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Offer and Acceptance
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Offer and Acceptance
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12 Questions

1. Nearly all offers must, at a minimum, identify

2. What the promisor demands and generally must receive in order to make his or her promise legally enforceable against him or her is called ____________________.

3. Which of the following is a test that a valid offer must pass?

4. If an offeree alters a term in the original offer and sends it back to the original offeror, the result is a(n)

5. When current market price is not specified in a contract between merchants for the sale of goods, but the current market price is understood to be the basis of the contract, the price term is said to be

6. A(n) ____________ contract is not really a contract but a legal fiction created by the law to allow the enforcement of a contractual remedy where justice alone warrants such a remedy.

7. If the court requires that the terms of the acceptance exactly match the terms contained in the offer in order for the contract to be legally enforceable, the court is imposing the

8. A contract in which performance alone is acceptance is termed a(n) ____________________.

9. While an implied-in-fact contract does not have its terms expressly stated the terms can be inferred from the parties' acts or conduct. (T/F)

10. All contracts have to be in writing to be enforceable. (T/F)

11. A contract between the offeree and the offeror where the offeree gives something of value in return for a promise to keep the offer open is known as a(n)

12. Which of the following statements about a firm offer is not true?

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