B Law Test 2 Ch. 12
one party must make an offer and the other must make an apperance - ✔✔To form a
meeting of the minds
True - ✔✔To form a contract, there must be a meeting of the minds.
how the parties' conduct would be interpreted by a reasonable person - ✔✔In
assessing the validity of a contract, the court will consider
True - ✔✔To validly accept an offer, a party must agree to the terms unconditionally.
1. Do the offeror's words and actions indicate an intention to make a bargain?
2. Are the terms of the offer definite? - ✔✔Select the two questions that determine
whether a statement is an offer:
The Shoe Dump - ✔✔Stanley's Shoelaces sends its brochure to a dozen local shoe
0%
stores. The brochure lists all of its products and lists prices. Based on this information,
the Shoe Dump orders 500 pairs of laces. _____ has/have made an offer(s).
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sometimes - ✔✔Letters of intent are ______ binding.
a request for offers, very specific terms - ✔✔Generally, an advertisement is ______. If
an advertisement includes _____ it can be considered an offer.
True - ✔✔The law assumes that an auction is with reserve unless the auctioneer
clearly states otherwise.
offeree, offeror - ✔✔The person to whom an offer is made is the _____. The person
who made the offer is the _____.
the auction received no bids - ✔✔If an auction receives no offers, it means
, the seller must sell it to the highest bidder, even if it means selling the item for
significantly less than it is worth. - ✔✔If an item is being sold at auction without
reserve:
is not valid because it is not definite. - ✔✔Peter says to Carolina: "My property is
about 2 acres, and I'll need you to clean it up. I pay the going rate. Start work at some
point next week." This job offer probably
indefinite, definite - ✔✔Contracts made under the UCC can be _____ ; offers under
the common law must be ___.
the law of sales more flexible - ✔✔The Uniform Commercial (UCC) code makes
True - ✔✔Under the UCC, two parties can make a contract for the sale of goods and
omit the price and the contract will still be upheld.
Offer, signed in writing by a merchant, that promises to remain open to a period up to
0%
three months; offeree need not pay for the option to remain open. - ✔✔Define: Firm
10
Offer
An interested purchaser buys the right to have the offer held open for a certain period
of time. - ✔✔Define: Option Contract
An offer that can never be accepted. - ✔✔Define: Terminated Offer
Rules for supplying missing contract terms. - ✔✔Define: Gap-filler provisions
Obligates the buyer to obtain all of his needed goods from the seller. - ✔✔Define:
Requirements Contract
When the offeror "takes it back" before the offeree accepts. - ✔✔Define: Revoked
Offer
Obligates the seller to sell all of his output to the buyer, who agrees to accept it. -
✔✔Define: Output Contract
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