Question 1

Mary is selling her house for $100,000 and Felipe,who is expecting an inheritance soon,wants to have the option to buy it next month at that price.Felipe gives Mary a $1,000 deposit in exchange for Mary's promise that he can buy the house next month at $100,000 if he gets his inheritance.Mary and Felipe:

Accepted Answer

A)  Have an adhesion contract
B)  Do not have a contract because Felipe does not have the money yet.
C)  Have an option contract.
D)  Have a standard sales contract.
E)  Do not have a contract because Felipe has not promised to buy.

Question 2

Only the offeree to whom an offer is directed can accept the offer.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

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

Question 4

If the means by which an acceptance can be communicated to the offeror is expressly stated in the offer,it is called an "implied authorization."

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is true of instantaneous communications?

Accepted Answer

A)  They are always effective upon dispatch
B)  They are always effective upon receipt.
C)  There is disagreement among jurisdictions as to whether they are effective on dispatch or receipt.
D)  Emails are always effective upon dispatch but faxes are always effective upon receipt.
E)  The mailbox rule applies to them.

Question 6

List the elements of an offer under the common law.

Accepted Answer

The elements of an o...

Question 7

[Leaky Tub and Flaming Watercraft] Isaiah finished college,got a good job,and decided to sell some used items and buy newer ones.A used hot tub with a leak in it and a personal watercraft were at the top of the list.Isaiah offered to sell to Yasmeen the hot tub for $500.Yasmeen was interested but not willing to pay $500.She said "I'll give you $400." Isaiah said that he would think about it.Later,the same day,Isaiah offered to sell Donna the hot tub for $500.Donna said "Would you consider $450?" Isaiah said he would think on it.A few minutes later,Paul who had heard that Isaiah wanted to sell the hot tub accepted Isaiah's offer to sell for $500,and they agreed that the transfer would be made the next day.A few minutes later,Yasmeen called saying that she accepted Isaiah's offer to sell the hot tub for $500.A few minutes after that,Donna called and told Isaiah that she accepted his offer to sell the hot tub for $500.Isaiah told Yasmeen and Donna that he had already sold it,and they were angry and threatened to sue.Isaiah offered to sell the personal watercraft to Haley for $800.She said that she would think it over and let him know the next day.Unfortunately,through no fault of anyone,there was a fire at Isaiah's home that night and the personal watercraft burned.Haley called the next day and accepted before Isaiah could tell her the watercraft burned.When she found out about the fire,Haley told Isaiah that he had better come up with another watercraft,or she was going to sue.
-Which of the following is correct regarding the final status of the negotiations between Isaiah and Yasmeen?

Accepted Answer

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

Question 8

If an offeree makes a mistake and sends an acceptance to the wrong address,there is an acceptance upon dispatch.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is correct regarding the final status of the negotiations between Donna and Isaiah?

Accepted Answer

A)  Donna cannot accept Isaiah's offer because she did not do so in her initial conversation with Isaiah.
B)  Donna cannot accept Isaiah's offer because it was revoked when he sold the hot tub to Paul.
C)  Donna did not reject Isaiah's offer because she merely made an inquiry.
D)  Donna cannot accept Isaiah's offer because he already sold the personal watercraft,and that terminated the offer to her.
E)  Donna rejected Isaiah's offer by making a counteroffer.

Question 10

What was the result in the case in the text Lucy v.Zehmer involving whether allegations of joking prevented the formation of the contract involved?

Accepted Answer

A)  The court ruled that the contract would not be enforced because one of the parties was joking,and a reasonable person should have known that.
B)  The court ruled that the contract would be enforced because of what the parties verbally said regardless of whether an objective person would have thought joking was involved.
C)  The court ruled that the contract would not be enforced because the parties had been drinking although they were not intoxicated.
D)  The court ruled that the contract would not be enforced because one of the parties was subjectively joking.
E)  The court ruled that the agreement would be enforced because under the applicable standard,it was not apparent that joking was involved.

Question 11

When is an ad treated as an offer?.

Accepted Answer

A)  An advertisement is only treated as an offer if the language of the advertisement says "THIS IS AN OFFER."
B)  An advertisement is always treated as an offer.
C)  An advertisement is treated as an offer if the ad specifies a limited quantity and provides a specific means by which the offer can be accepted.
D)  An advertisement is treated as an offer if the ad specifies a price that it is willing to sell a product for.
E)  An advertisement is never treated as an offer.

Question 12

Mary accepts Joe's offer to buy 100 comic books.She sends her acceptance via fax.Mary and Joe live in a jurisdiction that applies the mailbox rule to faxes.When does her fax become effective?

Accepted Answer

A)  Faxes are effective as determined by the court's fact-based assessment of the particular case.
B)  Faxes are effective upon receipt
C)  Faxes are not a valid form of acceptance.
D)  Faxes are effective only if the contract expressly states they are effective upon receipt.
E)  Faxes are effective upon dispatch

Question 13

Which of the following is the result if the subject matter of an offer becomes illegal?

