Question 1

What is the likely result in the lawsuit Barry brought against Chris?

Accepted Answer

A)   Chris will win because he properly revoked his bid before it was accepted.
B)   Chris will win because bids made at an auction may be revoked at anytime within ten days after the auction.
C)   Chris will win because bids made at an auction may be revoked at anytime within five days after the auction.
D)   Chris will win because bids made at an auction may be revoked at anytime within one day after the auction.
E)   Barry will win because Chris had no right to revoke the bid.F) A) and E)
G) B) and E)

Question 2

Which of the following is correct regarding the final status of the negotiations between Charles and Constance?

Accepted Answer

A)   Charles made an offer which was rejected by Constance when she made a counteroffer for $400.
B)   Charles had made an offer which was still outstanding even though Constance had made a counteroffer for $400.
C)   Charles had made an offer but it was revoked because Constance did not immediately accept it.
D)   Charles had made an offer, and it was still outstanding because he did not revoke it before ending his initial conversation with Constance in which she offered $400.
E)   No binding offer was ever made because an insufficient material term involving who would move the hot tub was omitted.F) C) and E)
G) A) and B)

Question 3

If nothing is stated to the contrary in the terms of an auction,an auction is presumed to be ______.

Accepted Answer

A)   Without controls
B)   With controls
C)   Without reserve
D)   With reserve
E)   Without qualificationsF) A) and E)
G) A) and B)

Question 4

Which doctrine may courts use to estop,or prevent,an offeror from revoking an offer based on a party's taking steps in reasonable reliance on an offer?

Accepted Answer

A)   Promissory estoppel
B)   Consideration reliance
C)   Contract enforcement
D)   Ethical reasoning
E)   True to formF) A) and C)
G) All of the above

Question 5

Which of the following is true regarding acceptable means of acceptance if no means of communicating an acceptance is specified in an offer?

Accepted Answer

A)   If no means of communicating an acceptance is specified in an offer, acceptance must be done through the U.S. mail system.
B)   If no means of communicating an acceptance is specified in an offer, acceptance must be done either in person or through telephone communication.
C)   If no means of communicating an acceptance is specified in an offer, acceptance must be done either through the U.S. mail or through fax transmittal.
D)   If no means of communicating an acceptance is specified in an offer, acceptance must be done either through U.S. mail or through e-mail.
E)   If no means of communicating the acceptance is specified, any reasonable means is generally acceptable.F) None of the above
G) A) and B)

Question 6

What effect does the accidental destruction of the personal watercraft have on the deal between Charles and Joan?

Accepted Answer

A)   Charles is in breach of contract and must pay Joan damages because she accepted before he could tell her about the fire.
B)   Charles is in breach of contract and must purchase a similar watercraft to transfer to Joan.
C)   Charles is not in breach of contract because an insufficient material term involving who would move the watercraft was omitted.
D)   Charles is not in breach of contract because the offer was not sufficiently definite.
E)   Charles is not in breach of contract because of destruction of the subject matter.F) B) and C)
G) A) and D)

Question 7

Which of the following is an offer made by an offeree to an offeror relating to the same matter as the original offer and proposing a substituted bargain differing from that proposed by the original offer?

Accepted Answer

A)   A revocation
B)   An acceptance
C)   A counteroffer
D)   A cross offer
E)   A bilateral offerF) C) and D)
G) B) and E)

Question 8

If a[n] __________ contract exists,the administrator of an offeror's estate must hold the offer open until it expires in accordance with the contract.

Accepted Answer

A)   Bilateral
B)   Unilateral
C)   Complete
D)   Option
E)   ControlledF) C) and E)
G) B) and C)

Question 9

What is the most likely result in the lawsuit brought by Walter against Zack?

Accepted Answer

A)   Walter will win because Zack properly made an offer that Walter accepted.
B)   Zack will win because he was merely expressing possible interest.
C)   Zack will win because Walter did not properly accept.
D)   Zack will win because under a subjective standard he was joking.
E)   Zack will win because under an objective standard, it appears he was joking.F) A) and B)
G) None of the above

Question 10

Which of the following provides that a revocation is effective only when received by the offeree?

Accepted Answer

A)   The Acceptance Rule
B)   The Contract Rule
C)   The Reasonable Rule
D)   The Mailbox Rule
E)   The Contract Legality RuleF) A) and B)
G) B) and C)

Question 11

In which of the following ways may an offeree accept a unilateral contract?

Accepted Answer

A)   By making a counteroffer or by a signed writing.
B)   By signed writing only.
C)   By either verbal acceptance or a signed writing.
D)   By performance only.
E)   By performance, by a verbal acceptance, or by a signed writing.F) All of the above
G) C) and D)

Question 12

In an auction _________,the seller is treated as making an offer to accept the highest bid.

Accepted Answer

A)   Without controls
B)   With controls
C)   Without reserve
D)   With reserve
E)   Without qualificationsF) B) and C)
G) All of the above

Question 13

What was the result in the Opening Case in which the plaintiff attempted to buy a jet from Pepsi for Pepsi points and some additional funds?

