PINAL EXAMINATION FALL 2017) INSTRUCTIONS Listen carefully to any oral instructi
ID: 2597521 • Letter: P
Question
PINAL EXAMINATION FALL 2017) INSTRUCTIONS Listen carefully to any oral instructions given by the examiner, prior to or during the examination. All answers to the questions below must be recorded on or in the "scantron" or "blue book" using a #2 pencil or blue/black pen respectively. All examination materials must be turned in at the conclusion of the examination. Any failure to adhere to these rudimentary directions may result in a diminution of the test score or a disqualification therefrom PART I TRUE/FALSE (1.5 PTS. EA) 1. The response that the offeror expects from the offeree determines whether a contract is bilateral or unilateral. T/F 2. If a person is intoxicated when signing a contract, they may not back out of the contract based on being intoxicated because being intoxicated is a voluntary condition. T/F 3. An invitation to negotiate is an offer because it expresses a willingness to be bound by acceptance. T/F 4. An offeror has no right to revoke an offer before receiving a reply. T/FExplanation / Answer
1.) True
Whether a contract is bilateral or unilateral depends upon what response the offeror expects from the offeree.In a Unilateral Contract the offeror wants a performance to form the contract.A Bilateral contract is commonly defined as a promise in exchange for a promise.
2.) False
In contract disputes involving intoxicated individuals a voidable contract can be avoided by the party that was under the influence at the time the contract was created.
3.) False
an invitation to negotiate or an expression of possible interest in an exchange is not an offer because it does not express any willingness to be could by an acceptance
4.) False
Offeror can terminate or revoke offer before receiving a reply from offeree.
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