A counter offer terminates an offer.
Answer: True
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Business Law Chapter 11
- A seller's form clearly states no warranty is included. The buyer's form states that the seller warrants the goods for one year. In this case:
- Alex and Scott have a contract wherein Scott agrees to buy sporting goods and equipment. Since the goods are not to be delivered for several months, they left the price open. Under the UCC, which of the following will be true?
- George owns 200 acres of land. George offers to sell the land to Roland for $1,500 per acre. Roland replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre. George agrees to sell but does not identify which 40 acres. Later, George refuses to sell any land to Roland. What is the result?
- What is a revocation?
- A letter of intent:
- Omecron, Inc. sent the following price list to its customers. Dispensers SBC-500J $670.00 True TDD-1 $875.00 True TDD-2 $1,465.00 True TDD-3 $1,515.00 CO2 Tank and Regulator $150.00 Which statement is correct?
- Which of the following elements is NOT necessary for an offer to be valid?
- LoveTravel offered to sell 10 round-trip tickets to Sally. LoveTravel stated that the acceptance must be in writing by USPS next-day service. Which of the following acceptances will create a contract between LoveTravel and Sally?
- Cynthia goes to an auction and sees a rare antique lamp that is an identical match to one she already has. At the proper time she bids on the lamp and is the highest bidder. Even though she is the highest bidder, the auctioneer refuses to accept her bid and withdraws the lamp from the auction. Can the auctioneer do that?
- If an offer does not specify a type of acceptance:
- Stephen mails an offer to Julia that states, "I offer to sell you my car for $2000. If I don't hear from you in 10 days, I will assume you are willing to buy the car for the stated price." Stephen hears nothing by the deadline and assumes he has a deal. What is the result?
- Offers can be terminated in all of the following ways EXCEPT:
- Chester signed an agreement with Ted under which Chester agreed to purchase all the hay that Ted grew during the coming growing season. This contract will be:
- Two parties are said to have a "meeting of the minds" when:
- In which case below is the offer still valid at the time the acceptance is made?
- Which of the following offers are considered to be irrevocable for a given period?
- Joanne offered to buy Jason's bike. Joanne is the:
- Adam owns a thoroughbred horse named Prince Charming that just ran in the Kentucky Derby. Prince Charming came in last, much to Adam's frustration and embarrassment. Adam exclaims in a loud voice, "I'm selling that horse to the first person who hands me $100 bucks!" Adam has:
- Collector Cameron displays his beer can collection at the local swap meet. Jill sees the collection and is interested in buying it. Cameron says he will sell the collection for $1,500. Jill says she really likes the collection but is only willing to pay $1,000. Which of the following is correct?
- MaryBeth mails an offer to Kara that states, "I offer to sell you my sofa for $200. If I don't hear from you in 10 days, I will assume you are willing to buy the sofa for the stated price." MaryBeth hears nothing by the deadline and assumes she has a deal. What is the result?
- Pathmet Co. offers to buy 1000 widgets from Widget World Co. The written offer provides for 1000 at $10 per widget, to be delivered May 1. The offer has no other provisions. Widget World sends a written acceptance. However, the acceptance also states that if any claim arises under this contract, Widget World must be notified within 10 days. Pathmet does not object to this provision. Both parties are merchants. Which of the following best describes this situation?
- The intent of the offeror to extend an offer to the offeree is generally determined by reference to:
- Jameson and Dwyer have been negotiating for several months over issues related to the purchase and sale of some real estate. They draft a letter of intent which:
- Michael offers to sell Julie his 1955 Thunderbird convertible. Before Julie can accept the offer, lightning strikes the car and it is totally destroyed. Which of the following is true?
- Brad offers to sell his 1967 Ford Mustang convertible to Al. Before they conclude their negotiations, Brad dies. Which of the following is true?
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