Question 1

Which of the following is true for legally claiming a reward?

Accepted Answer

A)  A promise of completing the requested act is sufficient for a claimant to claim the reward. 
B)  Knowledge of the reward before completing the requested act is necessary to claim the reward. 
C)  The claimant can claim the reward even if he or she came to know of the reward subsequent to completing the act. 
D)  The offeror cannot withdraw the reward once the offer has been placed in the public domain. 
A)  A promise of completing the requested act is sufficient for a claimant to claim the reward. 
B)  Knowledge of the reward before completing the requested act is necessary to claim the reward. 
C)  The claimant can claim the reward even if he or she came to know of the reward subsequent to completing the act. 
D)  The offeror cannot withdraw the reward once the offer has been placed in the public domain.

Question 2

Unless otherwise expressly stated, an auction is considered an auction with reserve.

Accepted Answer

A) True 
 B)False

Question 3

Quentin is a member of the Album of the Month Club and receives a new music CD every month without fail. The Club usually gives its members a time period within which they can reject the selection and stop shipment of the CD, failing which the CD will be shipped. Last month, Quentin received a CD from Album of the Month Club, a copy of which a friend had already gifted him. As he was away, Quentin had not found time to reject the selection and had to buy the CD. What kind of an offer-acceptance model does Album of the Month Club have?

Accepted Answer

A)  mirror image rule acceptance 
B)  silence as acceptance 
C)  acceptance-upon-dispatch 
D)  unequivocal acceptance 
A)  mirror image rule acceptance 
B)  silence as acceptance 
C)  acceptance-upon-dispatch 
D)  unequivocal acceptance

Question 4

Mandy decided to sell her iPad and made an offer for $250 to her friend Shelly. Shelly told Mandy she was willing to buy the iPad, but she would be glad if Shelly could lower her asking price. Mandy lowered the price to $210 and Shelly bought it. Which of the following would describe Shelly's response to Mandy for her first offer?

Accepted Answer

A)  counteroffer 
B)  rejection 
C)  equivocal response 
D)  grumbling acceptance 
A)  counteroffer 
B)  rejection 
C)  equivocal response 
D)  grumbling acceptance

Question 5

An option contract is terminated upon the death of the offeror.

Accepted Answer

A) True 
 B)False

Question 6

In the above question, Ron's response, agreeing to sell the computer to Carl, is considered as a(n) ________.

Accepted Answer

A)  mirror image rule acceptance 
B)  rejection 
C)  counteroffer 
D)  equivocal response 
A)  mirror image rule acceptance 
B)  rejection 
C)  counteroffer 
D)  equivocal response

Question 7

An invitation to make an offer for the sale of goods is a(n) ________.

Accepted Answer

A)  proposal 
B)  reward 
C)  advertisement 
D)  bid 
A)  proposal 
B)  reward 
C)  advertisement 
D)  bid

Question 8

Give an account of the express terms that are parts of an offer.

Accepted Answer

The terms of an offer must be clear enou

Question 9

If an offeree dispatches a rejection before an acceptance, then the rejection will not be applicable.

Accepted Answer

A) True 
 B)False

Question 10

An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a(n) ________.

Accepted Answer

A)  unequivocal acceptance 
B)  contract of adhesion 
C)  option contract 
D)  firm offer 
A)  unequivocal acceptance 
B)  contract of adhesion 
C)  option contract 
D)  firm offer

Question 11

Which of the following statements is true of a revocation?

Accepted Answer

A)  It can be made by the offeree. 
B)  It needs to be received by the offeree to be effective. 
C)  It can be done even after acceptance of the offer. 
D)  It can be applied to an option contract. 
A)  It can be made by the offeree. 
B)  It needs to be received by the offeree to be effective. 
C)  It can be done even after acceptance of the offer. 
D)  It can be applied to an option contract.

Question 12

Which of the following is true for an auction without reserve?

Accepted Answer

A)  The bidder is considered the offeror. 
B)  The seller need not accept the highest bid. 
C)  The goods on sale cannot be withdrawn. 
D)  The auctioneer is not allowed to set a minimum bid. 
A)  The bidder is considered the offeror. 
B)  The seller need not accept the highest bid. 
C)  The goods on sale cannot be withdrawn. 
D)  The auctioneer is not allowed to set a minimum bid.

Question 13

The ________ states that an acceptance is effective when it is dispatched, even if it is lost in transmission.

Accepted Answer

A)  rule of silence as acceptance 
B)  mirror image rule 
C)  mailbox rule 
D)  mutual assent rule 
A)  rule of silence as acceptance 
B)  mirror image rule 
C)  mailbox rule 
D)  mutual assent rule

Question 14

If no time is stated in an offer, then the offer stays valid indefinitely.

Accepted Answer

A) True 
 B)False

Question 15

If a fire destroys an office building that has been listed for sale, the offer is automatically terminated due to ________.

Accepted Answer

A)  supervening illegality 
B)  death or incompetency of the offeror 
C)  destruction of the subject matter 
D)  lapse of time 
A)  supervening illegality 
B)  death or incompetency of the offeror 
C)  destruction of the subject matter 
D)  lapse of time

Question 16

In an auction with reserve, the bidder is the offeror.

Accepted Answer

A) True 
 B)False

Question 17

If the object of an offer is made illegal prior to the acceptance of the offer, then the offer terminates.

Accepted Answer

A) True 
 B)False

Question 18

A(n) ________ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts.

Accepted Answer

A)  acceptance 
B)  revocation 
C)  proposal 
D)  counteroffer 
A)  acceptance 
B)  revocation 
C)  proposal 
D)  counteroffer

Question 19

Explain implied and express authorizations.

Accepted Answer

An acceptance must be properly dispatche

Question 20

Only the offeree has the legal power to accept an offer and create a contract.

Accepted Answer

A) True 
 B)False

Exam 10: Agreement

Which of the following is true for legally claiming a reward?

Unless otherwise expressly stated, an auction is considered an auction with reserve.

An option contract is terminated upon the death of the offeror.

In the above question, Ron's response, agreeing to sell the computer to Carl, is considered as a(n) ________.

An invitation to make an offer for the sale of goods is a(n) ________.

Give an account of the express terms that are parts of an offer.

If an offeree dispatches a rejection before an acceptance, then the rejection will not be applicable.

An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a(n) ________.

Which of the following statements is true of a revocation?

Which of the following is true for an auction without reserve?

The ________ states that an acceptance is effective when it is dispatched, even if it is lost in transmission.

If no time is stated in an offer, then the offer stays valid indefinitely.

If a fire destroys an office building that has been listed for sale, the offer is automatically terminated due to ________.

In an auction with reserve, the bidder is the offeror.

If the object of an offer is made illegal prior to the acceptance of the offer, then the offer terminates.

A(n) ________ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts.

Explain implied and express authorizations.

Only the offeree has the legal power to accept an offer and create a contract.

Legal Heritage and the Digital Age

Courts and Jurisdiction

Judicial, Alternative, and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, Defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, Mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment, Worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, Entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchise and Special Forms of Business

Investor Protection and E-Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, Real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, Trusts, and Estates

Family Law

International and World Trade Law

Filters