WorksheetsOffer and Acceptance
Total questions: 14
Worksheet time: 11mins
The right to withdraw an offer before it is accepted is
revocation
a counteroffer
termination
consideration
Generally defined ______________ are agreements between two or more parties that create obligations.
offers
contracts
treaties
agendas
What is required to form a legally binding contract?
Offer, Acceptance, Consideration, Intention, Certainty.
Duty, Breach, Causation, Damages
Offer, Acceptance, Collateral, Sufficiency.
Invitation to treat, Offer, Counter Offer, Acceptance.
What is the definition of an offer?
An expression of willingness to negotiate.
A declaration that one party will contract with another.
Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.
An invitation for other parties to consider whether they are able to purchase the goods/services.
What is the definition of an invitation to treat?
Select all options that apply!
An invitation to another party to negotiate.
An indication of one party's willingness to enter into a contract with the party to whom its addressed as soon as the latter accepts its terms.
It is not an offer, it falls short of being an offer.
An invitation to the other party to make an offer.
Which of the following describes a revocation or termination of an offer?
Rejection
Failure to satisfy or perform conditions.
Counter offer or rejection of the offer.
The offer may be terminated by passage of time or death of the offeree/offeror
All of the above are correct.
What is a counter offer?
A further offer made by the original offeror.
Where a party seeks to introduce a secondary or ancillary agreement to the original contract.
Where a party seeks to change or vary terms of the original offer or seeks to introduce a new term(s).
A rejection and withdrawal of the original offer.
What is the general rule of the postal acceptance rule?
The offer will be accepted once the letter is received by the offeror.
When the seal of the letter is broken by the offeror.
When the letter is posted by the offeree.
When the offeree gets notification from the Royal Mail or Courier that his letter has been received.
True or false:
The postal rule applies to modern, instantaneous forms of communication.
True
False
