165 Lect 4 - pre-review

Which of the following statements best describes a valid offer?

• An expression of willingness to negotiate with another party

• A definitive promise to be bound on specific terms, made with the intention that it will become binding upon acceptance

• A statement made to inquire about the possibility of future acceptance.

• A communication that simply invites others to deal

What constitutes acceptance in contract law?

• A request for additional information regarding the terms of the offer.

• A response that modifies the terms of the original offer

• A final and unqualified assent to the terms of the offer

• An acknowledgment that an offer was received

How is a counter-offer best defined?

• A restatement of the original terms of the offer

• An acceptance with a minor modification to the terms

• A response to an offer in which the original terms are changed, effectively rejecting the initial offer

• A response to an initial agreement which defers from the original conditions, effectively rejecting the initial agreement

Which of the following scenarios would result in the lapse of an offer?

• The offeror withdraws the offer before it is accepted

• The offeree accepts the terms without conditions

• The offeree asks for clarification on the offer details

• The offeree begins to perform actions specified in the offer

Under which of the following scenarios would result in the revocation of an offer?

• The offeror has mailed a notice of revocation, but the offeree has not yet received it

• Once an offer is made, it cannot be revoked under any condition

• The offeror passes away after the offeree has accepted the offer

• The time period specified in the offer has lapsed without acceptance