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Exam 10: The Agreement: Offer

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Question 1

True/False

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An advertisement offering a reward for the return of lost property is usually treated as an offer for a unilateral contract.

A) True
B) False

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Question 2

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The three requirements for a valid offer are: present intent to contract,definiteness,and communication to the offeree.

A) True
B) False

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Question 3

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Generally speaking,the UCC's rules for the definiteness of an offer make it easier to form a contract than traditional common law rules.

Why does a rejection by the offeree terminate his power to accept the offer?

An offer is the first step in the contract formation process.

Strictly speaking,a contract has nothing to do with the subjective intent of the parties.

Which of the following statements about the CISG's rules on revocation is false?

Which of the following circumstances would not terminate an offer?

The Toy Company offers to sell Wal-Mart 10,000 dolls at a certain price.The offer,which is signed by TTC's President,is complete and certain as to all material terms.The offer also states that it will remain open for four months,but does not require any consideration in support of this promise.TTC revokes the offer 100 days after it was made.Is this revocation effective? Would your answer change if TTC revoked 80 days after the offer was made?

Ashley says to Ford,"I'd like to buy your house," and Ford responds,"You've got a deal." This exchange lacks ________.

In which of the following circumstances are offerors free to revoke their offers?

Sara tells Kate that she will give her $50 to clean her garage.When Kate is halfway done,Sara decides to revoke her offer.Is this a valid revocation?

Which of the following helps to prevent offerors from revoking their offers prior to acceptance when the offeree relies on it being kept open?

How does the presence of facts that constitute promissory estoppel make a difference in the law of offers and revocations?

A revocation is effective at the time it is dispatched by the offeror.

Ian,a lawyer,sent an offer to Raymond on October 1 offering to sell Ian's car for $5,000.The offer did not contain a provision stating when it would terminate.Under these circumstances,when will that offer terminate?

In J.D.Fields & Company,Inc.v.United States Steel International,Inc. ,the case in the text,the court stated that:

A(n) ________ is when a merchant offeror makes written offer to buy or sell goods,giving assurances that the offer will be held open.

E-Systems,Inc. ,a manufacturer of computer chips,offers to sell 1,000 chips to Swell Computers for $2,000 in a signed memo that states the offer is good for one year.Four months later,E-Systems revokes the offer,having never received an acceptance from Swell.After receiving the revocation,Swell wants to accept E-Systems's offer.What is the result?

Mr.Blue and Mr.Green are in negotiations for a regular delivery of newspapers to Mr.Blue's business.Mr.Blue did not formally announce his acceptance to the offer.But when Mr.Green sent a shipment of newspapers as they agreed,Mr.Blue accepted the shipment and paid for them.According to the UCC,Mr.Blue and Mr.Green have an enforceable contract.