Question 1

Explain the importance of "time of acceptance" of contracts.

Accepted Answer

Under the common law of contracts, accep

Question 2

An unequivocal acceptance must not contain conditions or exceptions.

Accepted Answer

A) True 
 B)False

Question 3

A rejection of an offer is not effective until it is actually received by the offeror.

Accepted Answer

A) True 
 B)False

Question 4

Identification of the subject matter and quantity would be an implied term.

Accepted Answer

A) True 
 B)False

Question 5

In an auction without reserve, the seller is obliged to sell the goods to the highest bidder.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a difference between acceptance and revocation?

Accepted Answer

A)  Revocation is valid only if the offeree receives it, while an offeree's acceptance is valid when dispatched. 
B)  Revocation can be done by the offeror or offeree, while an acceptance can only be done by the offeree. 
C)  An acceptance must be received by the offeror to be valid, while a revocation need not be received by the offeree. 
D)  A revocation can be made after acceptance, while an acceptance cannot be made after revocation. 
A)  Revocation is valid only if the offeree receives it, while an offeree's acceptance is valid when dispatched. 
B)  Revocation can be done by the offeror or offeree, while an acceptance can only be done by the offeree. 
C)  An acceptance must be received by the offeror to be valid, while a revocation need not be received by the offeree. 
D)  A revocation can be made after acceptance, while an acceptance cannot be made after revocation.

Question 7

Identification of the parties of a contract would be an express term.

Accepted Answer

A) True 
 B)False

Question 8

An offer terminates upon the expiration of a stated time in the offer.

Accepted Answer

A) True 
 B)False

Question 9

The offeree must objectively intend to be bound by the offer for the offer to be effective.

Accepted Answer

A) True 
 B)False

Question 10

A term in a contract that can reasonably be supplied by the courts is referred to as a(n) ________.

Accepted Answer

A)  intent term 
B)  unconditional term 
C)  objective term 
D)  implied term 
A)  intent term 
B)  unconditional term 
C)  objective term 
D)  implied term

Question 11

A contract requires an offer and an acceptance.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following would be considered an offer to form a unilateral contract?

Accepted Answer

A)  an advertisement 
B)  an auction without reserve 
C)  a reward offer 
D)  an auction with reserve 
A)  an advertisement 
B)  an auction without reserve 
C)  a reward offer 
D)  an auction with reserve

Question 13

Which of the following is true of an option contract?

Accepted Answer

A)  If the offeree chooses not to buy the property, then money paid in consideration must be returned. 
B)  If money is paid as consideration, then that is not applied to the sale price. 
C)  Death or incompetency of either party terminates an option contract. 
D)  The offer cannot be revoked during the option period. 
A)  If the offeree chooses not to buy the property, then money paid in consideration must be returned. 
B)  If money is paid as consideration, then that is not applied to the sale price. 
C)  Death or incompetency of either party terminates an option contract. 
D)  The offer cannot be revoked during the option period.

Question 14

An offer is terminated if the subject matter of the offer is destroyed.

Accepted Answer

A) True 
 B)False

Question 15

A reward is a form of bilateral contract.

Accepted Answer

A) True 
 B)False

Question 16

The term ________ refers to a mode of acceptance that is indicated from what is customary in similar transactions, usage of trade, or prior dealings between the parties.

Accepted Answer

A)  express authorization 
B)  implied authorization 
C)  option contract 
D)  unequivocal acceptance 
A)  express authorization 
B)  implied authorization 
C)  option contract 
D)  unequivocal acceptance

Question 17

After losing her watch, Jennifer had put up a reward offer in the local newspaper for anyone who could find and return her watch. However, after two weeks she decides to buy a new watch and not pay the reward anymore. Betty, who found the watch and saw the reward offer, returns the watch to Jennifer after 20 days. Which of the following would be true about Betty receiving or not receiving the reward?

Accepted Answer

A)  Betty will not receive the reward as Jennifer had already revoked it. 
B)  Betty will not receive the reward as Jennifer had stopped publishing the reward offer. 
C)  Betty cannot claim the reward because she had not performed all the requested acts. 
D)  Betty can claim the reward because Jennifer had not published a notice of revocation. 
A)  Betty will not receive the reward as Jennifer had already revoked it. 
B)  Betty will not receive the reward as Jennifer had stopped publishing the reward offer. 
C)  Betty cannot claim the reward because she had not performed all the requested acts. 
D)  Betty can claim the reward because Jennifer had not published a notice of revocation.

Question 18

The offer must be communicated to the offeree for the offer to be effective.

Accepted Answer

A) True 
 B)False

Question 19

Techstate, a hardware manufacturer in the United States, has an existing contract with a client based in the Republic of Karthasia, which is going through a domestic political crisis. The resulting upheaval in that country has led to some of the shipments to the client being destroyed by warring factions. As a sanction against the country, the United States government places an embargo on all exports to that country by U.S. firms. What will be the state of the contract between Techstate and the client in Karthasia after the embargo?

Accepted Answer

A)  It will be terminated due to destruction of subject matter. 
B)  It will be terminated due to incompetency of the offeror. 
C)  It will be terminated due to lapse of time. 
D)  It will be terminated due to supervening illegality. 
A)  It will be terminated due to destruction of subject matter. 
B)  It will be terminated due to incompetency of the offeror. 
C)  It will be terminated due to lapse of time. 
D)  It will be terminated due to supervening illegality.

Question 20

Explain the difference between an auction with reserve and an auction without reserve. If not specified, which is the default form of auction?

Accepted Answer

In an auction, the seller offers goods f

Exam 10: Agreement

Explain the importance of "time of acceptance" of contracts.

An unequivocal acceptance must not contain conditions or exceptions.

A rejection of an offer is not effective until it is actually received by the offeror.

Identification of the subject matter and quantity would be an implied term.

In an auction without reserve, the seller is obliged to sell the goods to the highest bidder.

Which of the following is a difference between acceptance and revocation?

Identification of the parties of a contract would be an express term.

An offer terminates upon the expiration of a stated time in the offer.

The offeree must objectively intend to be bound by the offer for the offer to be effective.

A term in a contract that can reasonably be supplied by the courts is referred to as a(n) ________.

A contract requires an offer and an acceptance.

Which of the following would be considered an offer to form a unilateral contract?

Which of the following is true of an option contract?

An offer is terminated if the subject matter of the offer is destroyed.

A reward is a form of bilateral contract.

The term ________ refers to a mode of acceptance that is indicated from what is customary in similar transactions, usage of trade, or prior dealings between the parties.

The offer must be communicated to the offeree for the offer to be effective.

Explain the difference between an auction with reserve and an auction without reserve. If not specified, which is the default form of auction?

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