Business Law - Chapter 6 Review

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

• False
• the price, subject matter, and quantity
• Is made in anger, terror or jest?
• True

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

• on the use of unfair pressure exerted to obtain the offer or acceptance
• True

• Is made in anger, terror or jest?
• 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.

• False
• True

• merchants
• on the use of unfair pressure exerted to obtain the offer or acceptance

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

• False

• the price, subject matter, and quantity
• Individuals who regularly deal in the goods, or tangible personal property, being bought or sold are labeled
• True

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.

• unilateral contract
• False
• terminated
• True

A store display of a MP3 player marked $121.00 would be an offer.

• a reasonable length of time
• option
• False
• True

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

• Social Contract

• False
• enforceable against him or her
• True

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

• True

• merchants
• False
• quasi or implied-in-law

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.

• False
• True

• option
• mirror image rule

A clear rejection terminates an offer.

• False

• implied
• merchants
• True