is created when the offeree receives the offer.

Accepted Answer

A) True 
 B)False

Question 2

In an auction without reserve,the seller is obliged to sell the goods to the highest bidder.

Accepted Answer

A) True 
 B)False

Question 3

Techstate,a hardware manufacturer in the United States,has an existing contract with a client based in the Republic of Karthasia,which is going through a domestic political crisis.The resulting upheaval in that country has led to some of the shipments to the client being destroyed by warring factions.As a sanction against the country,the United States government places an embargo on all exports to that country by U.S.firms.What will be the state of the contract between Techstate and the client in Karthasia after the embargo?

Accepted Answer

A) It will be terminated due to destruction of subject matter. 
B) It will be terminated due to incompetency of the offeror. 
C) It will be terminated due to lapse of time. 
D) It will be terminated due to supervening illegality. 
A) It will be terminated due to destruction of subject matter. 
B) It will be terminated due to incompetency of the offeror. 
C) It will be terminated due to lapse of time. 
D) It will be terminated due to supervening illegality.

Question 4

If a fire destroys an office building that has been listed for sale,the offer is automatically terminated due to ________.

Accepted Answer

A) supervening illegality 
B) death or incompetency of the offeror 
C) destruction of the subject matter 
D) lapse of time 
A) supervening illegality 
B) death or incompetency of the offeror 
C) destruction of the subject matter 
D) lapse of time

Question 5

An offer that is made to two or more persons jointly must be accepted jointly.

Accepted Answer

A) True 
 B)False

Question 6

In an auction with reserve,the bidder is the offeror.

Accepted Answer

A) True 
 B)False

Question 7

During a counteroffer,the previous offeror remains the offeror.

Accepted Answer

A) True 
 B)False

Question 8

An offer is terminated on the grounds of "supervening illegality" when ________.

Accepted Answer

A) the set period in the offer has expired 
B) the subject matter in the offer has been destroyed 
C) a statute or court decision deems an object of the offer unlawful 
D) the offeror or offeree passes away prior to the offer being accepted 
A) the set period in the offer has expired 
B) the subject matter in the offer has been destroyed 
C) a statute or court decision deems an object of the offer unlawful 
D) the offeror or offeree passes away prior to the offer being accepted

Question 9

The legal power to accept an offer belongs to the ________.

Accepted Answer

A) offeror 
B) offeree 
C) agent 
D) seller 
A) offeror 
B) offeree 
C) agent 
D) seller

Question 10

Identification of the parties of a contract would be an express term.

Accepted Answer

A) True 
 B)False

Question 11

A contract requires an offer and an acceptance.

Accepted Answer

A) True 
 B)False

Question 12

An offeror can revoke his or her offer even after an agreement or acceptance has been reached.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements is true of a revocation?

Accepted Answer

A) It can be made by the offeree. 
B) It needs to be received by the offeree to be effective. 
C) It can be done even after acceptance of the offer. 
D) It can be applied to an option contract. 
A) It can be made by the offeree. 
B) It needs to be received by the offeree to be effective. 
C) It can be done even after acceptance of the offer. 
D) It can be applied to an option contract.

Question 14

In which of the following types of offers does the seller offer the goods for sale?

Accepted Answer

A) a revocation 
B) a reward 
C) an auction with reserve 
D) an auction without reserve 
A) a revocation 
B) a reward 
C) an auction with reserve 
D) an auction without reserve

Question 15

After losing her watch,Jennifer had put up a reward offer in the local newspaper for anyone who could find and return her watch.However,after two weeks she decides to buy a new watch and not pay the reward anymore.Betty,who found the watch and saw the reward offer,returns the watch to Jennifer after 20 days.Which of the following would be true about Betty receiving or not receiving the reward?

Accepted Answer

A) Betty will not receive the reward as Jennifer had already revoked it. 
B) Betty will not receive the reward as Jennifer had stopped publishing the reward offer. 
C) Betty cannot claim the reward because she had not performed all the requested acts. 
D) Betty can claim the reward because Jennifer had not published a notice of revocation. 
A) Betty will not receive the reward as Jennifer had already revoked it. 
B) Betty will not receive the reward as Jennifer had stopped publishing the reward offer. 
C) Betty cannot claim the reward because she had not performed all the requested acts. 
D) Betty can claim the reward because Jennifer had not published a notice of revocation.

Question 16

Explain implied and express authorizations.

Accepted Answer

An acceptance must be properly dispatche

Question 17

To meet the mirror image rule,the offeree must accept the terms of the offer without modification.

Accepted Answer

A) True 
 B)False

Question 18

If no time is stated in an offer,then the offer stays valid indefinitely.

Accepted Answer

A) True 
 B)False

Question 19

Implied terms in a contract can be supplied by the courts.

Accepted Answer

A) True 
 B)False

Question 20

Under the mailbox rule,an acceptance is only effective when it is received.

Accepted Answer

A) True 
 B)False

Exam 10: Agreement

An agreement is created when the offeree receives the offer.

In an auction without reserve,the seller is obliged to sell the goods to the highest bidder.

If a fire destroys an office building that has been listed for sale,the offer is automatically terminated due to ________.

An offer that is made to two or more persons jointly must be accepted jointly.

In an auction with reserve,the bidder is the offeror.

During a counteroffer,the previous offeror remains the offeror.

An offer is terminated on the grounds of "supervening illegality" when ________.

The legal power to accept an offer belongs to the ________.

Identification of the parties of a contract would be an express term.

A contract requires an offer and an acceptance.

An offeror can revoke his or her offer even after an agreement or acceptance has been reached.

Which of the following statements is true of a revocation?

In which of the following types of offers does the seller offer the goods for sale?

Explain implied and express authorizations.

To meet the mirror image rule,the offeree must accept the terms of the offer without modification.

If no time is stated in an offer,then the offer stays valid indefinitely.

Implied terms in a contract can be supplied by the courts.

Under the mailbox rule,an acceptance is only effective when it is received.

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