Question 1

Identify and briefly described two main risks negotiators face when attempting to negotiate commercial agreements that will lead to legally enforceable contractual obligations.

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Question 2

Identify and briefly define the events that will cause an offer to be taken off the table.

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Question 3

An offer is automatically terminated when it is rejected by an offeror.

Accepted Answer

An offer is terminated when it is rejected by the offeree, not the offeror. The offeror is the one who makes the offer, while the offeree is the one to whom the offer is made.

Question 4

To be effective,the acceptance of an offer must demonstrate a qualified willingness to enter into a contract on precise terms.

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Question 5

Where an agreement reached through offer and acceptance contains the phrase "this agreement is subject to formal contract," the agreement itself is unenforceable unless and until the formal contract comes into existence.

Accepted Answer

This phrase indicates that the parties intend to be bound only when a formal contract is executed. Until such time, there is no binding agreement in place. Therefore, the agreement is unenforceable until the formal contract is agreed upon and signed by all parties.

Question 6

Identify and briefly describe what element is recognized as forming the basis of a contract in common law.Include a brief explanation of what is meant by the legal requirement of certainty of offer and identify and briefly described the circumstances under which a court would endeavour to resolve ambiguities in an alleged offer.

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Question 7

How does the common law treat partial payment of a debt in lieu of full payment,and what might a debtor do in response to the common law?

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Question 8

Briefly describe how a store maintains the option of refusing to complete a transaction involving a product it displayed at a cash register.Identify and briefly describe the effects of any legislation that may affect the store's ability to refuse to complete a sale to a customer.

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Question 9

How do the courts get around the basic rule that a gratuitous promise is not enforceable if they feel that not enforcing such a promise would be unfair? Identify and briefly describe the requirements for this "get around."

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Question 10

Briefly describe the options available to a party to a contract who wishes to avoid problems related to cost increases?

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Question 11

Identify the source of a competing analysis of the traditional common law view of unenforceability of a gratuitous promise.Provide a brief explanation of the competing analysis and explain the goal it was meant to achieve.

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Question 12

Explain the difference between offer and invitation to treat.Give an example of each.

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Question 13

Where the expiry date for acceptance of an offer lapses,the offer is no longer alive.

Accepted Answer

Once the expiry date for acceptance of an offer lapses, the offer is considered to be terminated or expired. It can no longer be accepted, and any attempt to do so will not result in a valid contract.

Question 14

Firm offers can be revoked prior to their deadlines by the formation of an option agreement,whereby the offeror pays the offeree to keep the offer open for a specified time.

Accepted Answer

Firm offers, once made, cannot be revoked prior to their deadlines if an option agreement is in place, as the purpose of the option agreement is to ensure the offer remains open for a specified period in exchange for consideration.

Question 15

Identify and briefly describe the provisions of the Uniform Electronic Commerce Act that deal with communication of acceptance messages.Identify and briefly explain what step an electronic trader must take to avoid disputes involving where acceptance becomes effective.

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Quiz 6: Forming Contractual Relationships