165 Lect 4 - pre-review

165 Lect 4 - pre-review

University

5 Qs

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165 Lect 4 - pre-review

165 Lect 4 - pre-review

Assessment

Quiz

Other

University

Medium

Created by

Dennis Ndonga

Used 1+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following statements best describes a valid offer?

An expression of willingness to negotiate with another party

A definitive promise to be bound on specific terms, made with the intention that it will become binding upon acceptance

A statement made to inquire about the possibility of future acceptance.

A communication that simply invites others to deal

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What constitutes acceptance in contract law?

A request for additional information regarding the terms of the offer.

A response that modifies the terms of the original offer

A final and unqualified assent to the terms of the offer

An acknowledgment that an offer was received

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How is a counter-offer best defined?

A restatement of the original terms of the offer

An acceptance with a minor modification to the terms

A response to an offer in which the original terms are changed, effectively rejecting the initial offer

A response to an initial agreement which defers from the original conditions, effectively rejecting the initial agreement

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following scenarios would result in the lapse of an offer?

The offeror withdraws the offer before it is accepted

The offeree accepts the terms without conditions

The offeree asks for clarification on the offer details

The offeree begins to perform actions specified in the offer

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Under which of the following scenarios would result in the revocation of an offer?

The offeror has mailed a notice of revocation, but the offeree has not yet received it

Once an offer is made, it cannot be revoked under any condition

The offeror passes away after the offeree has accepted the offer

The time period specified in the offer has lapsed without acceptance