Business Law Seminar 2 - Offer and Acceptance

What constitutes an offer in contract law?

• An expression of willingness to negotiate

• A definite promise to be bound upon acceptance of specified terms

• A request for information

• An invitation to treat

When can an offer be accepted?

• Upon the offeree learning of the offer

• As soon as the offeror intends to make an offer

• As soon as the offer is made but before receipt by the offeree

• Any time

Which of the following is an essential element of a valid offer?

• Communication to the offeree

• All of the above

• Certainty and completeness of the terms

• Expression of an intention to be bound upon acceptance of specified terms

An offer can be terminated by which of the following ways?

• Acceptance by the offeree

• Revocation by the offeror

• Counteroffer by the offeree

• All of the above

Which of the following is NOT generally a valid method of acceptance?

• Verbal acceptance

• Written acceptance

• Silence

• Conduct indicating acceptance

When is silence considered acceptance of an offer?

• Always

• When the offeror specifies silence as acceptance

• When the offeree specifies silence amounts to acceptance

• Never

What is the legal effect of a counteroffer?

• It terminates the original offer

• It creates a binding contract

• It has no legal effect

• It extends the original offer's validity

What of the following BEST describes the difference between an invitation to treat and an offer?

• They are the same in contract law

• An invitation to treat cannot be accepted, but an offer can

• An invitation to treat can be accepted, but an offer cannot

• An invitation to treat is always revocable, but an offer is not

You did your readings for this class

• Absolutely, I am very studious

• I skimmed through the textbook

• I forgot

• Sorry, no time