MULTIPLE-CHOICE QUESTIONS 1. Julio offers to sell Christine a used iPad for $400

Question

MULTIPLE-CHOICE QUESTIONS 1. Julio offers to sell Christine a used iPad for $400. Which of the following replies would constitute an acceptance? a. "I accept. Please send a written contract." b. "I accept, if you send a written contract. c. "I accept, if I can pay in monthly installments." d. None of the above. 2. Vern offers to sell his car to Lee, stating that the offer will stay open for thirty days. Vern a. cannot revoke the offer for thirty days. b. can revoke the offer after any reasonable period of time. c. can revoke the offer any time before Lee accepts. d. can revoke the offer any time within thirty days, even after Lee accepts. 3. Digit Electronics places an ad announcing a sale of its inventory at public auction. At the auction, Digits auctioneesr points to an eighty-inch 3D HDTV and asks, "What am I bid for this item?" Which of the following is true? a. The first bid is an acceptance if no other bid is received. b. Each bid is an acceptance if no higher bid is received. c. Each bid is an offer that may be accepted or rejected. d. Each bid is an offer that must be accepted if no higher bid is received. 4. Ed sends to Sax, Inc., a written order for software to be specially designed, offering a certain amount of money. IE Sax does not respond, it can be considered to have accepted the offer a. after a reasonable time has passed. b. if Ed knows that Sax accepts all offers unless it sends notice to the contrary c. only when Sax begins the work. d. in none of the above situations. 145

Explanation / Answer

1.

A

It is unconditional in nature and written contract is demanded after the acceptance of the offer.

2.

C

Vern has given the offer and the time, but can revoke the offer, before it is accepted. If accepted, then contract will be created.

3.

C

Each bid is treated as offer. But, its acceptance and rejection is not a must criteria.

4.

D

Sax has to respond w.r.t. the acceptance of the offer. Then, contract will take place.

5.

B

A contract will be formed, once the signed purchase order is sent to Paul.

Pl. repost other unanswered questions for their proper answers!

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