Business Law: Chapter 6 (Offer & Acceptance) Review

The person to whom an offer is made is the

• offeror

• offeree

All contracts have to be in writing to be enforceable.

• True

• False

Item marked for $121.00 is an

• Offer

• Invitation to Negotiate

Offeree gives something of value for a promise to keep the offer open is a(n)

• Option

• Counteroffer

No response can be construed as acceptance

• True

• False

Acceptance is effective when

• received

• sent

If a person does not know of a reward, is he/she still entitled to it?

• Yes

• No

Contract where performance alone is acceptance

• unilateral

• bilateral

• multilateral

Which of the following advertisements are invitations to negotiate?

• Newspapers

• Radio

• Television

• All of these

UCC makes firm offers binding for not more than

• 30 days

• 3 months

• 6 months

• 1 year