Exam 11: Agreement

A seller offering goods for sale in an auction through an auctioneer will create a binding contract.

New Cell Phone Company offers to buy a laser printer, with a case of paper and an extra car?tridge, from Office Products, Inc. (OPI), for $200. Paul, OPI's representative, says, "Okay, but no paper and no extra car?tridge." Paul has

An acceptance must adhere exactly to an of?fer to create a contract.

Alan offers to transfer Beth's videotapes to CDs for $500. The mailbox rule will not apply if Beth accepts the offer by

Fine Mining Corporation offers to sell Great Foundries, Inc., seven tons of aluminum. Great Foundries sends an acceptance via Fine Mining's authorized mode of communication. This acceptance is effective when it is

Dona and Eden sign a lease that includes a clause permitting Dona to ex?tend the lease at an amount of rent to be agreed on at the time of the ex?ten?sion. The clause is

Elin decides to try to sell her collection of celebrity memorabilia in an auction "with reserve." If Elin changes her mind, she can withdraw her collection

No offer can be accepted by silence.

The death of a party to a contract will always result in the automatic ter?mination of that contract.

An offeror can revoke an option contract if the offeror decides that the con?sideration given is inadequate.

Beth goes to Dr. Carl for surgery. Carl says that Beth should be fully healed within a week. Beth is not healed within a week. With respect to breach of contract, Carl is

A person who does not know about a reward can still claim it.

Bob offers to sell Carol his computer but conditions the sale on Carol ac?cepting the offer by May 1. Bob may revoke the offer

Kim sends an offer to Leo to cut down and remove a tree for $400. Kim says, "If you say nothing, I will consider you to have accepted my offer." If Leo does not respond, he will be deemed to

Rollo, an inventor, owns a number of copyrights, patents, and trade?marks related to video games. Unaware of Rollo's work, Stu discusses with Rollo an idea for a "Swim 'n Surf" game. Later, Rollo gives Stu a beta copy of a beach activities game, which Stu plays and responds to. Rollo of?fers to pay Stu, who declines, saying that he can be paid later "the real worth of my contribution." Rollo's "Surf & Dive" game is re?leased, and is popular and profitable. When Stu is paid nothing, he files a suit against Rollo. Do Rollo and Stu have a contract? If so, how much is Stu's "contri?bution worth"?

Eagle Warehouse offers to sell a forklift to Forest Lumber Company, but it is stolen before Forest ac?cepts. Eagle must obtain

To exercise the power of acceptance, an offeree must accept unequivocally.

Nate tells Opal, "I might sell the skis that I bought last fall since I haven't used them and the skiing season is almost over." This is

A valid offer requires a reasonable price related to market value.

Optimal Sales Corporation plans to move to a new office. Optimal offers to sell its office furniture to Plentiful Marketing, Inc., but does not specify a time for Plentiful to respond. The offer expires