Business and Law

Web Quiz Assignment Name: Adamson, Law for Business and Personal Use, 17e, Xtra! - Business and Law introduction! Quiz, Chapter 6 Offers that require the offeree to accept by communicating the requested promise to the offeror are: a. unilateral contracts. 1. b. bilateral contracts. c. matching acceptance rule. d. mirror image contracts. When the current market price is not specified in a contract between merchants for the sale of goods, but the current market price is understood to be the basis of the contract, the price term is said to be: 2. a. clear. b. essential. c. reasonable. d. implied.

An unaccepted offer may be terminated by the rejection of the: a. offeree. 3. b. acceptor. c. third party. d. offeror. The Uniform Commercial Code makes firm offers binding for the stated period of time in the offer but not to exceed: 4. a. thirty days. b. three months. c. six months. d. one year. 5. Advertisements in newspapers, radio, television, and direct mailings that include a price for the product are always offers. True False If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is called a(n): a. irm offer. 6. b. unilateral contract. c. option. d. acceptance. What circumstance might render an acceptance invalid? a. The offer and the acceptance are in writing. 7. b. The acceptance does not match the offer. c. The acceptance does match the offer. d. The offer is accepted by the offeree. All contracts must be in writing to be enforceable. 8. True False A contract in which performance alone is acceptance is termed a unilateral contract. 9. True False What three things are essential for an offer to contain? a. The subject matter, date of closing, and quantity. 0. b. The price, quantity, and date of closing. c. The price, subject matter, and date of contracting. d. The price, subject matter, and quantity. 11. If an offeree alters a term in the original offer and sends it back to the original offeror, the result is a counteroffer. True False 12. If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is called a counteroffer. True False 13. Firm offers apply to merchants who make offers in writing that contain a term stating how long the offer is to stay open.

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True False All economic activity is based upon legally enforceable agreements between parties. These agreements are known as: 14. a. offers. b. contracts. c. treaties. d. agendas. An unaccepted offer may be terminated by a: a. counteroffer. 15. b. counterfeit. c. counter clause. d. counter condition. Which of the following terminates an offer? a. Offeree’s clear rejection. 16. b. Offeree’s unclear rejection. c. Offeror’s unclear acceptance. d. Offeror’s clear rejection. ________ is one of the major requirements for a contract. . Offer and accommodation 17. b. Contractual capacity c. Definite d. Incapacity Reward offers are always based on a: a. unilateral contract. 18. b. bilateral contract. c. constructive contract. d. multilateral contract. Genuine assent is one of the major requirements for a contract. 19. True False The current market price is used when the price is: a. not specified in contracts between merchants for the sale of goods. 20. b. specified in contracts between merchants for the sale of goods. c. unknown. d. outrageous.

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