Exam 11: Agreement

On December 1, Petroleum, Inc., sent Rachel & Rico (R&R) a letter, via overnight delivery, offering to employ R&R to review Petroleum's tax situation for the current year for $10,000. In the letter, the company stated that R&R had ten days to accept. On December 5, R&R sent an e-mail message that stated, "The price for the tax analysis seems too low. Would you consider paying $15,000?" Petroleum received the message without responding immediately. The next day, Smith & Taylor, an R&R competitor, offered to conduct the appraisal for $8,000. On learning of this offer, R&R immediately e-mailed Petroleum, agreeing to do the work for $10,000. Petroleum received this message on December 7. Explain why R&R and Petroleum do, or do not, have a contract.

Fix-It-Quik, Inc., offers Denise a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate

Signe offers to sell Thom her textbook but conditions the sale on Thom ac-cepting the offer by March 1. Signe may revoke the offer

A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.

An ad on the NewsNow Web site asks viewers to “send us your story and we might share it with the world.” Onyx submits a manuscript, adding, “I accept your offer.” Between NewsNow and Onyx, there is

Younger asks Zoey, "Do you want to buy one of my fishing rods?" This is

A price list is treated as an invitation to negotiate.

An offer may invite an acceptance to be worded in specific terms but that cannot make the contract definite.

World Shipping Corporation enters into contracts with distributors and other buyers in e-commerce and in traditional commerce. The UETA applies, if at all, only to those transactions in which the parties agree to use

Crafted Iron Works, Inc., offers to design, make, and sell City Transit Agency fourteen streetcars. Crafted authorizes a particular mode of communication, but City Transit sends an acceptance via a substituted means. This acceptance is effective when it is

The first requirement for an effective offer is a serious intent on the part of the offeror.

A statute or court decision that makes an offer illegal automatically terminates the offer.