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BUL 5810 Exam 3 with Questions and 100% Correct Answers
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BUL 5810 Exam 3 with Questionsand 100% Correct Answers
Generally, an offer may be terminated at any time before it is accepted, subject to the
following exceptions: - Answer 1. Option Contract - contract that binds offeror to keep
an offer open for a specified time
2. Firm Offer - a merchant's irrevocable offer to sell or buy goods in a signed
writing ensures that the offer will not be terminated for up to three months
3. Statutory Irrevocability - offer made irrevocable by statute
4. Irrevocable Offer of Unilateral Contract - a unilateral offer may not be revoked for
a reasonable time after performance is begun
5. Promissory Estoppel - noncontractual promise that binds the promisor because
she should reasonably expect that the promise will induce the promisee (offeree) to
take action in reliance on it
T or F: Refusal to accept an offer does not terminate the power of acceptance. - Answer
False
What is a counteroffer? - Answer A counterproposal to an offer that generally
terminates the original offer.
Death or Incompetency of either the offeror or the offeree: - Answer terminates
the offer
,T or F: Destruction of Subject Matter of an offer terminates the offer. - Answer True
Subsequent Illegality of the purpose or subject matter of the offer
____________________ the offer. - Answer terminates
What are the requirements for acceptance of an offer? - Answer Positive and
unequivocal expression of a willingness to enter into a contract on the terms of the
offer.
What is the mirror image rule? - Answer Except as modified by the Code, an acceptance
cannot deviate from the terms of the offer.
What is the general rule for communication of acceptance? - Answer Acceptance
effective upon dispatch unless the offer specifically provides otherwise or the
offeree uses an unauthorized means of communication.
The communication of acceptance must conform to the __________________________
in the offer - Answer specification
The Restatement and the Code provide that unless the offer provides
otherwise, acceptance is authorized to be in: - Answer any reasonable manner
Unauthorized Means acceptance is effective when received, provided that: - Answer it is
received within the time within which the authorized means would have arrived.
T or F: The first communication received by the offeror is effective. - Answer True
Defective Acceptance does not create a contract but serves as a: - Answer new offer
, Most contracts are governed primarily by State ___________ ______, including
contracts involving employment, services, insurance, real property (land and
anything attached to it), patents, and copyrights. - Answer common law
Article 2 of the UCC governs the: - Answer sale of goods
"Sale" is defined as: - Answer the transfer of title from seller to buyer.
Goods are defined as: - Answer tangible personal property (personal property is
all property other than an interest in land)
International Contracts involve additional issues beyond those in domestic
contracts, such as: - Answer differences in language, legal systems, and currency.
T or F: The United Nations Convention on Contracts for the International Sales of
Goods (CISG) governs all contracts for international sales of goods between parties
located in different nations that have ratified the CISG. - Answer True
What is a contract? - Answer A binding agreement that the courts will enforce.
Failure to perform a contractual obligation properly is known as a: - Answer breach
The parties to a contract must manifest by words or conduct that they have agreed
to enter into a contract; this is known as: - Answer Mutual Assent
Each party to a contract must intentionally exchange a legal benefit or incur a legal
detriment as an inducement to the other party to make a return exchange; this is
according to the principle of: - Answer consideration.
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