Ch11-TB2-WBL-10e

Ch11-TB2-WBL-10e - Chapter11 Agreement

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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. A promise to do some specified thing in the future is an offer. ANSWER: T PAGE: 225 TYPE: N 2. An offeror’s subjective beliefs or assumptions determine his or her intent to  contract. ANSWER: F PAGE: 225 TYPE: N 3. Any agreement made “after a few drinks” can be avoided for lack of se- riousness of intent. ANSWER: F PAGE: 226 TYPE: + 4. When a contractor submits a bid for a construction project, the submission  of the bid is an offer. ANSWER: T PAGE: 227 TYPE: = 105
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106 TEST BANK 2: UNIT THREE: CONTRACTS AND E-CONTRACTS 5. An agreement to agree may be enforceable. ANSWER: T PAGE: 227 TYPE: =
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CHAPTER 11: AGREEMENT 107 6. A price list is considered an offer. ANSWER: F PAGE: 228 TYPE: = 7. An advertisement is generally considered an invitation to negotiate. ANSWER: T PAGE: 228 TYPE: = 8. An auction with reserve is one in which the seller cannot withdraw the  goods at any time before the auctioneer closes the sale. ANSWER: F PAGE: 229 TYPE: = 9. An offer must contain reasonably definite terms to be enforced. ANSWER: T PAGE: 230 TYPE: + 10. A contract lacking a quantity term may not be enforceable. ANSWER: T PAGE: 230 TYPE: = 11. In most states, revocation is not effective until the offeree receives it. ANSWER: T PAGE: 233 TYPE: + 12. Revocation normally must be communicated to the offeree before accep- tance or else it will be ineffective. ANSWER: T PAGE: 233 TYPE: = 13. An option contract takes away the offeror’s power to revoke an offer for the  period of time specified in the option. ANSWER: T PAGE: 233 TYPE: = 14. An offeror can revoke an option contract at any time. ANSWER: F PAGE: 233 TYPE: = 15. If no time for acceptance is specified in an offer, the offer terminates at the  end of a reasonable time.
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108 TEST BANK 2: UNIT THREE: CONTRACTS AND E-CONTRACTS ANSWER: T PAGE: 234 TYPE: N 16. If an acceptance materially changes an offer, the acceptance may be held to  implicitly reject the offer. ANSWER: T PAGE: 234 TYPE: =
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CHAPTER 11: AGREEMENT 109 17. An offer that a  statute makes illegal terminates only after a reasonable  time. ANSWER: F PAGE: 235 TYPE: N 18. If the subject matter of an offer is destroyed, the offer will continue to exist  for a reasonable time to permit the seller to acquire replacement goods. ANSWER:
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch11-TB2-WBL-10e - Chapter11 Agreement

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