If no termination date is specified for an offer the

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Cengage Advantage Books: Foundations of the Legal Environment of Business
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Chapter 10 / Exercise 8
Cengage Advantage Books: Foundations of the Legal Environment of Business
Jennings
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43. If no termination date is specified for an offer, the offer will remain open: (A) for one year. (B) for six months. (C) for a reasonable period of time. (D) until someone accepts the offer. Answer : (C)
44. If an offeree dies before the offer has been accepted, the offer:
45. In general, an acceptance occurs when:
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Cengage Advantage Books: Foundations of the Legal Environment of Business
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Chapter 10 / Exercise 8
Cengage Advantage Books: Foundations of the Legal Environment of Business
Jennings
Expert Verified
(D) a clear expression of the offeree's agreement to be bound by the terms of the offer occurs. Answer : (D) 46. When an offer has been accepted:
47. If an offer requires that acceptance be communicated by a specific date and the acceptance is properly dispatched by the offeree on the final date, (A) no contract is formed, since the offeror will undoubtedly receive the dispatched acceptance after the deadline for acceptance. (B) a contract is formed, but the contract is voidable at the election of the offeror. (C) the acceptance is timely and a contract is formed, even though the offeror actually receives the acceptance well after the specified date has passed. (D) the acceptance is timely and a contract is formed, but only if the offeror actually receives the acceptance by the deadline specified for acceptance. Answer : (C)
48. In an auction __________, the auctioneer takes bids as agent for the seller with the understanding that no contract is formed until the seller accepts the transaction.
49. At an auction sale, each bid is:
(C) an invitation to negotiate. (D) an offer. Answer : (D) 50. Arthur made a bid at an auction by calling out the amount of $250. The auctioneer acknowledged Arthur's bid. There were no higher bids, and before the fall of the auctioneer's hammer, Arthur announced that he was withdrawing the bid. The auctioneer said that it was too late for Arthur to withdraw his bid, because the bid had already been acknowledged. What is the result?
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