Ch11-TB1-WBL-10e

Ch11-TB1-WBL-10e - Chapter 11 Agreement N.B.: TYPE...

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Chapter 11 Agreement N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. An agreement is usually evidenced by an offer and an acceptance. ANSWER: T PAGE: 225 TYPE: = 2. An offer does not need to be communicated to the offeree to be effective. ANSWER: F PAGE: 225 TYPE: + 3. An invitation to negotiate always constitutes a valid offer. ANSWER: F PAGE: 227 TYPE: + 4. An expression of opinion is not a valid offer. ANSWER: T PAGE: 227 TYPE: + 5. An advertisement is generally treated as an offer to contract. ANSWER: F PAGE: 228 TYPE: + 103
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104 TEST BANK 1—UNIT THREE: CONTRACTS AND E-CONTRACTS 6. If an ad to sell a single item gets more than one acceptance, the offeror  must sell the item to each party who accepted or be liable for breach of  contract. ANSWER: F PAGE: 228 TYPE: =
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CHAPTER 11: AGREEMENT 105 7. A  seller offering goods for sale in an auction through an auctioneer will  create a binding contract. ANSWER: F PAGE: 229 TYPE: = 8. In an auction in which the seller reserves the right to accept or reject any  bid, there is no binding contract until the seller accepts a bid, even if the  auctioneer accepts a bid during the auction. ANSWER: T PAGE: 229 TYPE: = 9. A person who does not know about a reward cannot claim it. ANSWER: T PAGE: 232 TYPE: N 10. Revocation of an offer made to the general public must be communicated in  the same manner in which the offer was communicated. ANSWER: T PAGE: 233 TYPE: + 11. There are no irrevocable offers. ANSWER: F PAGE: 233 TYPE: = 12. An offeror can revoke an option contract if the offeror decides that the con- sideration given is inadequate. ANSWER: F PAGE: 233 TYPE: = 13. The offeree’s rejection of an offer terminates it. ANSWER: T PAGE: 234 TYPE: N 14. A counteroffer does not terminate but continues an offer. ANSWER: F PAGE: 234 TYPE: N 15. The mirror image rule requires an acceptance to adhere exactly to an offer  to create a contract. ANSWER: T PAGE: 234 TYPE: =
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106 TEST BANK 1—UNIT THREE: CONTRACTS AND E-CONTRACTS 16. The death of a party to a contract will always result in the automatic ter- mination of that contract. ANSWER: F PAGE: 235 TYPE: = 17. To exercise the power of acceptance, an offeree must accept unequivocally.
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Ch11-TB1-WBL-10e - Chapter 11 Agreement N.B.: TYPE...

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