Question 1

Lon says to Misty, "I would like to sell you my sports memorabilia." This statement is

Accepted Answer

The statement is an invitation to negotiate because it expresses a willingness to discuss the sale but does not include specific terms or a definite commitment to sell.

Question 2

Corner Store posts on its website an offer of a reward for information leading to the apprehension of a certain criminal. This offer could normally be terminated by

Accepted Answer

The answer of Corner Store posts on its website an...

Question 3

Jan offers to sell a crate of cookbooks to Kurt. No time for acceptance is specified in the offer. A reasonable period of time for termination of the offer is determined by

Accepted Answer

A reasonable period of time for termination of the offer is determined by considering all relevant factors, including the subject matter of the contract, business conditions, and market conditions.

Question 4

Owen decides to sell his ranch, Pine Ridge, in a live auction. When the auctioneer puts the property up for bids, it will be

Accepted Answer

When the auctioneer puts the property up for bids, it is considered an invitation to submit offers, not an offer itself. The bidders then make an offer by bidding, and the highest bidder's offer is considered for acceptance by the seller. Therefore, the auction is not an offer but rather a process of inviting offers.

Question 5

On May 1 Ralph offers to cure and smoke Sam's pork. On May 3 Ralph mails Sam a letter revoking the offer. Sam receives the letter on May 5 and responds on May 6. Ralph's revocation of the offer became effective on

Accepted Answer

Ralph's revocation of the offer became effective on May 5 when Sam received the letter. In contract law, a revocation is generally effective when it is received by the offeree.

Question 6

Rhonda asks Steve, "Do you want to hire me to repair your fishing net?" This is

Accepted Answer

The statement lacks definite terms such as price, time, and specific conditions, making it not a valid offer.

Question 7

Rich, an auctioneer, puts a sailboat up for auction. Rich is

Accepted Answer

The answer of Rich, an auctioneer, puts a sailboat up...

Question 8

Glen offers to sell Helen his iPad for $200. Under the mirror image rule, Helen's response will be considered an acceptance if the terms of the acceptance

Accepted Answer

The mirror image rule states that the acceptance must exactly mirror the terms of the offer. Therefore, if Helen's response includes anything different from what Glen offered, it will not constitute as an acceptance.

Question 9

Beth goes to Dr. Carl for surgery. Carl says that Beth should be healed within a week. Beth is not healed within a week. With respect to breach of contract, Carl is

Accepted Answer

Dr. Carl's statement about healing time is likely considered an opinion or estimate rather than a binding promise, so it does not constitute a breach of contract.

Question 10

Paolo offers to sell a truckload of fresh vegetables to Quality Market. No time for acceptance is specified in the offer. A reasonable period of time for termination of the offer is determined by

Accepted Answer

A reasonable period of time for termination of the offer is determined by all of the choices: the subject matter of the contract, business conditions, and market conditions. These factors collectively influence what is considered a reasonable time for acceptance.

Question 11

Simone offers Tom a dozen piano lessons for a certain price per lesson but conditions the deal on Tom accepting the offer by April 1. Simone may revoke the offer

Accepted Answer

The answer of Simone offers Tom a dozen piano lessons...

Question 12

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

The answer of Rafi offers to sell his sailboat, Sea...

Question 13

The U.S. Department of Justice needs to have construction work done on a federal courthouse. The agency asks contractors to submit bids. This is

Accepted Answer

The request for contractors to submit bids is an invitation to submit offers, not an offer itself. The agency is not making a promise to accept any particular bid; rather, it is soliciting offers from contractors.

Question 14

Coffee Beans Inc. offers to buy Brewing Company's roasting services for $10,000. Brewing responds that the price is too low and states that its roasting services cannot be provided for less than $15,000. In this case, the offer is

Accepted Answer

Brewing Company's response is a counteroffer, which terminates the original offer from Coffee Beans Inc.

Question 15

Nevin negotiates a deal for the sale of twenty-five acres of farmland to Otis. Nevin promises to hold the offer open in return for a small payment but does not state an exact period of time. With respect to this offer

Accepted Answer

A reasonable period of time is implied for Nevin to hold the offer open, even though no specific time was stated. This means that Otis can take a reasonable amount of time to decide whether or not to accept the offer without risking it being revoked. The exact length of the reasonable period will depend on the circumstances of the transaction.

Question 16

Barrett files a suit against City Moving Service for breach of contract, based on what Barrett claims was City's offer. For a court to determine if a contract has been breached and to give an appropriate remedy, the offer must include terms that are

Accepted Answer

For a contract to be enforceable, the terms of the offer must be reasonably definite so that a court can determine if a breach has occurred and provide an appropriate remedy.

Question 17

Larry advertises a reward for the return of his lost dog. Miguel does not learn of the reward, but nevertheless finds and returns the dog. With respect to Miguel, Larry's ad is not an offer because it lacks the element of

Accepted Answer

For an offer to be valid, it must be communicated to the offeree. Since Miguel was unaware of the reward, the offer was not communicated to him, and thus it cannot be considered a valid offer in this context.

Question 18

Fabien offers to sell his Graphic Signs LLC business to Hanna for $100,000. Hanna replies, "The price is too high. I will buy it for $75,000." Hanna has

Accepted Answer

Hanna has rejected the initial offer of $100,000 and made a new offer of $75,000, which is a counteroffer. Therefore, the correct choice is option C.

Question 19

Luke puts his motorcycle up for sale via a post on an online auction site. This is

Accepted Answer

Luke's post on the online auction site is not a definite and specific offer but rather an invitation to negotiate with potential buyers. It does not contain all the necessary elements of a legally enforceable offer, such as the intention to be bound and the clear identification of the item being sold. Therefore, it is classified as an invitation to negotiate, not an offer.

Question 20

Pastries Inc. sends Rollo its catalogue showcasing a variety of baked goods for certain prices. This is

Accepted Answer

The answer of Pastries Inc. sends Rollo its catalogue showcasing...

Quiz 9: Offer and Acceptance