Question 1

The power of acceptance continues forever.

Accepted Answer

A) True 
 B)False

Question 2

A preliminary agreement can constitute a binding contract if the parties have agreed on all essential terms.

Accepted Answer

A) True 
 B)False

Question 3

Domestic Gas Company offers to sell Energy Ltd. a certain quantity of liquefied natural gas. If Energy sends an acceptance via Domestic's authorized mode of communication, it will be effective when it is

Accepted Answer

A)  in transit.
B)  received.
C)  sent.
D)  written.E) B) and C)
F) All of the above

Question 4

Ordinarily, one can agree to a bargain without knowing that it exists.

Accepted Answer

A) True 
 B)False

Question 5

A request to negotiate is an offer.

Accepted Answer

A) True 
 B)False

Question 6

Charter Company offers to provide an air-conditioned bus to Denny's tour group for $1,500 plus the cost of the fuel. The mailbox rule applies if Denny accepts the offer by

Accepted Answer

A)  e-mail.
B)  phone.
C)  regular mail.
D)  any of the choices.E) B) and C)
F) A) and B)

Question 7

Megan gives out a business card with an e-mail address on it. It is reasonable to infer that Megan has consented to

Accepted Answer

A)  transact business electronically.
B)  submit to the recipient's jurisdiction.
C)  respond to e-mail sent to that address.
D)  nothing.E) B) and C)
F) A) and D)

Question 8

Shrink-wrap terms are enforceable even if a buyer does not discover them until after the parties have entered into a contract.

Accepted Answer

A) True 
 B)False

Question 9

Rafi offers to sell his sailboat, Sea Siren , to Tara for $50,000. Referring to the prices for similar vessels, Tara says, "I'll pay no more than $40,000." Rafi's offer is

Accepted Answer

A)  still open.
B)  terminated.
C)  rejected and subject to a counteroffer.
D)  revoked.E) A) and D)
F) A) and C)

Question 10

In effect, a counteroffer converts the original offeror into an offeree with the power of acceptance.

Accepted Answer

A) True 
 B)False

Question 11

Maeve posts her motorcycle for sale on an online auction site. This is

Accepted Answer

A)  an offer.
B)  an invitation to negotiate, not an offer.
C)  a price list, not an offer.
D)  a request, not an offer.E) All of the above
F) C) and D)

Question 12

An offer made in undue excitement is an effective offer.

Accepted Answer

A) True 
 B)False

Question 13

Acceptance of an e-contract must show that the offeree voluntarily assented to the offer's terms.

Accepted Answer

A) True 
 B)False

Question 14

An exchange of e-mails cannot create a complete and unambiguous binding agreement.

Accepted Answer

A) True 
 B)False

Question 15

The offeror's intention to become bound by the offer must be subjectively clear.

Accepted Answer

A) True 
 B)False

Question 16

An invitation to submit bids is an offer.

Accepted Answer

A) True 
 B)False

Question 17

In general, a price list may be construed as an offer.

Accepted Answer

A) True 
 B)False

Question 18

The primary purpose of the Uniform Electronic Transactions Act is to create new rules for electronic contracts.

Accepted Answer

A) True 
 B)False

Question 19

A offer can be revoked by the performance of an act that is inconsistent with the existence of an offer and that is made known to the offeree.

Accepted Answer

A) True 
 B)False

Question 20

Acceptance is timely if it is effective before the offer is terminated.

Accepted Answer

A) True 
 B)False

Exam 12: Agreement

A offer can be revoked by the performance of an act that is inconsistent with the existence of an offer and that is made known to the offeree.

Correct AnswerverifiedShow Answer

Megan gives out a business card with an e-mail address on it. It is reasonable to infer that Megan has consented to

Correct AnswerverifiedShow Answer

Acceptance of an e-contract must show that the offeree voluntarily assented to the offer's terms.

Correct AnswerverifiedShow Answer

An exchange of e-mails cannot create a complete and unambiguous binding agreement.

Correct AnswerverifiedShow Answer

An invitation to submit bids is an offer.

Correct AnswerverifiedShow Answer

An offer made in undue excitement is an effective offer.

Correct AnswerverifiedShow Answer

In general, a price list may be construed as an offer.

Correct AnswerverifiedShow Answer

The power of acceptance continues forever.

Correct AnswerverifiedShow Answer

Rafi offers to sell his sailboat, Sea Siren , to Tara for $50,000. Referring to the prices for similar vessels, Tara says, "I'll pay no more than $40,000." Rafi's offer is

Correct AnswerverifiedShow Answer

Ordinarily, one can agree to a bargain without knowing that it exists.

Correct AnswerverifiedShow Answer

A preliminary agreement can constitute a binding contract if the parties have agreed on all essential terms.

Correct AnswerverifiedShow Answer

The offeror's intention to become bound by the offer must be subjectively clear.

Correct AnswerverifiedShow Answer

Domestic Gas Company offers to sell Energy Ltd. a certain quantity of liquefied natural gas. If Energy sends an acceptance via Domestic's authorized mode of communication, it will be effective when it is

Correct AnswerverifiedShow Answer

Maeve posts her motorcycle for sale on an online auction site. This is

Correct AnswerverifiedShow Answer

The primary purpose of the Uniform Electronic Transactions Act is to create new rules for electronic contracts.

Correct AnswerverifiedShow Answer

In effect, a counteroffer converts the original offeror into an offeree with the power of acceptance.

Correct AnswerverifiedShow Answer

Acceptance is timely if it is effective before the offer is terminated.

Correct AnswerverifiedShow Answer

A request to negotiate is an offer.

Correct AnswerverifiedShow Answer

Charter Company offers to provide an air-conditioned bus to Denny's tour group for $1,500 plus the cost of the fuel. The mailbox rule applies if Denny accepts the offer by

Correct AnswerverifiedShow Answer

Shrink-wrap terms are enforceable even if a buyer does not discover them until after the parties have entered into a contract.

Correct AnswerverifiedShow Answer

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