Genuine assent is one of the major requirements for a contract.
True
An unaccepted offer may be terminated by a:
counteroffer
If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is called a counteroffer.
False
Which of the following terminates an offer?
offeree's clear rejection
All contracts must be in writing to be enforceable.
False
________ is one of the major requirements for a contract.
Contractual capacity
A contract in which performance alone is acceptance is termed a unilateral contract.
True
What circumstance might render an acceptance invalid?
The acceptance does not match the offer.
An unaccepted offer may be terminated by the rejection of the:
offeree
Firm offers apply to merchants who make offers in writing that contain a term stating how long the offer is to stay open.
True
Offers that require the offeree to accept by communicating the requested promise to the offeror are:
bilateral contracts.
Advertisements in newspapers, radio, television, and direct mailings that include a price for the product are always offers.
False
Reward offers are always based on a:
unilateral contract.
The Uniform Commercial Code makes firm offers binding for the stated period of time in the offer but not to exceed:
three months.
What three things are essential for an offer to contain?
the price, subject matter, and quantity
The current market price is used when the price is:
not specified in contracts between merchants for the sale of goods.
If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is called a(n):
option
If an offeree alters a term in the original offer and sends it back to the original offeror, the result is a counteroffer.
True
All economic activity is based upon legally enforceable agreements between parties. These agreements are known as:
contracts
When the 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