Offer and Acceptance

Offer and Acceptance

Chapter 6

True/False• 1. The person to whom an offer is made is termed

the offeror.

True/False • 1. False

True/False• 2. all contracts have to be in writing to be

enforceable.

True/false• 2. False

True/False• A store display of a MP3 player marked $121.00

would be an offer.

True/False• 3. False

True/False• 4. the write to withdraw an offer before it is

accepted is known as the right of redemption.

True/False• 4. False

True/False • A clear rejection terminates an offer.

True/False• 5. True

Multiple Choice• 12. Which of the following is not one of the major

requirements for a contract?

Multiple Choice• 12. A (offer and accommodation)

Multiple Choice• 13. Which of the following is not a test that a

valid offer musty pass?

Multiple Choice• 13. C (Is the offer a Solemn offer and not made in

jest?)

Multiple Choice• 14. An unaccepted offer may be terminated by?

Multiple Choice• 14. D (All of these)

Multiple Choice• 15. Which of the following statements about a

firm offer is untrue?

Multiple Choice• 15. D (all of the above statements are true.)

Multiple Choice• 16. Which of the following circumstances might

render an acceptance invalid?

Multiple Choice• 16. C (The offer is accepted by someone other

than the offeree & the acceptance does not match the offer.)

Completion• 33. To be legally enforceable as a contract, the

agreement must involve both sides receiving both sides receiving something of legal value as a result of the transaction. This something of value is labeled?

Completion• 33. Consideration

Completion• 34. Individuals who regularly deal in he goods, or

tangible personal property, being bought or sold are labeled?

Completion• 34. Merchants

Completion• 35. After an offer is rejected, unless renewed by

the original _________, the offeree can no longer accept the original offer.

Completion• 35. Offeror

Completion• 38. When the specific subject matter of an offer is

destroyed before the offer can be accepted, the offer is automatically_________.

Completion • 38. Terminated

Completion• Dalia owns a dress shop in town; she purchases

much of the mechandise for her store from Wholesale Clothiers, Inc. Wholesale offers to sell Dalia 20 various prom dresses at a price of $65 each and agrees to keep this offer open for 30 days. Both parties sign a document agreeing to the timeframe of the offer. Their agreement is best described as a(n)____________.

Completion• 36. Firm Offer