Offer

Question 1

What does a valid offer contain?

Answer 1

Reasonably certain terms that offer to exchange something of value

Question 2

What are the common ways to terminate an offer?

Answer 2

1. Rejection
2. Lapse of time
3. Death or incapacity
4. Revocation

Question 3

Counteroffer

Answer 3

An offer that proposes different terms relating to the same matter

Question 4

Name the types of irrevocable offers

Answer 4

1. Option contracts

2. Firm offers

Question 5

Option contracts

Answer 5

created if the offeror keeps the offer open for a limited amount of time in exchange for the offeree’s consideration

Question 6

Elements of a Firm Offer (UCC)

Answer 6

1. a signed writing
2. by a merchant who deals in the sale of goods
3. explicitly assuring an offeree that an offer to buy or sell goods will be open for a limited amount of time