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Final Exam- Business Law Questions and Answers 100% Verified $12.49   Add to cart

Exam (elaborations)

Final Exam- Business Law Questions and Answers 100% Verified

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  • Course
  • Business law
  • Institution
  • Business Law

Final Exam- Business Law Questions and Answers 100% Verified

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  • September 10, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business law
  • Business law
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Final Exam- Business Law Questions and Answers 100%
Verified
Courts interpret contracts using an objective standard (True/False) Correct-True




Only the offer to whom an offer is directed can accept the offer (True/False) Correct-True




Once an offer is made, an offeror has no right to terminate it before receiving a reply

(True/False) Correct-False




An offer by a retailer to purchase seasonal goods from a wholesaler would not lapse sooner

than an offer to purchase goods that could easily be sold all year long (True/False) Correct-

False




There are limited number of circumstances under which silence can be an acceptance

(True/False) Correct-True




If the subject matter of an offer is destroyed, the offer terminates after 10 days or notice of

the death of the offer, whichever comes first. (True/False) Correct-True




A newspaper advertisement can never be a valid offer (True/False) Correct-False

, Final Exam- Business Law Questions and Answers 100%
Verified

An "express authorization" occurs if the means by which an acceptance can be communicated

to the offeror is expressly stated in the offer (True/False) Correct-True




If an acceptance is received after a rejection is received, the acceptance is still valid.

(True/False) Correct-False




Under the Mailbox Rule, a valid contract has been formed if an acceptance is dispatched, but

before it is received, the rejection is communicated by the offeror. (True/False) Correct-

True




What is the first element of a valid contract? Correct-An agreement




If nothing is stated to the contrary in terms of an auction, an auctions presumed to be

____________. Correct-With reserve




In an auction _____________, the seller is treated as making an offer to accept the highest

bid. Correct-Without reserve

, Final Exam- Business Law Questions and Answers 100%
Verified

The ____________ terms of a contract are those terms that would allow a court to determine

what the damages would be in the event that one of the parties breaches the contract.

Correct-Material




What terms would be considered material terms? Correct-Subject matter, price, and

quantity




What ways can an offer terminate? Correct-Revocation by the offeror, rejection or

counteroffer by the offer, or destruction of the subject matter.




If a person wishes to ensure that an offer will in fact be held open for a set period of time, the

person may do so by entering into an _____________ contract with the offeror. Correct-

Option




As a general rule, when is revocation effective? Correct-When it is received by the offeree

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