2.2 An Offer

What is the key ingredient required for an offer to be legally binding?

• Witness

• Intention

• Signature

• Money

Which of the following is NOT considered an offer?

• Acceptance

• Invitations to Treat

• Requests for Information

• Statements of Intention

What is the main purpose of an Invitation to Treat?

• To make a binding offer

• To solicit bids from potential buyers

• To accept all terms of an offer

• To reject the original offer

Why is effective communication important for an offer to be valid?

• To confuse the offeree

• To prevent acceptance

• To ensure the offeree is aware of the terms

• To delay the contract formation

What action effectively ends an offer and forms a contract?

• Lapse of Time

• Acceptance

• Counter-Offer

• Rejection

In the context of contract law, what does 'lapse of time' refer to?

• The time it takes to draft a contract

• The time it takes to reject an offer

• The time it takes to accept an offer

• The expiration of an offer due to a deadline

What happens if an offeree proposes changes to the terms of an offer?

• The offer is extended indefinitely

• The original offer is accepted as is

• The offer is automatically terminated

• A new offer is created

When does an offer expire due to 'lapse of time'?

• When a specified deadline passes

• When the offeree rejects the offer

• When the offeror changes their mind

• When the offer is communicated effectively

What circumstance automatically terminates an offer?

• Revocation by the offeror

• Acceptance by the offeree

• Death or incapacity of either party

• Counter-Offer by the offeree

What right does the offeror have before an offer is accepted?

• To force acceptance by the offeree

• To extend the deadline indefinitely

• To withdraw or revoke the offer

• To change the terms of the offer