Question 1

If an offeree dies before the offer has been accepted,the offer:

Accepted Answer

A)  may be rejected by the surviving spouse of the offeree. 
B)  may be accepted by the surviving spouse of the offeree. 
C)  is automatically revoked by the death of the offeree. 
D)  may be accepted by the guardian appointed for any minor children of the offeree. 
A)  may be rejected by the surviving spouse of the offeree. 
B)  may be accepted by the surviving spouse of the offeree. 
C)  is automatically revoked by the death of the offeree. 
D)  may be accepted by the guardian appointed for any minor children of the offeree.

Question 2

The willingness of an offeror to enter into a contractual agreement regarding a particular subject is expressed by a(n):

Accepted Answer

A)  offer. 
B)  acceptance. 
C)  contract. 
D)  agreement. 
A)  offer. 
B)  acceptance. 
C)  contract. 
D)  agreement.

Question 3

Contract terms may not be implied from conduct.

Accepted Answer

A) True 
 B)False

Question 4

An agreement cannot be enforced if it does not set forth every contractual detail.

Accepted Answer

A) True 
 B)False

Question 5

A(n)__________ contract is a contract to buy all requirements of the buyer from the seller.

Accepted Answer

A)  output 
B)  essentials 
C)  necessaries 
D)  requirements 
A)  output 
B)  essentials 
C)  necessaries 
D)  requirements

Question 6

An offer is effective only if it is communicated by the offeror in person.

Accepted Answer

A) True 
 B)False

Question 7

Generally,advertisements,catalog prices,and circulars are offers that can be accepted.

Accepted Answer

A) True 
 B)False

Question 8

An otherwise vague contract may be clarified by references in the contract to other documents or agreements.

Accepted Answer

A) True 
 B)False

Question 9

An output contract is too vague to be a legally-enforceable agreement.

Accepted Answer

A) True 
 B)False

Question 10

If either the offeror or offeree dies or becomes mentally incompetent before the offer is accepted,the offer is automatically terminated.

Accepted Answer

A) True 
 B)False

Question 11

A customer requested a price from a carpenter on a teak cabinet to be built according to the buyer's specifications.Because teak wood is difficult to obtain,the customer agreed to pay the cost of the wood plus $175 and the carpenter agreed to build it.Which of the following is correct?

Accepted Answer

A)  Although the price is somewhat unclear,the parties have entered into a contract. 
B)  This is an agreement to agree,and is not binding. 
C)  This agreement fails for indefiniteness. 
D)  The carpenter is bound by the agreement,but not the customer. 
A)  Although the price is somewhat unclear,the parties have entered into a contract. 
B)  This is an agreement to agree,and is not binding. 
C)  This agreement fails for indefiniteness. 
D)  The carpenter is bound by the agreement,but not the customer.

Question 12

A firm offer is an offer that states that it is to be irrevocable,or irrevocable for a stated period of time.

Accepted Answer

A) True 
 B)False

Question 13

Advertisements that call for an act may be deemed to be a unilateral contract.

Accepted Answer

A) True 
 B)False

Exam 13: Formation of Contracts: Offer and Acceptance

If an offeree dies before the offer has been accepted,the offer:

The willingness of an offeror to enter into a contractual agreement regarding a particular subject is expressed by a(n):

Contract terms may not be implied from conduct.

An agreement cannot be enforced if it does not set forth every contractual detail.

A(n)__________ contract is a contract to buy all requirements of the buyer from the seller.

An offer is effective only if it is communicated by the offeror in person.

Generally,advertisements,catalog prices,and circulars are offers that can be accepted.

An otherwise vague contract may be clarified by references in the contract to other documents or agreements.

An output contract is too vague to be a legally-enforceable agreement.

If either the offeror or offeree dies or becomes mentally incompetent before the offer is accepted,the offer is automatically terminated.

A customer requested a price from a carpenter on a teak cabinet to be built according to the buyer's specifications.Because teak wood is difficult to obtain,the customer agreed to pay the cost of the wood plus $175 and the carpenter agreed to build it.Which of the following is correct?

A firm offer is an offer that states that it is to be irrevocable,or irrevocable for a stated period of time.

Advertisements that call for an act may be deemed to be a unilateral contract.

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, Social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

The Legal Environment of International Trade

Crimes

Torts

Intellectual Property Rights

Cyberlaw

Nature and Classes of Contracts: Contracting on the Internet

Capacity and Genuine Assent

Consideration

Legality and Public Policy

Writing, Electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Nature and Form of Sales

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Instruments, parties, and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor-Creditor Relationship

Consumer Protection

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPs, LLCs, and LLPs

Corporate Formation

Shareholder Rights in Corporations

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

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