Business Law - Contract Basics

The offeree is the one accepting the offer.

• True
• False

Contracts are legal links between the individuals and companies producing and consuming goods and services.

• True
• False

All serious agreements are contracts.

• True
• False

The test of the reasonable person is an objective legal test used by juror or judges.

• True
• False

When the offeror communicates an offer to contract, the offeree is not required to accept it, but he or she may choose to do so.

• True
• False

Social agreements create legal obligations.

• True
• False

Advertisements are considered invitations rather than offers.

• True
• False

Every offer, when properly made, is always ended either by acceptance or rejection by the offeree.

• True
• False

Even though the offeree has given nothing of value in exchange, a merchant who makes a firm offer may not revoke it.

• True
• False

An offer made to one person can be accepted by another.

• True
• False