Exam 10: The Agreement: Offer

The offeror is said to be "the master of the offer." This means that offerors have the power to determine the terms and conditions under which they are bound to a contract.

The UCC often creates contractual liability in situations where no contract would have resulted at common law.

On May 1,Ida makes a written offer to Miranda for the sale of Ida's car.On May 2,Ida mails Miranda a letter revoking the offer.On May 3,Ida telephones Miranda to tell him that he is revoking the offer.On May 4,Miranda learns that Ida sold the car to Chris.On May 5,Ida's letter finally gets to Miranda.Ida's offer terminated on:

When negotiations occur through the mail,there is usually a limit put on the time:

A computer manufacturer offered to sell sophisticated computer equipment to another country.Two days later,before the offer was accepted,Congress placed an embargo on all sales to this country;and therefore,the offer was terminated by the embargo.This is an example of:

Offers that fail to provide a specific time for acceptance are invalid because they are deemed to be indefinite.

When can the offeror effectively revoke his/her offer?

Janet goes to an electronics store to purchase design software.The software comes in a sealed package and when Janet opens it,she finds that the CD containing the program is sealed in an envelope that states,"By opening this envelope,you are accepting the terms of the license agreement that is contained in this packaging.If you do not want to accept the terms of the license,you can return this product." This method of contracting is referred to as:

Generally speaking,advertisements for the sale of goods at specified prices are considered to be offers.

When an auction is advertised as being ________,the seller is treated as having made an offer to sell the goods to the highest bidder.