Contracts

Front

Which of the following is NOT an essential element of a contract? Offer, Acceptance, Consideration, None of these answers

Back

None of these answers

Front

True or False: Agreements must be in writing to be enforceable.

Back

False

Front

A flyer from Best Buy advertises the newest model iPhone for $99. Is this a legally enforceable offer or an invitation to negotiate?

Back

Invitation to Negotiate

Front

A newspaper advertisement indicates that the first 50 people to arrive at the new Chick-fil-A will receive free chicken sandwiches for a year. Is this a legally enforceable offer or an invitation to negotiate?

Back

Legally Enforceable Offer

Front

Fill in the blank: If an offer does not indicate a time of expiration, then the offer will expire upon a(n) _________________________ period of time.

Back

reasonable

Front

Fill in the blank: If the offeree gives something of value to keep an offer open, the contract created is called a(n) __________________.

Back

Option

Front

When an offerree accepts an offer, but changes the original terms of that offer, the offerree’s acceptance is called _______________:

Back

A counteroffer

Front

Once an offeree has rejected an offer, under what conditions can they later accept that same offer?

Back

If the offer was made irrevocable through an option.

Front

Is there mutual assent between Nicole and Gabby regarding the car sale offer made to Erin?

Back

No - the offer was to Erin, Nicole does not have the power of acceptance.

Front

Which of the following describes an event that would not terminate an offer?
Consolidation by offeror, Revocation by offeror, Death of the offeror, Rejection by the offeree

Back

Consolidation by offeror