Law Chapter 5 Exam

Front

An oral contract is not enforceable at law.

Back

False

Front

Advertisement in newspapers, price tags, and signs in store windows are treated by the law as invitations to negotiate. True or False?

Back

True

Front

An acceptance of an offer to sell goods may not change the terms of the offer if both offeror and offeree are nonmerchants.

Back

False

Front

A valid contract must contain only four of the six elements of a contract.

Back

False

Front

Consideration is the legal ability to enter a contract.

Back

False

Front

The taking back of an offer by the offeror is

Back

revocation

Front

A contract that amounts to nothing and has no legal effect is

Back

void

Front

A contract is ___________ if it can be canceled by one of the parties.

Back

voidable

Front

A contract that contains a promise by both parties is

Back

bilateral

Front

To be effective, an offer must be communicated to the 

Back

offeree