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Exam 10: The Agreement: Offer

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Question 1

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When is the revocation of an offer effective?

A) When received by the offeror
B) When received by the offeree
C) When sent by the offeree
D) When sent by the offeror

E) A) and C)
F) A) and D)

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Question 2

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The Toy Company offers to sell Wal-Mart 10,000 dolls at a certain price. The offer, which is signed by TTC's President, is complete and certain as to all material terms. The offer also states that it will remain open for four months, but does not require any consideration in support of this promise. TTC revokes the offer 100 days after it was made. Is this revocation effective? Would your answer change if TTC revoked 80 days after the offer was made?

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We have a sale of goods, so Article 2 of...

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Question 3

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The offeror's death automatically terminates an offer, but the offeree's death does not.

Advertisements for the sale of goods at specific prices are considered to be:

If a term is left open in a sale of goods contract, that open term or "gap" can be filled by inserting a presumption found in the UCC's "gap-filling" rules.

The offeror is said to be the "master of the offer". This means that offerors have the power to determine the terms and conditions under which they are bound to a contract.

All terms of contracts, even "fine-print" terms of standard form contracts, are always part of the parties' deal and binding on them, because parties have an obligation to read their contracts and are assumed to have done so.

Which of the following characterizes the Code's standards of definiteness?

Adam offers to sell Bill his house. The offer is complete and certain as to all material terms. The offer also contains a promise that for a price of $100, Adam will keep the offer open for 30 days. Bill never pays Adam the $100. Ten days after making the offer, A telephones Bill to revoke it. Three days after that, Bill accepts. Is there a contract here? Why or why not?

Which of the following helps to prevent offerors from revoking their offers prior to acceptance when the offeree relies on it being kept open?

When an auction is advertised as being _________, the seller is treated as having made an offer to sell the goods to the highest bidder.

On May 1, Ida makes a written offer to Miranda for the sale of Ida's car. On May 2, Ida mails Miranda a letter revoking the offer. On May 3, Ida telephones Miranda to tell her that she is revoking the offer. On May 4, Miranda learns that Ida has sold the car to Chris. On May 5, Ida's letter finally gets to Miranda. Ida's offer terminated on:

Bob offers to sell his bike to Sue for $100, and promises to keep his offer open for five days. Sue thanks him and leaves. At this point, Bob still has the power to revoke his offer.

The three requirements for a valid offer are: present intent to contract, definiteness, and communication to the offeree.

In which of the following circumstances are offerors free to revoke their offers?

Courts look at parties outward manifestations of intent as a requirement to enforce a contract. This is called the subjective standard of intent.

Which of the following is true of a sales contract under the UCC?

Ashley says to Ford, "I'd like to buy your house," and Ford responds, "You've got a deal". This exchange lacks _____.

E-systems, Inc., a manufacturer of computer chips, offers to sell 1,000 chips to Swell Computers for $2,000 in a signed memo that states the offer is good for one year. Four months later, E-systems revokes the offer, having never received an acceptance from Swell. After receiving the revocation, Swell wants to accept E-Systems's offer. What is the result?

Generally speaking, the UCC's rules for the definiteness of an offer make it easier to form a contract than traditional common law rules.