ch 11 - Chapter 11 Agreement TRUE/FALSE QUESTIONS A1. An...

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Sheet1 Page 1 Chapter 11 Agreement TRUE/FALSE QUESTIONS A1. An acceptance is sufficient to evidence an agreement. ANSWER: F PAGE: 232 TYPE: N NAT: AACSB Analytic AICPA Legal B1. An offer is sufficient to evidence an agreement. ANSWER: F PAGE: 232 TYPE: N NAT: AACSB Reflective AICPA Legal A2. A valid offer requires reasonably certain terms. ANSWER: T PAGE: 232 TYPE: N NAT: AACSB Analytic AICPA Legal B2. An offeror¡¯s subjective intent determines the validity of an offer. ANSWER: F PAGE: 232 TYPE: + NAT: AACSB Analytic AICPA Legal A3. An invitation to negotiate¡ª¡°can you afford this?¡±¡ªis an offer. ANSWER: F PAGE: 234 TYPE: + NAT: AACSB Analytic AICPA Legal B3. A valid offer requires a reasonable price related to market value. ANSWER: F PAGE: 232 TYPE: N NAT: AACSB Analytic AICPA Legal TEST BANK A¡ªUNIT THREE: CONTRACTS AND E-CONTRACTS A4. An expression of opinion¡ª¡°your customers will like this¡±¡ªis an offer. ANSWER: F PAGE: 234
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Sheet1 Page 2 TYPE: N NAT: AACSB Analytic AICPA Legal B4. A contractor¡¯s submission of a bid on a construction project is an acceptance. ANSWER: F PAGE: 234 TYPE: + NAT: AACSB Reflective AICPA Legal A5. An advertisement¡ª¡°this property for sale¡±¡ªis an offer. ANSWER: F PAGE: 235 TYPE: + NAT: AACSB Reflective AICPA Legal B5. An agreement to agree may be enforceable. ANSWER: T PAGE: 234 TYPE: = NAT: AACSB Reflective AICPA Legal A6. A seller offering goods for sale in an auction through an auctioneer will create a binding contract. ANSWER: F PAGE: 236 TYPE: = NAT: AACSB Reflective AICPA Legal CHAPTER 11: AGREEMENT B6. A price list is considered an offer. ANSWER: F PAGE: 235 TYPE: = NAT: AACSB Reflective AICPA Legal A7. In an auction, the auctioneer is an offeree. ANSWER: T PAGE: 236 TYPE: N NAT: AACSB Analytic AICPA Legal B7. An advertisement is generally considered an invitation to negotiate. ANSWER: T
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Page 3 PAGE: 235 TYPE: = NAT: AACSB Reflective AICPA Legal A8. The communication of an offer can be done by any effective means. ANSWER: T PAGE: 239 TYPE: N NAT: AACSB Reflective AICPA Legal B8. In an auction, the auctioneer is an offeror. ANSWER: F PAGE: 236 TYPE: N NAT: AACSB Analytic AICPA Legal A9. A person who does not know about a reward can still claim it. ANSWER: F PAGE: 239 TYPE: + NAT: AACSB Reflective AICPA Legal B9. A contract lacking a quantity term may not be enforceable. ANSWER: T PAGE: 237 TYPE: = NAT: AACSB Reflective AICPA Legal A10. Revocation of an offer made to the general public must be communi- cated in the same manner in which the offer was communicated. ANSWER: T PAGE: 239 TYPE: = NAT: AACSB Reflective AICPA Legal B10. The communication of an offer must be by mail or in person. ANSWER: F
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ch 11 - Chapter 11 Agreement TRUE/FALSE QUESTIONS A1. An...

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