Business Law WK 3 QUIZ - Week 3: Agreement, Consideration,...

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Week 3: Agreement, Consideration, and Competence - Tutorial Quiz Help 1. Your friend made the following statement: "I might sell my car next month if I can get a good price." This statement is (Points: 2) An offer to a formal contract An offer to a unilateral contract An offer to a bilateral contract Not an offer 2. Revocation of an offer takes place when (Points: 2) The offerer has been properly notified The offeree has been properly notified A proper counteroffer is made The offeree properly refuses the offer 3. Unless stated otherwise, acceptance of an offer made by mail takes place as soon as the letter of acceptance is (Points: 2) Written by the offeree Mailed by the offeree Received by the offerer Received by the offeree 4. The best illustration of a legally competent party is (Points: 2) A person under the influence of alcohol A 14-year-old A 65-year-old A person who is legally insane 5. Consideration (Points: 2) Always involves money Always consists of performing an action Does not always have monetary value
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Business Law WK 3 QUIZ - Week 3: Agreement, Consideration,...

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