Business Law Chapter 6

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

• Offer and Acceptance
• Genuine Dissent
• Legality
• All of the Above

In some cases a person may be held to an offer that she only intended as a joke. 

• True
• False

All agreements must be in writing to be enforceable in court. 

• True
• False

A newspaper ad that specified "first come, first served out of our limited stock" would be treated as an invitation to negotiate.

• True
• False

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

• True
• False

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

• suspended
• revoked
• expired
• terminated

when an offeree changes the offeror's terms in important ways, the offeree makes a

• firm offer
• counteroffer
• revocation
• termination

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 the offeree

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 an offeree gives the offeror something of value to keep an offer open, the contract thereby created is called a

• firm offer
• option
• counter offer
• termination