CH11-7 w/ answers - B16. Eagle Warehouse offers to sell a...

CH11-7 w/ answers
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B16. Eagle Warehouse offers to sell a forklift to Forest Lumber Company, but it is stolen before Forest accepts. Eagle must obtain a. a forklift for Forest, if Eagle’s insurance covers the loss. b. a forklift for Forest, if it wants one. c. nothing for Forest, because that would extend the time of theoffer. d. nothing for Forest, because the theft terminated the offer. ANSWER: D PAGE: 241 TYPE: = NAT: AACSB Reflective AICPA Legal A17. Quik Fix-It, Inc., offers Pam a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate a. after a reasonable period of time. b. after a typical work week (five business days). c. after a usual month (thirty calendar days). d. never. ANSWER: A PAGE: 243 TYPE: N NAT: AACSB Reflective AICPA Legal B17. First State Bank offers to lend money to Todd at 15 percent interest. Before Todd accepts, a statute is enacted prohibiting loans at interest rates greater than 12 percent. Todd and the bank have a. have a contract for a loan at 15 percent interest.
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