Contract Questions

Is a counteroffer has the effect of a rejection of

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Unformatted text preview: ne million dollars, plus one of his television stations, if Dennis can better Ted’s record-setting time in the Newport to Bermuda yacht race. Dennis accepts the challenge. This would be an example of: a. bilateral contract. b. unilateral contract. c. a quasi contract. d. an unconditional contract. 404. The Acme Corporation is having a “T.V. giveaway.” To win, a person must guess the number of marbles in a large jar. No purchase is necessary. This is probably not an illegal lottery because what element is lacking? a. A prize b. Consideration c. Chance d. The lottery is illegal in most states. 405. a. b. c. d. The attempted acceptance of an offer by a person to whom the offer was not made: is a valid acceptance. is a counteroffer. has the effect of a rejection of the offer. has the effect of an offer. 406. The Code follows the common law rule and allows the parties to a contract to modify that contract without additional consideration. a. True b. False 407. The Code provides that a merc...
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