bl 9-11 - chapter 9-11 chapter 9 1 An agreement is normally...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
chapter 9-11 chapter 9 1. An agreement is normally evidenced by an offer and an acceptance. A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 2. A contract does not need to contain reasonably definite terms to be enforced. A) True B) False Feedback: One of the elements for a valid offer is that the terms be definite enough to be enforced by a court. This is so that a court can determine if a breach occurred and, if so, what the appropriate remedy would be. An offer might invite a specifically worded acceptance, which could constitute sufficiently definite terms. Points Earned: 1.0/1.0 Correct Answer(s): False 3. A counteroffer terminates an offer. A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 4. There are no irrevocable offers. A) True B) False Feedback: Irrevocable offers (offers that must be kept open for a period of time) include option contracts. Other irrevocable offers include a merchant?s firm offer and, under the doctrine of promissory estoppel, an offer on which an offeree has changed position in reliance. Points Earned: 1.0/1.0 Correct Answer(s): False 5. The mirror image rule does not require an acceptance to match exactly an offer to create a contract. A) True B) False Feedback: The mirror image rule requires that the terms of an offeree?s acceptance must exactly match the terms of the offeror?s offer to form a valid contract. Any other response effectively rejects the offer, terminating it. An offeree may, of course, include a counteroffer with his or her rejection. Points Earned: 1.0/1.0
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Correct Answer(s): False 6. It is not possible for an offeree to accept an offer silently. A) True B) False Feedback: Normally, silence does not operate as an acceptance, but it can be an acceptance when: an offeree takes the benefit of offered goods or services (even though he or she had an opportunity to reject and knew that they were offered with the expectation of compensation); the parties have had prior dealings in which the offeree has led the offeror reasonably to understand that the offeree will accept all offers unless he or she sends notice to the contrary; or if one has agreed that his or her failure to respond will constitute acceptance. Points Earned: 1.0/1.0 Correct Answer(s): False 7. Inadequate consideration may indicate fraud, duress, or undue influence. A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 8. A promise to do what one already has a legal duty to do is not legally sufficient consideration. A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 9. Past consideration is consideration. A) True B) False Feedback: Promises based on ?past? consideration (that is, promises made with respect to events that have already happened) are unenforceable. These promises lack the element of bargained-for consideration. In other words, past consideration is no consideration.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern