| A | B |
|---|
| The person to whom an offer is made is termed the ________________. | offeree |
| ontracts DO NOT have to be in ___________ to be enforceable. | writing |
| A store display of a MP3 player marked $121.00 would ________________. | NOT be an offer |
| The right to withdraw an offer before it is accepted is known as the _________________. | right of revocation |
| A clear rejection _____________ an offer. | terminates |
| If the offeree gives the offeror ________________ in return for a promise to keep the offer open, this agreement is itself a binding contract and is called an ______________. | something of value |
| The requirement that the acceptance must exactly match the offer for an agreement to be legally effective is known as the _________ rule. | mirror image |
| While an implied-in-fact contract does not have its terms expressly stated the terms can be inferred from the parties’ _______________. | acts or conduct |
| A failure to respond at all to an offer can be construed as an _______________. | acceptance |
| A mailed acceptance is effective when ______________. | properly posted |
| If a person finds and returns a watch for which a reward is offered but does not know of the reward offer, the person is __________ to the reward. | not entitled |
| ______________ is not one of the major requirements for a contract? | offer and accommodation |
| The tests that a valid offer must pass? | contractual intent, essential terms complete and definite, and communicated to the offeree |
| An unaccepted offer may be terminated by ___________. | a counteroffer, a reasonable length of time, or rejection by the offeree |
| The following statements about a firm offer are true? | It is good for the stated time but no longer than three months, binding whether or not the offeree paid anything to hold it open, and only apply to merchants who make offers in writing |
| The following circumstances might render an acceptance invalid? | the offer is accepted by someone other than the offeree or the acceptance does not match the offer |
| A contract in which performance alone is acceptance is termed a(n) ____________________. | unilateral contract |
| Capacity to contract means that the person ______________. | has the ability, according to law, to understand the contract and the consequences thereof |
| 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. | quasi or implied-in-law |
| In a unilateral contract the offeror promises something in return for the _____________ and indicates that this performance is the way acceptance is to be made. | offeree’s performance |
| 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 mirror image _________. | rule |
| Advertisements in newspapers, radio, television, and direct mailings are considered to be ____________. | invitations to negotiate |
| ____________ are always the basis for a(n) unilateral contract. | Reward offers |
| The Uniform Commercial Code makes firm offers binding for the stated period of time in the offer but not to exceed __________. | three months |
| Nearly all offers must, at a minimum, identify | the price, subject matter, and quantity |
| The withdrawal of an offer before it is accepted is known as a(n) ______________. | revocation. |
| A contract between the offeree and the offeror where the offeree gives something of value in return for ______________________ is known as an option. | a promise to keep the offer open |
| Generally, when nothing is said in the offer about how long it will remain open, it will end after ________________. | a reasonable length of time |
| 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 ___________. | implied |
| Generally defined ______________ are agreements between two or more parties that create obligations. | contracts |
| If an offeree alters a term in the original offer and sends it back to the original offeror, the result is a(n) _____________. | counteroffer |
| Shawna offers to type Philip's research paper at the price of $6 per page. Philip's paper will be 20 pages long and will cost him a total of $120. Shawna wants a deposit of $60 before she agrees to begin typing. Philip does not know if he has enough money to pay Shawna and states that he will contact her tomorrow regarding her offer. Shawna has second thoughts regarding Philip's ability to pay her for the services. Shawna calls Philip and withdraws her offer before Philip accepts it. She is able to do this because she has the right of ____________________. | revocation |
| Individuals who regularly deal in the goods, or tangible personal property, being bought or sold are labeled ____________________. | merchants |
| After an offer is rejected, unless renewed by the original ____________________, the offeree can no longer accept the original offer. | offeror |
| Dalia owns a dress shop in town; she purchases much of the merchandise 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 arrangement is best described as a(n) ____________________. | firm offer |
| Victor places a sign in his pickup truck stating, "Truck for Sale." Alfredo notices the sign and discusses the matter with Victor. Victor offers to sell his truck to Alfredo for $1,200 agreeing that Alfredo can pay him $600 now and make two $300 payments on the 30th of the next two months. Alfredo thinks about the offer and proposes to pay $600 now and then $200 payments on the 30th of the next three months. Alfredo's proposal to Victor is considered a(n) ____________________. | counteroffer |
| When the specific subject matter of an offer is destroyed before the offer can be accepted, the offer is automatically ____________________. | terminated |
| Miquel wants to go to college this fall. Although he is working and placing money in his savings account for that purpose, he realizes that he will need another $4,000. He places an advertisement in a local newspaper offering to sell his motorcycle for $4,000. Several prospective buyers answer Miquel's ad including his friend, Ricardo, who has always admired Miquel's motorcycle. Ricardo discusses purchasing it with Miquel. Miquel agrees to take $2,000 from Ricardo and promises to keep open the offer to purchase the motorcycle to Ricardo only. This agreement would be legally described as a(n) ____________________. | option |
| Rhonda's favorite cat disappeared one day from her backyard. In an attempt to find her cat, Rhonda placed pictures of her cat throughout the neighborhood offering $50 to anyone who finds her cat and returns it to her. Within two days, a neighbor located the cat and returned it to Rhonda to claim the reward. Rhonda gladly paid her neighbor the agreed upon sum. This is a good example of a(n) ____________________ contract. | unilateral |
| What the promisor demands and generally must receive in order to make his or her promise legally enforceable against him or her is called ____________________. | consideration |
