Chap007 - Chapter 007 : Offer and Acceptance Student: _ 1....

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Chapter 007 : Offer and Acceptance Student: ___________________________________________________________________________ 1. Offer and acceptance are the essential elements of a contract. BT: Knowledge PO: 1 True False 2. Even when an offer specifies all the terms and conditions of a contract, it is not considered as definite and certain. BT: Knowledge PO: 2 True False 3. As a general rule, if an offer is to be definite and certain, it should cover the same points as a good newspaper story. BT: Knowledge PO: 2 True False 4. The requirement of offer and acceptance is usually fairly straightforward in contracts involving just two or, perhaps, a few parties. BT: Knowledge PO: 3 True False 5. If goods are advertised in a newspaper at an incorrect price, and the fault is of the newspaper, the merchant may recoup his losses from the publication. BT: Knowledge P O: 3 True False
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6. Acceptance of a public offer by anyone, as indicated by the performance of the act, does not result in an enforceable contract. BT: Knowledge P O: 3 True False 7. Silence does not indicate assent to an offer, even if both parties agree beforehand that this is to be the means of acceptance. BT: Knowledge PO: 4 True False 8. A person can be compelled to speak or to write in order to avoid a binding agreement, and is under no obligation to reply to an offer. BT: Knowledge P O: 4 True False 9. The general rule of contract provides that the acceptance of an offer must be the same as the offer. BT: Knowledge P O: 4 True False 10. A counteroffer, that is, a conditional, or qualified, acceptance of an offer, is generally interpreted as an acceptance and is not binding on the parties. BT: Knowledge PO: 4 True False 11. The Uniform Commercial Code (UCC) provides that additional (or different) terms are to be construed as proposals for addition to the contract, and between merchants, become part of the contract. BT: Knowledge PO: 4 True False 12. An offer is not terminated due to lapse of time. BT: Knowledge P O: 5 True False
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13. An offer can be terminated by an offeror's revocation before acceptance. BT: Knowledge P O: 5 True False 14. Even after an offer is rejected by the offeree, it can be revived or made into a counteroffer once the communication of the rejection has been received by the offeror. BT: Knowledge P O: 5 True False 15. Just as a qualified acknowledgment of the rejection of an offer serves to keep an offer alive, a qualified rejection may have a similar effect. BT: Knowledge P O: 5 True False 16. A proposal that is both offered by the offeror and accepted by the offeree is a contract which is: A. void. B. invalid. C. valid. D. voidable. 17. All of the following are required for a valid offer, EXCEPT:
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This note was uploaded on 09/25/2011 for the course GENB 4350 taught by Professor Louis during the Spring '11 term at Houston Baptist.

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Chap007 - Chapter 007 : Offer and Acceptance Student: _ 1....

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