Accepted Answer

A)   The plaintiff prevailed, and Pepsi had to sell the jet as offered because Pepsi failed to specifically reserve details of the offer to a separate writing.
B)   The plaintiff prevailed, and Pepsi had to sell the jet as offered because Pepsi's advertisement was considered an offer which the plaintiff validly accepted.
C)   The plaintiff prevailed, and Pepsi had to provide the jet as offered because Pepsi did not revoke the offer soon enough.
D)   The plaintiff did not prevail because the jet was unobtainable as a military aircraft.
E)   The plaintiff did not prevail because Pepsi reserved the details of the offer to a separate writing, and Pepsi had the authority to reject the plaintiff's offer to purchase.F) A) and B)
G) All of the above

Question 14

When acceptance is examined under the common law,how do the basic requirements for a valid acceptance compare with those for a valid offer?

Accepted Answer

A)   The basic requirements for a valid acceptance are materially different from those for a valid offer.
B)   The basic requirements for a valid acceptance parallel those for a valid offer.
C)   The basic requirements for a valid acceptance are different from those for a valid offer only because an offer must be in writing.
D)   The basic requirements for a valid acceptance are different from those for a valid offer only because an acceptance must be in writing.
E)   The basic requirements for a valid acceptance are different from those for a valid offer only because an offer must be revoked immediately but acceptance can be withheld for a reasonable period of time.F) B) and E)
G) A) and C)

Question 15

Which of the following refers to the right of an offeror to revoke an offer?

Accepted Answer

A)   The offeror is the "controller of his offer."
B)   The offeror is the "master of his offer."
C)   The offeror is the "proponent of his offer."
D)   The offeror is the "adjudicator of his offer."
E)   The offeror is the "arbiter of his offer."F) None of the above
G) A) and E)

Question 16

Set forth the elements of an offer under the common law.

Accepted Answer

The elements of an offer are (...

Question 17

What is the most likely result in Walter's lawsuit against Sally in which he claims that she must pay $3,000 for the car at issue?

Accepted Answer

A)   Walter will win because Sally made an offer that he properly accepted.
B)   Walter will win because Sally agreed to pay a reasonable amount for the vehicle.
C)   Sally will win because the agreement was not put into written form and signed by both parties.
D)   Sally will win because she merely expressed interest and did not make an offer.
E)   Sally will win because she was not provided sufficient time in which to consider the offer.F) A) and B)
G) B) and E)

Question 18

Under the Mailbox Rule,a valid contract has been formed if a rejection is dispatched,but before it is received,the acceptance is communicated to the offeror.

Accepted Answer

A) True 
 B)False

Question 19

If a person wishes to ensure that an offer will in fact be held open for a set period of time,the person may do so by entering into a[n] ______________ contract with the offeror.

Accepted Answer

A)   Clear
B)   Explicit
C)   Irrevokable
D)   Option
E)   AdhesionF) A) and C)
G) None of the above

Question 20

Set forth the ways in which an offer can be terminated.

Accepted Answer

An offer can terminate in the following ...

Exam 14: Agreement

What effect does the accidental destruction of the personal watercraft have on the deal between Charles and Joan?

Correct AnswerverifiedShow Answer

If nothing is stated to the contrary in the terms of an auction,an auction is presumed to be ______.

Correct AnswerverifiedShow Answer

If a[n] __________ contract exists,the administrator of an offeror's estate must hold the offer open until it expires in accordance with the contract.

Correct AnswerverifiedShow Answer

In which of the following ways may an offeree accept a unilateral contract?

Correct AnswerverifiedShow Answer

Which of the following is correct regarding the final status of the negotiations between Charles and Constance?

Correct AnswerverifiedShow Answer

Under the Mailbox Rule,a valid contract has been formed if a rejection is dispatched,but before it is received,the acceptance is communicated to the offeror.

Correct AnswerverifiedShow Answer

Which of the following provides that a revocation is effective only when received by the offeree?

Correct AnswerverifiedShow Answer

Which of the following refers to the right of an offeror to revoke an offer?

Correct AnswerverifiedShow Answer

If a person wishes to ensure that an offer will in fact be held open for a set period of time,the person may do so by entering into a[n] ______________ contract with the offeror.

Correct AnswerverifiedShow Answer

Which of the following is true regarding acceptable means of acceptance if no means of communicating an acceptance is specified in an offer?

Correct AnswerverifiedShow Answer

What was the result in the Opening Case in which the plaintiff attempted to buy a jet from Pepsi for Pepsi points and some additional funds?

Correct AnswerverifiedShow Answer

What is the most likely result in the lawsuit brought by Walter against Zack?

Correct AnswerverifiedShow Answer

Set forth the ways in which an offer can be terminated.

Correct AnswerverifiedAn offer can terminate in the following ...View AnswerShow Answer

Which of the following is an offer made by an offeree to an offeror relating to the same matter as the original offer and proposing a substituted bargain differing from that proposed by the original offer?

Correct AnswerverifiedShow Answer

When acceptance is examined under the common law,how do the basic requirements for a valid acceptance compare with those for a valid offer?

Correct AnswerverifiedShow Answer

In an auction _________,the seller is treated as making an offer to accept the highest bid.

Correct AnswerverifiedShow Answer

What is the most likely result in Walter's lawsuit against Sally in which he claims that she must pay $3,000 for the car at issue?

Correct AnswerverifiedShow Answer

Set forth the elements of an offer under the common law.

Correct AnswerverifiedThe elements of an offer are (...View AnswerShow Answer

Which doctrine may courts use to estop,or prevent,an offeror from revoking an offer based on a party's taking steps in reasonable reliance on an offer?

Correct AnswerverifiedShow Answer

What is the likely result in the lawsuit Barry brought against Chris?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
An offer can terminate in the following ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The elements of an offer are (...
View Answer

Correct Answer
verified

Correct Answer
verified