Question 1

Contracts cannot be terminated by operation of law.

Accepted Answer

Contracts can be terminated by operation of law through mechanisms such as the death or incapacity of a party, illegality, or the occurrence of a force majeure event, among others.

Question 2

An offeror must always have&#10;A)negotiations.&#10;B)intent.&#10;C)communications.&#10;D)objectivity.

Accepted Answer

Intent is a crucial element of an offer. It signifies that the offeror has a serious intention to enter into a contract, which is necessary for the formation of a contract. Without intent, an offer cannot be considered a binding agreement.

Question 3

Under the mailbox rule, the acceptance is effective upon &#8203;&#10;A)notice.&#10;B)communication.&#10;C)receipt.&#10;D)return.

Accepted Answer

Under the mailbox rule, acceptance is effective upon dispatch or communication, meaning when the acceptance is sent, not when it is received.

Question 4

A solicitation is always which of the following?&#10;A)An offer&#10;B)A bait and switch&#10;C)None of the above&#10;D)All of the above

Accepted Answer

The answer of A solicitation is always which of the...

Question 5

An acceptance may be which of the following? &#8203;&#10;A)Written&#10;B)Oral&#10;C)Implied&#10;D)All of the above

Accepted Answer

An acceptance can be written, oral, or implied by conduct. Therefore, all of the above options are correct.

Question 6

A deviation from the mirror image rule creates a(n)&#8203;&#10;A)rejection.&#10;B)acceptance.&#10;C)contract.&#10;D)counteroffer.

Accepted Answer

A deviation from the mirror image rule typically results in a counteroffer. This occurs when the offeree proposes a modified version of the offer that changes some of the terms or conditions. The original offeror can then choose to accept the counteroffer or reject it.

Question 7

Which of the following is a method of terminating an offer? &#8203;&#10;A)Rejection&#10;B)Death&#10;C)Counteroffer&#10;D)All of the above

Accepted Answer

All of the above methods can terminate an offer. Rejection occurs when the offeree declines the offer. Death of either the offeror or offeree terminates the offer automatically. A counteroffer, which proposes different terms than the original offer, terminates the original offer and creates a new offer.

Question 8

A preliminary negotiation always creates an offer.

Accepted Answer

A preliminary negotiation is a discussion or activity that precedes a formal offer and does not necessarily create an offer itself. It often involves exploring terms and conditions, but without the intention to be bound by them until a formal offer is made.

Question 9

The mailbox rule cannot be circumvented by the parties to a contract.

Accepted Answer

The mailbox rule, which generally states that an acceptance is effective upon dispatch when the parties use the mail to communicate, can be circumvented or modified by the parties to a contract if they agree to different terms regarding the acceptance of offers.

Question 10

An offer is a communication by the offeree to the offeror.

Accepted Answer

An offer is a communication by the offeror to the offeree, not the other way around.

Question 11

An offer can be terminated by the offeree's rejection.

Accepted Answer

The answer of An offer can be terminated by the...

Question 12

An acceptance cannot be terminated if an option is created.

Accepted Answer

The answer of An acceptance cannot be terminated if an...

Question 13

The terms of an offer must always be definite.

Accepted Answer

The answer of The terms of an offer must always...

Question 14

An acceptance is the response by the offeree to the offeror.

Accepted Answer

The answer of An acceptance is the response by the...

Question 15

An offer must always be which of the following?&#10;A)Formal&#10;B)Communicated&#10;C)In writing&#10;D)None of the above

Accepted Answer

The answer of An offer must always be which of...

Question 16

Death of the offeror terminates the offer.

Accepted Answer

The answer of Death of the offeror terminates the offer....

Question 17

An option contract creates a(n)&#8203;&#10;A)irrevocable offer.&#10;B)contract.&#10;C)proposal.&#10;D)none of the above.

Accepted Answer

The answer of An option contract creates a(n)&#8203;&#10;A)irrevocable offer.&#10;B)contract.&#10;C)proposal.&#10;D)none of...

Question 18

An acceptance can only be communicated in writing.

Accepted Answer

The answer of An acceptance can only be communicated in...

Question 19

To be definite, an offer must include, at least&#10;A)the price.&#10;B)subject matter.&#10;C)the parties.&#10;D)all of the above.

Accepted Answer

The answer of To be definite, an offer must include,...

Question 20

An offeror communicates which of the following? &#8203;&#10;A)Acceptance&#10;B)Offer&#10;C)The contract&#10;D)The rejection

Accepted Answer

The answer of An offeror communicates which of the following?...

Question 21

Match between columns&#10;                        Premises: Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;Withdrawal of an offer by the offeror. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;A communication by the offeror to the offeree of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;Response by the offeree to the offeror of an intent to be bound to a contract. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An invitation to negotiate. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;An offer communicated in the mail to the offeree when the acceptance is effective upon receipt. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Consideration paid for an irrevocable offer. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;Sets limitations on an acceptance. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;An offer and acceptance must be exact. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;A new offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer. &#10;Offeree's nonacceptance of an offer.

Accepted Answer

The Answer of acceptance and rejection and option contract and is...

Deck 3: Formation of a Contraction: Offer and Acceptance