BLaw Ch. 6 Review

Which of the following is not an essential element of a contract?

• Offer and Acceptance
• Genuine dissent
• legality
• all are essential elements

If an offeree clearly rejects the offer, the offer is termed

• suspended
• revoked
• expired
• terminated

Which of the following does not describe an event that will terminate an offer?

• revocation by the offeror
• purchase of an option by the offeree
• counteroffer
• death of an offeree

If either the offeror or the offeree is deemed insane, the law will 

• uphold any offers made
• terminate any offers made

A firm offer is valid for no more than

• one year
• six months
• three months
• none listed

If the parties to a contract have mutual obligations to perform it, the contract is termed

• unilateral
• bilateral
• biliteral
• none listed

If an offeror specifies in the offer that the acceptance must be made by fax, an e-mail acceptance will not be effective.

• True
• False

If a beauty salon hair designer said to a customer, "This price on the cut and dry is good for 30 days," and then wrote it down on a piece of paper and signed it, it would be considered a firm offer.

• True
• False

An offeree who rejects an offer can later accept it if the acceptance occurs within a reasonable time after the original offer.

• True
• False

If a time for the offer is not stated, it will expire in a reasonable time under the circumstances.

• True
• False