FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 10: Offer and Acceptance

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

True/False

Review LaterAdd Note

Review Later

An "offer" to sell an item on an online auction site generally is treated an invitation to negotiate. 

A) True
B) False

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

Craig decides to sell his Box-C Ranch in an auction "without reserve." If Craig changes his mind at the auction,he can withdraw his property​ 

A)  ​only before the auctioneer announces that the ranch is sold. 
B)  ​only before the auctioneer delivers the deed to the buyer. 
C)  ​under no circumstances. 
D)  ​within thirty days after the auction.

E) A) and B)
F) A) and C)

Correct Answer

verified

Show Answer

Question 33

Multiple Choice

Review LaterAdd Note

Interstate Coffee Brokers,Inc.(ICBI) ,offers to sell Java Roasters,Inc.,fifty bags of coffee beans.Java rejects the offer.The offer is​ 

A price list is a form of invitation to negotiate or trade. 

In a bilateral contract,communication of acceptance is necessary.

Pete and Will have an option contract for the sale of some fresh vegetables.Jane and Ashley have an option contract for the sale of some books.Neither contract has an exact period of time specified in the option.The reasonable period of time implied is​ 

Jake bids on a duplex in an auction with reserve.Jake is the​ 

Bret buys a subscription to the catalog of music provided by Concerto,an online music vendor.Before accessing the catalog,Bret must agree to a provision stating that she will not make and sell copies of the music.This provision is​ 

Rafi offers to sell his sailboat,Sea Siren,to Tiara for $50,000.Referring to the prices for similar vessels,Tiara says,"I'll pay no more than $40,000." Rafi's offer is​ 

Most advertisements-"this property for sale"-are offers. 

Barney offers to sell his Call Marketing Center to Domino for $100,000.Domino replies,"The price is too high.I will offer to buy it for $90,000." Domino has​ 

Diverse Diversions,Inc.,makes computer,video,and mobile device games.Ember buys a hard copy of Final Infinity.Inside the package is a shrink-wrap agreement.With respect to the contract for the game's purchase,the shrink-wrap agreement may not be enforced if​ 

A statute or court decision that makes an offer illegal automatically terminates the offer. 

Younger asks Zippy,"Do you want to buy one of my fishing rods?" This is​ 

Corner Convenience Store (CCS) takes out a full-page ad in a local newspaper and runs a thirty second commercial on a local television station,offering a reward for information leading to the apprehension of a certain criminal.CCS could normally terminate the offer by placing​ 

Gayla tells Francisco that she will pay him $50 to haul the trimmed tree limbs and other lawn debris from her property.Francisco's acceptance is complete​ 

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer​ 

Signe offers to sell Thomas her textbook but conditions the sale on Thomas accepting the offer by March 1.Signe may revoke the offer​ 

An offeree's power of acceptance is terminated when the offeror dies unless the offer is irrevocable. 

On December 1,Petroleum,Inc.,sent Rachel & Rico (R&R)a letter,via overnight delivery,offering to employ R&R to review Petroleum's tax situation for the current year for $10,000.In the letter,the company stated that R&R had ten days to accept.On December 5,R&R sent an e-mail message that stated,"The price for the tax analysis seems too low.Would you consider paying $15,000?" Petroleum received the message without responding immediately.The next day,Smith & Taylor,an R&R competitor,offered to conduct the appraisal for $8,000.On learning of this offer,R&R immediately e-mailed Petroleum,agreeing to do the work for $10,000.Petroleum received this message on December 7.Explain why R&R and Petroleum do,or do not,have a contract.