Offer and Acceptance ch.12

Question 1

what is composed of an offer and acceptence?

Answer 1

Agreement

Question 2

A requirement of an offer where the offeror intends to make a binding obligation may be shown by conduct or writing

Answer 2

Contractual intent

Question 3

The offer must be in what type of language to be considered valid.

Answer 3

legal and definite terms

Question 4

____ between the two parties is a requirement to be considered an offer.

Answer 4

communication

Question 5

T/F offers must be phrased in a way to be legally binding

Answer 5

true

Question 6

Is advertising an offer or an invitation to negotiate?

Answer 6

invitation to negotiate

Question 7

T/F Prices are not real and subject to change.

Answer 7

True

Question 8

Terms not explicitly stated but referenced in an offer are ____.

Answer 8

Incorporated terms

Question 9

Some terms in an offer do not need to be explicitly stated.

Answer 9

Implied terms

Question 10

Subject to good faith

Answer 10

best efforts clause

Question 11

If you do this I will do this

Answer 11

output and requirement contracts

Question 12

1. Between merchants
2. In writing
3. for sale of goods
4. states its term to be irrevocable for up to 3 months

Answer 12

Firm Offer

Question 13

revocations of offers are effective upon receipt and acceptances are effective upon mailing

Answer 13

Mailbox rule