Business Law (Chapters 8 & 9)

Question 1 2 / 2 pts Offer and acceptance are..

Business Law (Chapters 8 & 9)

Question 1
2 / 2 pts
Offer and acceptance are essential elements of a contract.

False
Answer: True
Correct!

True

Question 2

2 / 2 pts
A counteroffer, that is, a conditional, or qualified, acceptance of an offer, is generally interpreted as an acceptance and is not binding on the parties.

True
Correct!

False

Question 3

2 / 2 pts
If goods are advertised in a newspaper at an incorrect price, and the fault is that of the newspaper, the merchant may be able recoup his or her losses from the publication.
Correct!

True

False

Question 4

2 / 2 pts
Offers are terminated for all of the following reasons EXCEPT:

lapse of time.

rejection.
Correct!

silence.

revocation.

Question 5

2 / 2 pts
The ____________ states that an acceptance sent via the postal system or by courier is effective when sent.

acceptance rule
Correct!

mailbox rule

good faith rule

mirror image rule

Question 6

2 / 2 pts
All of the following communications are offers that are obviously not made with the intent of entering into a valid enforceable agreement EXCEPT those made:

under severe emotional strain.
Correct!

through electronic means.

in anger.

in jest.

Question 7

2 / 2 pts
A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):
Correct!

offer.

request for proposal.

acceptance.

invitation to acceptance.

Question 8

2 / 2 pts
Advertising is generally regarded as a(n):

executory contract.
Correct!

invitation to trade.

firm offer.

commitment to sell.

Question 9

2 / 2 pts
An offer can be terminated by an offeror’s revocation before acceptance.
Correct!

True

False

Question 10

2 / 2 pts
The general rule of contract law provides that the acceptance of an offer must be the same as the offer.
Correct!

True

False

Question 11

2 / 2 pts
If an injured party in a lawsuit can prove only misrepresentation, the contract can be canceled and the injured party can also sue for additional damages.

True
Correct!

False

Question 12

2 / 2 pts
All of the following are fraudulent except:

false statements.

intentional concealment.

intentional nondisclosure.
Correct!

puffing.

Question 13

2 / 2 pts
Genuineness, or reality of an agreement, is said to be present in a contract when there is a true meeting of the minds.
Correct!

True

False

Question 14

2 / 2 pts
Checkroom and luggage receipts are examples of:

unconscionable contracts.

expressed contracts.

simple contracts.
Correct!

contracts of adhesion.

Question 15

2 / 2 pts
In the eyes of the law, a misrepresentation is a belief that is not in accord with the facts.

True
Correct!

False

Question 16

2 / 2 pts
Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person. Such relationships are found in all of the following, EXCEPT that of a(n):

physician or nurse and a patient.

attorney and a client.

employer and an employee.
Correct!

client and vendor.

Question 17

2 / 2 pts
An injured party who can successfully prove misrepresentation only has the remedy to:
Correct!

cancel the contract.

accept the contract.

bring suit for damages.

claim specific performance.

Question 18

2 / 2 pts
Intentional concealment or intentional nondisclosure of material facts is just as fraudulent as making false statements.
Correct!

True

False

Question 19

2 / 2 pts
Contracts that involve parties of unequal bargaining power are often considered:

inadequate.

unconscionable.

unforgivable.
Correct!

contracts of adhesion.

Question 20

2 / 2 pts
If the mistake in the contract is made by both parties then it amounts to:
Correct!

mutual mistake.

conditional mistake.

intentional mistake.

unilateral mistake.

Question 1

2 / 2 pts
A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):

offer.

invitation to acceptance.

acceptance.

request for proposal.

Question 2

2 / 2 pts
An offer made in anger or jest is not made with the intent of entering into a valid enforceable agreement.

True

False

Question 3

2 / 2 pts
All of the following communications are offers that are obviously not made with the intent of entering into a valid enforceable agreement EXCEPT those made:

under severe emotional strain.

in jest.

through electronic means.

in anger.

Question 4

2 / 2 pts
Advertising is generally regarded as a(n):

firm offer.

invitation to trade.

commitment to sell.

executory contract.

Question 5

2 / 2 pts
If an advertisement contains a positive promise and a positive statement of what the advertiser expects in return, the court will usually hold that the advertisement is a(n):

proposal.

request.

offer.

informal invitation.

Question 6

2 / 2 pts
The ____________ states that an acceptance sent via the postal system or by courier is effective when sent.

mirror image rule

good faith rule

acceptance rule

mailbox rule

Question 7

2 / 2 pts
Under the UCC, any written offer by a merchant to buy or sell goods that states that the offer will be held open for a specified time period:

can be revoked during that time period, but only in writing.

can always be revoked.

cannot be revoked during that time period.

cannot be revoked by spoken word.

Question 8

2 / 2 pts
Offer and acceptance are essential elements of a contract.

False
Answer: True

True

Question 9

2 / 2 pts
If goods are advertised in a newspaper at an incorrect price, and the fault is that of the newspaper, the merchant may be able recoup his or her losses from the publication.

True

False

Question 10

2 / 2 pts
Under the mailbox rule, an acceptance sent via the postal system or by courier is effective when sent.

True

False

Question 11

2 / 2 pts
A fraud charge can be proven only if it is available in writing, but not if it is spoken or by acts or conduct.

True

False

Question 12

2 / 2 pts
The pressure under duress only takes the form of a threat of bodily harm to an individual or to his family, but not the threat of serious loss or damage to his property.

True

False

Question 13

2 / 2 pts
In the eyes of the law, a misrepresentation is a belief that is not in accord with the facts.

True

False

Question 14

2 / 2 pts
For a contract to be dissolved because of a mistake, the law usually requires that only one of the parties has to be part of the mistake.

True

False

Question 15

2 / 2 pts
A contract resulting from the use of undue influence is:

void.

.fraudulent

voidable.

considered a mistake.

Question 16

2 / 2 pts
For the injured party to claim fraud, he or she must prove all of the following of the statements or acts EXCEPT that it:

was relied on by the injured party.

was a misstatement or nondisclosure of a material fact.

was made with knowledge of its falsity or with reckless disregard of its truth.

was not intended to cause the other party to enter into the agreement.

Question 17

2 / 2 pts
All of the following are fraudulent except:

puffing.

false statements.

intentional concealment.

intentional nondisclosure.

Question 18

2 / 2 pts
Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person. Such relationships are found in all of the following, EXCEPT that of a(n):

attorney and a client.

client and vendor.

employer and an employee.

physician or nurse and a patient.

Question 19

2 / 2 pts
A misdemeanor is the intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party.

True

False

Question 20

2 / 2 pts
If the mistake in the contract is made by both parties then it amounts to:

conditional mistake.

unilateral mistake.

mutual mistake.

intentional mistake.

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