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Chapter 11 BAFN
Chapter 11
| Question | Answer |
|---|---|
| What is an offer? | is a promise conditional on an act, return promise, or forbearance (refraining from doing something) |
| The Requirement of an offer? | Parties to a contract must have intent to enter binding agreement, terms must be definite, and the offer must be communicated to the offeree |
| Name 5 things that do not qualify as an offer | Invitation to bargain Price quote House Sale An advertisement A letter of intent may or may not be an offer, depending on the writer’s intent. Placing an item up for auction is not an offer, it is merely a request for an offer. |
| True or False: Courts apply the subjective theory of contracts when determining whether intent to contract existed | Courts apply the objective theory of contracts based on the reasonable person. |
| True or False: The UCC often creates contractual liability where no contract would result under common law | T Article 2 sales contracts can be created “in any manner sufficient to show agreement, including conduct…” A price, quantity, delivery, and time for payment term left open in a contract can be filled in. |
| True or False: Sales puffery may be deemed to be a valid offer | False. Sales puffery is NOT an offer. |
| True or False: UCC 2–207 does not allow contract formation if there is some variance between terms of offer and terms of the acceptance | False. UCC 2–207 allows contract formation even when there is some variance between terms of offer and terms of the acceptance |
Created by:
ryan3743
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