Business Law- Ch 7 Quizizz

There are four ways that termination of an offer can take place.

• True

• False

Saying that you do not want to buy something is terminating an offer by __________.

• Rejection

• Expiration of Time

• Revocation

• Counteroffer

If I changed my mind on entering into a contract, this is terminating an offer by __________.

• revocation

• rejection

• counteroffer

• insanity

Death always ends a contract.

• True

• False

Any changes in the term of an offer is __________.

• accepting the offer

• revocation of an offer

• termination of a contract

• a counteroffer

If the offeror puts a time limit for the acceptance in the offer, it must ____________

• be accepted within two weeks of that date

• accepted by that date

• be accepted within 24 hours of that date

• be accepted in a reasonable time after that date

A(n)_________ is a binding promise to hold an offer open for a specified period of time.

• Extension

• Option

• Agreement

• Contract

An offer must be:

• seriously intended and reasonable

• reasonable and definite and certain

• seriously intended and follow the rules regarding the method of acceptance

• reasonable and following the rules regarding the method of acceptance

When the offeree uses the same method of communication that the offeror used, the contract comes into existence when ____________

• the acceptance was received by the offeror

• the acceptance was written/typed out

• the acceptance was open and read by the offeror

• the acceptance was sent

The ________ is a unified set of statutes that covers the law of sales as well as other areas of commercial law.

• UCC

• FTC

• FDA

• UCT