acct275:module3

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An offer is not terminated by operation of law solely because the

subject matter is sold to a third party

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the mailbox rules ordinarily makes acceptance of an offer effective at the time the acceptance is dispatched. The mailbox rule does not apply if

The offer provides that an acceptance shall not be effective until actually received.

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An agreement is an essential element of a contract. Ordinarily the required mutual assent is achieved by means of an offer and an acceptance. Acceptance

requires manifestation of an intent to accept

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Mary "Ed if you wanted to sell your table what would you ask for it?" Ed"I suppose $400 would be afair price" Mary"I take it if you have it refinished" Ed"Sold" THUS

A contract was form when Ed said "Sold"

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which of the following is not a required element of a contract

a writting

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Under common law, an acceptance of an offer for a bilateral contract is effective

only if it is the mirror image of the offer

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an offer may be accepted

only by the designated offeree

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which of the following represents the basic distinction between a bilateral and unilateral contract

only one promise is involved if the contract is unilateral, but two are involved if it is bilateral

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contract law has undergone considerable change in response to social, economic, and political shifts since the 19thc. Which of the following is a modern characteristic of modern contract law?

the principles of caveat emptor and laissez-faire are less influential

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Carol used her dictating machine to record the text of an offer she intended to make to deanna. The secretary transcribed the tape. During lunch & B4 offer had been mail, Irvin told deanna. Deanna send an acceptance to carol. What was the effect?

no contract was formed because the offer was not communicated to the offeree by means chosen by the offeror

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OnNov1 Yost send a tlgram to Zen offering to sell a vase. The offered required Zen to response by5pm onNov2.On NOv2,3pm Zen send the acceptance by ovenight mail.Yost received it unitl Nov5.Yost refused to sell it to Zen. Is there an efforceable contract?

no because Zen did not accept by telegram

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when a client accepts the services without an agreement concerning payment, the result is

An implied-in-fact contract

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Barnes held an auction at her farm to sell tools,animals,leftover crop.Adam bid $50 for a plow and no1 bit against her. The auctioneer did not accept Adam's offer because it was too low. What is the legal effect of the bid & its rejection

Adam's bid was only an offer

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Mildred saw a vase in store. A tag on the vase said "genuine crystal,$125". Mildred said to the owner,"ill buy it for 125" The owner refused to sell the vase. In a lawsuit brought by Mildred v Milford

Milford will win because he rejected Mildred's offer

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In which of the following instances will silence by the offeree constiture acceptance

During the course of prior business dealing, the offeree has always sent a rejection if the items were not wanted. The offeree always shipped the items if such a rejection was not received.

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The president of Deal Corp. wrote to Boyd offering to sell the Deal factory for $300,000 The offer was sent by Deal on june 5 and was received by Boyd on June 9. The offer stated that it would remain open until Dec20.The offer

May be revoked by Deal anytime prior to Boyd's acceptance.

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Certain contracts have absolutely no effect and are not recognized under law. If two or more parties enter into such an agreement it is

Void

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For an offer to confer the power to form a contract by acceptance, it must have all of the following elements except

be communicated by words to the offeree by the offeror

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Carson Corp. asked Alto Cont.2fix a broken window at1 of Carson's stores. Alto offered to make repair within 3 days and the price would be agreed after the work was completed. A contract based on Alto's offer will fail because of indefiniteness as to the

priced involved

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which of the following stmts concerning the effectiveness of an offeree's rejection and an offerors revocation of an offer are ordinarily true?

received by offeror; received by offeree

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Quick Co. mail a letter to Blue Co. on May1 offering a 3yr franchise dealership. the offer stated the terms in detail and it stated that the offer would not be withdrawn b4 june5. Which of the following is true

the offer cannot be assigned to another party by Blue

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which of the following agreements is unenforceable because of its indefiniteness

the seller agrees to supply of quantity of pears dependant upon the buyer's will

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On the 1st of the month Thomas and Moore orally agreed that thomas would delivered a case of fruit to Moore's place on each monday of the current month. Moore must pay $100 on the 1st of the foll. month.On the 15 of da 15 of the month the agrmt

should be classified as Executory.

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Created by: julissaminero