Exam 10: Mutual Assent

James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer open for one month if Jennifer will pay him $100 for the privilege.Jennifer pays James $100.Which statement describes the payment of $100?

Robinson Wiring Co.submits a written offer for Turner Construction's use as part of its bid as a general contractor for an office complex.Robinson knows Turner is relying on Robinson's bid.Robinson:

Michelle's Boutique places an ad in the Sunday paper for beautiful,top-of-the-line designer suits for $3.00.Alice sees the ad in the paper and goes to the store to stock up on business suits for her new job.Michelle apologizes for the misprint.Alice has just finished a class in contract law and insists that the store sell her five suits for $15.Alice threatens to sue Michelle for breach of contract.

Dakota's question to Austin,"Will you buy my computer for $800?" is an offer to Austin.

Ron offers to sell Pete his stamp collection.Pete gives Ron $10 to induce Pete into keeping his offer open for a week.If Ron decides on day four of the week that he really does not want to sell to Pete,he can revoke his offer without fear of a breach of contract lawsuit being filed against him.

Marilyn read an ad in the school newspaper offering a $1,000 swimming scholarship to anyone who could swim 500 laps in the school pool.Marilyn called the advertiser and began swimming.She has reached lap number 460; she feels great and is sure she can make it all the way.The advertiser:

If an offer states that a reply must be received by a certain date,receipt is presumed in those situations when acceptance is mailed.

Silence can never be an acceptance.

Which of the following would NOT be a merchant under Article 2 of the UCC?

In the Giannetti v.Cornillie case,the court found:

Charlene hears about a reward being offered by the local television station for information leading to the arrest and conviction of a local rapist.She supplies the requested information and the suspect is then arrested and convicted.In this case:

Martha puts an ad in her company's newsletter saying she would pay $5,000 for a first-issue Grace Kelly stamp to the first person who accepted her offer.Martha decides she would rather go on a European vacation and changes her mind about investing in the stamp.Martha posts a sign at the executive water fountain saying the offer is no longer valid.A foreman from a branch plant takes a flight to the Chicago main office to see Martha and accept her offer.Martha does not owe him any money to pay for a breach of contract.

Both the Code and the Restatement provide that an authorized means of accepting an offer is any reasonable means of communication.

Under the UCC,an acceptance must always be identical to an offer for a valid contract to be formed.

The person to whom an offer is made is an offeree.

A contract that binds the offeror to keep an offer open for a specified period of time is known as: