Business Law Chapter 6

The person to whom an offer is made is termed the offeror.

• True
• False

The right to withdraw an offer before it is accepted is known as the right of redemption.

• True
• False

If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is itself a binding contract and is called a counteroffer.

• True
• False

The requirement that the acceptance must exactly match the offer for an agreement to be legally effective is known as the reverse image rule.

• True 
• False

While an implied-in-fact contract does not have its terms expressly stated the terms can be inferred from the parties' acts or conduct.

• True
• False

A failure to respond at all to an offer can be constructed as an acceptance.

• True
• False

Unlike other methods of acceptance, a mailed acceptance is effective only when received by the offeror

• True
• False

If a person finds and returns a watch for which a reward is offered but does not know of the reward offer, the person is still entitled to the reward. 

• True
• False

Which of the following is not one of the major requirements of a contract?

• offer and accomadation
• genuine asesent
• capacity
• consideration

An unaccepted offer may be terminated by

• a counteroffer
• a reasonable length of time
• the rejection of the offeree
• all of these