LEB Quiz 7 - Scoreforthisquiz:28.5outof30 SubmittedJul27at11:43am Question1 1.5\/1.5pts Correct True False ,thoughtherearesome exce

LEB Quiz 7 - Scoreforthisquiz:28.5outof30...

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Score for this quiz: 28.5 out of 30Submitted Jul 27 at 11:43amThis attempt took 36 minutes. Question 11.5 / 1.5 ptsAn advertisement is usually not considered to be an offer.Correct!  True   False  Advertisements are usually considered to be preliminary negotiations, though there are some exceptions to this general rule. Question 21.5 / 1.5 ptsMaking a payment or acknowledging a debt after expiration of the statute of limitations revives the debt and resets the statute of limitations.Correct!  True   False Even without consideration, this will reset the statute of limitations. Question 31.5 / 1.5 ptsAn advertisement can be considered an offer for purposes of a contract if it states that the quantity ofan item is limited.
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Correct!  True   False If an advertisement states the quantity of an item has been limited, states what the item is, the price, and the seller, it is likely to be considered an offer that may be accepted. Question 41.5 / 1.5 ptsAn acceptance is generally effective as soon as it is sent, if the medium chosen is reasonable.Correct!  True   False Under the mailbox rule, if an acceptance is en route then it is considered binding unless stated otherwise in the offer. Question 51.5 / 1.5 ptsIn order to create an option contract under the common law, the offeree must give the offeror some form of consideration in order for the offeror's promise to keep the offer open.Correct!  True   False
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 Under the common law, in order to create an option contract, the offeree must give the offeror some form of consideration in order for the offeror's promise to keep the offer open. Question 61.5 / 1.5 ptsWhich of the following is not a necessary element to establish a firm offer?Correct!  The offer must be accepted by a merchant.
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  • Spring '08
  • pts, formal methods

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