Accepted Answer

A)  There is no effect as long as the offer was made at least thirty days before the subject matter of the offer became illegal.
B)  The offer immediately terminates.
C)  There is no effect as long as the offer was made at least ten days before the subject matter of the offer became illegal.
D)  There is no effect as long as the offer was made at least fifteen days before the subject matter of the offer became illegal.
E)  There is no effect as long as the offer was made at least one day before the subject matter of the offer became illegal.

Question 14

In the absence of a time condition in an offer,the offer will expire .

Accepted Answer

A)  In seven days
B)  In forty-five days
C)  In ten days
D)  In forty-eight hours
E)  After a reasonable amount of time

Question 15

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)  True to form
C)  Consideration reliance
D)  Ethical reasoning
E)  Contract enforcement

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

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

Question 18

Which of the following is true of the Uniform Electronic Transmission Act rule for emails?

Accepted Answer

A)  It provides that an email is considered received when it enters an information processing system designated by the recipient,provided certain criteria are met.
B)  It is an act establishing the circumstances under which an email can be considered an offer.
C)  It is a repudiation of the mailbox rule for email.
D)  It is a rule establishing when an email creates an implied contract.
E)  It is an act prohibiting emails from constituting acceptance to an offer conconst

Question 19

If the subject matter of an offer is destroyed,the offer .

Accepted Answer

A)  Is extended for thirty days
B)  Is extended for twenty-one days
C)  Immediately terminates
D)  Is extended for seven days
E)  Is extended for fourteen days

Question 20

Which of the following is true regarding the termination of an offer based on a rejection?

Accepted Answer

A)  Regardless of how long an offeror states that an offer will be held open,once the offeree rejects it,the offer is terminated.
B)  An offer must remain open for at least three days before it is terminated following a rejection by an offeree.
C)  An offer must remain open for at least two days before it is terminated following a rejection by an offeree.
D)  An offer must remain open for at least one day before it is terminated following a rejection by an offeree.
E)  Even on rejection,an offer is not terminated until the expiration of the time period for which it was originally to remain open.

Exam 14: Agreement

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 Answer
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In the absence of a time condition in an offer,the offer will expire .

Correct Answer
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Which of the following is correct regarding the final status of the negotiations between Donna and Isaiah?

Correct Answer
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Correct Answer
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Which of the following is the result if the subject matter of an offer becomes illegal?

Correct Answer
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Only the offeree to whom an offer is directed can accept the offer.

Correct Answer
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What was the result in the case in the text Lucy v.Zehmer involving whether allegations of joking prevented the formation of the contract involved?

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

Correct Answer
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Which of the following is true regarding the termination of an offer based on a rejection?

Correct Answer
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If the means by which an acceptance can be communicated to the offeror is expressly stated in the offer,it is called an "implied authorization."

Correct Answer
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Correct Answer
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List the elements of an offer under the common law.

Correct Answer
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The elements of an o...
View Answer

If the subject matter of an offer is destroyed,the offer .

Correct Answer
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Mary accepts Joe's offer to buy 100 comic books.She sends her acceptance via fax.Mary and Joe live in a jurisdiction that applies the mailbox rule to faxes.When does her fax become effective?

Correct Answer
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Which of the following is true of instantaneous communications?

Correct Answer
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Which of the following is true of the Uniform Electronic Transmission Act rule for emails?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

If an offeree makes a mistake and sends an acceptance to the wrong address,there is an acceptance upon dispatch.

Correct Answer
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When is an ad treated as an offer?.

Correct Answer
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Exam 14: Agreement

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

In the absence of a time condition in an offer,the offer will expire .

Correct AnswerverifiedShow Answer

Which of the following is correct regarding the final status of the negotiations between Donna and Isaiah?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is the result if the subject matter of an offer becomes illegal?

Correct AnswerverifiedShow Answer

Only the offeree to whom an offer is directed can accept the offer.

Correct AnswerverifiedShow Answer

What was the result in the case in the text Lucy v.Zehmer involving whether allegations of joking prevented the formation of the contract involved?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is true regarding the termination of an offer based on a rejection?

Correct AnswerverifiedShow Answer

If the means by which an acceptance can be communicated to the offeror is expressly stated in the offer,it is called an "implied authorization."

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

List the elements of an offer under the common law.

Correct AnswerverifiedThe elements of an o...View AnswerShow Answer

If the subject matter of an offer is destroyed,the offer .

Correct AnswerverifiedShow Answer

Mary accepts Joe's offer to buy 100 comic books.She sends her acceptance via fax.Mary and Joe live in a jurisdiction that applies the mailbox rule to faxes.When does her fax become effective?

Correct AnswerverifiedShow Answer

Which of the following is true of instantaneous communications?

Correct AnswerverifiedShow Answer

Which of the following is true of the Uniform Electronic Transmission Act rule for emails?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If an offeree makes a mistake and sends an acceptance to the wrong address,there is an acceptance upon dispatch.

Correct AnswerverifiedShow Answer

When is an ad treated as an offer?.

Correct AnswerverifiedShow Answer

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The elements of an o...
View Answer

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