Exam 11: Agreement

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Rafi offers a tour of Bay Harbor aboard his sailboat, Sea Siren, to Tiara's Travel Group for $500. Referring to the prices for similar tours, Tiara's says, "We'll pay no more than $400." Rafi's offer is

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

An agreement is evidenced by one event: an offer.

Free

(True/False)

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Question 2

Correct Answer:

Verified

False

May tries to start her new car with no success. She yells that she will sell the car to anyone for $10. Nick, a passerby who owns Nick’s Pre-owned Autos, hands May $10. This is

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

If no time for acceptance is specified in an offer, the offer terminates after a reasonable length of time.

(True/False)

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Question 4

An option contract is created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree.

(True/False)

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Question 5

Revocation is effective on dispatch.

(True/False)

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Question 6

An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate.

(True/False)

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Question 7

An offer terminates automatically when the time specified in the offer has passed.

(True/False)

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Question 8

Interstate Coffee Brokers, Inc., offers to buy Java Roasters Company coffee-roasting services for a certain price. Java responds that the price is too low and thereby rejects the offer. The offer is

(Multiple Choice)

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Question 9

In a bilateral contract, communication of acceptance is necessary.

(True/False)

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Question 10

A preliminary agreement cannot constitute a binding contract.

(True/False)

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Question 11

Wally offers to sell a certain used forklift to Valu Lumber Outlet, but Wally dies before Valu ac-cepts. Most likely, Wally's death

(Multiple Choice)

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Question 12

Global Dispatch Corporation and Heavy Hauling, Inc., agree in advance to terms that apply to their future e-transactions. This is

(Multiple Choice)

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Question 13

The mailbox rule applies to communication by phone as well as by mail.

(True/False)

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Question 14

An acceptance can materially change or add to the terms of the original offer without rejecting it.

(True/False)

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Question 15

Barney offers to sell his Call Marketing Center business to Domino for $100,000. Domino replies, "The price is too high. I will offer to buy it for $90,000." Domino has

(Multiple Choice)

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(81)

Question 16

An acceptance must be unequivocal.

(True/False)

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Question 17

On May 1 Noah offers to sell Ole a pig. On May 3Noah mails Ole a letter revoking the offer. Ole receives the letter on May 5 and responds on May 6. Noah's revocation of the offer to sell the pig became effective on

(Multiple Choice)

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(78)

Question 18

Business Properties, Inc. (BPI), offers to sell a warehouse to Corporate Investments. Corporate says that it will pay BPI $100 to hold the offer open for three business days. This

(Multiple Choice)

4.9/5

(83)

Question 19

Idina admires July's collection of guitars. July says, "I plan to sell the collection when I get tired of it." July's statement is

(Multiple Choice)

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(84)

Question 20

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Exam 11: Agreement

Rafi offers a tour of Bay Harbor aboard his sailboat, Sea Siren, to Tiara's Travel Group for $500. Referring to the prices for similar tours, Tiara's says, "We'll pay no more than $400." Rafi's offer is

An agreement is evidenced by one event: an offer.

May tries to start her new car with no success. She yells that she will sell the car to anyone for $10. Nick, a passerby who owns Nick’s Pre-owned Autos, hands May $10. This is

If no time for acceptance is specified in an offer, the offer terminates after a reasonable length of time.

An option contract is created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree.

Revocation is effective on dispatch.

An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate.

An offer terminates automatically when the time specified in the offer has passed.

Interstate Coffee Brokers, Inc., offers to buy Java Roasters Company coffee-roasting services for a certain price. Java responds that the price is too low and thereby rejects the offer. The offer is

In a bilateral contract, communication of acceptance is necessary.

A preliminary agreement cannot constitute a binding contract.

Wally offers to sell a certain used forklift to Valu Lumber Outlet, but Wally dies before Valu ac-cepts. Most likely, Wally's death

Global Dispatch Corporation and Heavy Hauling, Inc., agree in advance to terms that apply to their future e-transactions. This is

The mailbox rule applies to communication by phone as well as by mail.

An acceptance can materially change or add to the terms of the original offer without rejecting it.

Barney offers to sell his Call Marketing Center business to Domino for $100,000. Domino replies, "The price is too high. I will offer to buy it for $90,000." Domino has

An acceptance must be unequivocal.

On May 1 Noah offers to sell Ole a pig. On May 3Noah mails Ole a letter revoking the offer. Ole receives the letter on May 5 and responds on May 6. Noah's revocation of the offer to sell the pig became effective on

Business Properties, Inc. (BPI), offers to sell a warehouse to Corporate Investments. Corporate says that it will pay BPI $100 to hold the offer open for three business days. This

Idina admires July's collection of guitars. July says, "I plan to sell the collection when I get tired of it." July's statement is​

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Idina admires July's collection of guitars. July says, "I plan to sell the collection when I get tired of it." July's statement is