1. Offer and Acceptance
Chapter 6

2. True/False
1. The person to whom an offer is made is termed the offeror.

3. True/False
1. False

4. True/False
2. all contracts have to be in writing to be enforceable.

5. True/false
2. False

6. True/False
A store display of a MP3 player marked $ would be an offer.

7. True/False
3. False

8. True/False
4. the write to withdraw an offer before it is accepted is known as the right of redemption.

9. True/False
4. False

10. True/False
A clear rejection terminates an offer.

11. True/False
5. True

12. Multiple Choice
12. Which of the following is not one of the major requirements for a contract?

13. Multiple Choice
12. A (offer and accommodation)

14. Multiple Choice
13. Which of the following is not a test that a valid offer musty pass?

15. Multiple Choice
13. C (Is the offer a Solemn offer and not made in jest?)

16. Multiple Choice
14. An unaccepted offer may be terminated by?

17. Multiple Choice
14. D (All of these)

18. Multiple Choice
15. Which of the following statements about a firm offer is untrue?

19. Multiple Choice
15. D (all of the above statements are true.)

20. Multiple Choice
16. Which of the following circumstances might render an acceptance invalid?

21. Multiple Choice
16. C (The offer is accepted by someone other than the offeree & the acceptance does not match the offer.)

22. Completion
33. To be legally enforceable as a contract, the agreement must involve both sides receiving both sides receiving something of legal value as a result of the transaction. This something of value is labeled?

23. Completion
33. Consideration

24. Completion
34. Individuals who regularly deal in he goods, or tangible personal property, being bought or sold are labeled?

25. Completion
34. Merchants

26. Completion
35. After an offer is rejected, unless renewed by the original _________, the offeree can no longer accept the original offer.

27. Completion
35. Offeror

28. Completion
38. When the specific subject matter of an offer is destroyed before the offer can be accepted, the offer is automatically_________.

29. Completion
38. Terminated

30. Completion
Dalia owns a dress shop in town; she purchases much of the mechandise for her store from Wholesale Clothiers, Inc. Wholesale offers to sell Dalia 20 various prom dresses at a price of $65 each and agrees to keep this offer open for 30 days. Both parties sign a document agreeing to the timeframe of the offer. Their agreement is best described as a(n)____________.

31. Completion
36. Firm Offer