Chapter 13 Quiz - Ch 13 Formation of Contracts Offer and...

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Ch. 13 – Formation of Contracts: Offer and Acceptance Acceptance of an offer to form a unilateral contract must be communicated to the offeror to be effective. False Acceptance of an offer for a unilateral contract does not need to be communicated to the offeror. A unilateral contract is accepted by the offeree's performance. In an auction, once a bid has been accepted for an item, the auctioneer cannot cancel the sale. True Until a bid has been accepted for an item, an auctioneer may withdraw the item from the auction sale. A contract to buy all the buyer's requirements from the seller is too vague to be a contract. False A requirements contract is an enforceable contract to buy all the buyer's requirements from the seller. Contract terms may not be implied from conduct. False Conduct of the parties may be used by a court to imply or interpret terms for contracts.
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