Question 1

Sue offers to buy a house from John and they were negotiating the price of the house.In the meantime,Sue confides in John's wife that she is willing to pay an amount of $50,000 for the house.Delighted to hear this,John's wife tells him the good news.John immediately calls up Sue and accepts her offer.Is there a binding contract?

Accepted Answer

A)   Yes,because there is valid consideration.
B)   Yes,because a third party has communicated the terms of Sue's offer to John and that John had accepted the same.
C)   No,because the offeror had not communicated the terms of the offer to the offeree.
D)   No,because the contract is still not signed by both the parties.

Question 2

Abby orally offers to sell Carl 100 premium-grade fountain pens but neglects to state the price.Such pens typically sell for $1 each.Carl orally accepts.Immediately thereafter,Abby tries to back out of the deal.At this point in time,which of the following is most likely to be true?

Accepted Answer

A)   There is no offer and no contract because the offer is indefinite.
B)   There is no offer and no contract because the offer must be in writing.
C)   There is a contract,if the parties intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy.
D)   There is a contract,because the offer contained all material terms.

Question 3

Austen Construction,a general contractor,advertised for bids from subcontractors on the electrical work for the renovation of one of State University's parking structures.The advertisement announced that the contract will be awarded to the lowest responsible bidder.Bronte,a responsible electrical subcontractor,submitted the lowest bid to Austen for the electrical portion of the work.Austen informed Bronte that she should begin work immediately.Bronte then stated that she is "withdrawing" her bid from Austen.Which of the following statements is most accurate?

Accepted Answer

A)   Austen should not rely on Bronte's offer to do the electrical work.
B)   Austen has accepted Bronte's offer,thereby forming a contract.
C)   Austen is not bound by Bronte's bid until he informs her of his intent to accept.
D)   Bronte has accepted Austen's offer by submitting the lowest bid.

Question 4

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

Accepted Answer

A)   In case of common law rule on revocation.
B)   In case of unilateral contracts.
C)   In case of the availability of an option.
D)   In case of a promissory estoppel.

Question 5

On May 1,Ida makes a written offer to Miranda for the sale of Ida's car.On May 2,Ida mails Miranda a letter revoking the offer.On May 3,Ida telephones Miranda to tell him that he is revoking the offer.On May 4,Miranda learns that Ida has sold the car to Chris.On May 5,Ida's letter finally gets to Miranda.Ida's offer terminated on:

Accepted Answer

A)   May 2.
B)   May 3.
C)   May 4.
D)   May 5.

Question 6

Which of the following characterizes the Code's standards of definiteness?

Accepted Answer

A)   It sees courts as contract enforcers.
B)   It requires a high degree of definiteness in contracts.
C)   It can create contractual liabilities.
D)   It cannot fill in gaps in contracts.

Question 7

Ashburn had a big ranch in Georgia.One day Pamela stated,"I'd like to buy your sheep for $50.They're so cute!" to which Ashburn immediately replied,"Sure.That's a deal!" This cannot be enforced as a contract because of lack of:

Accepted Answer

A)   consideration.
B)   definiteness.
C)   communication to offeree.
D)   present intent to contract.

Question 8

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 had been agree,Mr.Blue accepted the shipment and paid for them.According to the UCC Mr.Blue and Mr.Green have an enforceable contract.

Accepted Answer

A) True 
 B)False

Question 9

If a term is left open in a sale of goods contract,that open term or "gap" can be filled by inserting a presumption found in the UCC's "gap-filling" rules.

Accepted Answer

A) True 
 B)False

Question 10

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?

Accepted Answer

We have a sale of goods,so Article 2 of ...

Exam 10: The Agreement: Offer

If a term is left open in a sale of goods contract,that open term or "gap" can be filled by inserting a presumption found in the UCC's "gap-filling" rules.

Correct Answer
verified

Which of the following characterizes the Code's standards of definiteness?

Correct Answer
verified

Ashburn had a big ranch in Georgia.One day Pamela stated,"I'd like to buy your sheep for $50.They're so cute!" to which Ashburn immediately replied,"Sure.That's a deal!" This cannot be enforced as a contract because of lack of:

Correct Answer
verified

Abby orally offers to sell Carl 100 premium-grade fountain pens but neglects to state the price.Such pens typically sell for $1 each.Carl orally accepts.Immediately thereafter,Abby tries to back out of the deal.At this point in time,which of the following is most likely to be true?

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
We have a sale of goods,so Article 2 of ...
View Answer

Correct Answer
verified

Correct Answer
verified

Exam 10: The Agreement: Offer

If a term is left open in a sale of goods contract,that open term or "gap" can be filled by inserting a presumption found in the UCC's "gap-filling" rules.

Correct AnswerverifiedShow Answer

Which of the following characterizes the Code's standards of definiteness?

Correct AnswerverifiedShow Answer

Ashburn had a big ranch in Georgia.One day Pamela stated,"I'd like to buy your sheep for $50.They're so cute!" to which Ashburn immediately replied,"Sure.That's a deal!" This cannot be enforced as a contract because of lack of:

Correct AnswerverifiedShow Answer

Abby orally offers to sell Carl 100 premium-grade fountain pens but neglects to state the price.Such pens typically sell for $1 each.Carl orally accepts.Immediately thereafter,Abby tries to back out of the deal.At this point in time,which of the following is most likely to be true?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedWe have a sale of goods,so Article 2 of ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

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
We have a sale of goods,so Article 2 of ...
View Answer

Correct Answer
verified

Correct Answer
verified