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

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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
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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. Points Earned: 1.0/1.0
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This note was uploaded on 12/01/2010 for the course BUSINESS L 100 taught by Professor Random during the Fall '10 term at Oklahoma City Community College.

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

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