LSB Ch. 7 - Mutual assent is typically referred to as a(n) "________" because the parties have agreed to certain
promises and obligations.
️meeting of the minds - An _______ is a promise or commitment to do (or refrain from doing) a specified activity, such as
selling a good at a particul...
- Mutual assent is typically referred to as a(n) "________" because the parties have agreed to certain
promises and obligations.
✔️meeting of the minds
- An _______ is a promise or commitment to do (or refrain from doing) a specified activity, such as
selling a good at a particular price or offering to provide services at a given rate.
✔️offer
- Bill and Tom are heavily intoxicated; after his 9th beer, Bill says to Tom, "I'll sell you my hunting truck
for a six-pack of beer," and they shake hands on it. The next day, Tom arrives with a six-pack and asks for
the keys. Bill doesn’t remember anything and refuses to give Tom the keys. The issue is whether
_______.
✔️Bill had objective intent
- The modern trend is that advertisements appearing in mass media, in store windows, or in display
cases are _______. (Choose two correct answers)
✔️invitations to make an offer
✔️not offers
- After reading an advertisement from BestDeals stating: "Giant 54" plasma televisions for $100 to the
first 50 buyers on Friday, June 15th," Tom shows up with $100 cash. This could exemplify advertising as
a(n) _______.
✔️unilateral offer
- An enforceable contract requires _______, also referred to simply as assent or agreement.
✔️mutual assent
- True or false: Traditional contract law principles still apply to e-contracts, but courts have had to
develop new applications and theories.
, ✔️True
- An offer may be terminated by action of the parties in one of three ways: (1) _______, (2) _______, or
(3) _______. (Choose three correct answers)
✔️rejection
✔️revocation
✔️counteroffer
- The first step in determining whether a valid offer exists is analyzing the offeror's objective _______
when making the offer.
✔️intent
- An offer is terminated by _______ when the offeror withdraws the offer by expressly communicating
this to the offeree prior to _______. (Choose two correct answers)
✔️revocation
✔️acceptance
- Today, courts would view a price tag on a product in a store as a(n) ________ and not an offer to sell at
that price by the business.
✔️invitation for the customer to make an offer
- Suppose on September 11, Tom sends an email to Joe revoking his offer. Joe is out of the office, but
Joe's administrative assistant receives the email. However, Joe never actually sees it. The next day, from
his hotel room in Tokyo, Joe calls Tom to accept the offer made on September 11. Does a contract exist?
(Choose all correct answers)
✔️No, because Joe's agent received the email.
✔️No, because Joe made a counteroffer.
- The main exception to the rule that advertisements are invitations to negotiate occurs when the
advertisement is specific enough to constitute a(n) _______ contract.
✔️unilateral
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