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Homework answers / question archive / East Mississippi Community College ECON 2123 Chapter 13-FORMATION OF CONTRACTS: OFFER AND ACCEPTANCE TRUE/FALSE 1)To make an offer, the offeror must appear to intend to create a binding obligation

East Mississippi Community College ECON 2123 Chapter 13-FORMATION OF CONTRACTS: OFFER AND ACCEPTANCE TRUE/FALSE 1)To make an offer, the offeror must appear to intend to create a binding obligation

Economics

East Mississippi Community College

ECON 2123

Chapter 13-FORMATION OF CONTRACTS: OFFER AND ACCEPTANCE

TRUE/FALSE

1)To make an offer, the offeror must appear to intend to create a binding obligation.

 

                                           

 

  1. Generally, advertisements, catalog prices, and circulars are offers that can be accepted.

 

                                           

 

  1. Social invitations can be offers.

 

                                           

 

  1. The bid of each contractor for a job is considered an offer.

 

                                           

 

  1. If an offer is indefinite or vague, no contract arises from an attempt to accept it.

 

                                           

 

  1. Contractual intention is determined by objective standards.

 

                                           

 

  1. An otherwise vague contract may be clarified by references in the contract to other documents or agreements.

 

                                           

 

  1. An agreement cannot be enforced if it does not set forth every contractual detail.

 

                                           

 

  1. Contract terms may not be implied from conduct.

 

                                           

 

  1. When it is claimed that a contract is too indefinite to be enforced, a court will do its best to find the intent of the parties and thereby reach the conclusion that the contract is not too indefinite.

 

                                           

 

  1. An agreement is not too indefinite to be binding if a standard or formula is provided by which variable factors can be determined.

 

                                           

 

 

  1. A requirements contract is too vague to be a legally-enforceable agreement.

 

                                           

 

  1. An output contract is too vague to be a legally-enforceable agreement.

 

                                           

 

  1. An offer is effective only if it is communicated by the offeror in person.

 

                                           

 

  1. An offer gives the offeror the power to bind the offeree by contract.

 

                                           

 

  1. A revocation of an offer is ordinarily effective only when it is communicated to the offeree.

 

                                           

 

  1. Offers, acceptances of offers, and revocations of offers are all effective when mailed in a properly- addressed envelope bearing the proper amount of postage.

 

                                           

 

  1. An option contract is a binding promise to keep an offer open for a stated period of time or until a specified date.

 

                                           

 

  1. An option is itself a contract to refrain from revoking an offer.

 

                                           

 

  1. A firm offer is an offer that states that it is to be irrevocable, or irrevocable for a stated period of time.

 

                                           

 

  1. If the offeree purports to accept an offer but in so doing makes any change to the terms of the offer, such action is a counteroffer that rejects the original offer.

 

                                           

 

  1. If no time is stated for the duration of an offer, it continues indefinitely if the offer relates to durable goods or land.

 

                                           

 

  1. If an offer does not state how long it shall remain open, it remains open for ten days.

 

                                           

 

  1. If either the offeror or offeree dies or becomes mentally incompetent before the offer is accepted, the offer is automatically terminated.

 

                                           

 

  1. An acceptance must be absolute and unconditional.

 

                                           

 

  1. The fact that there has been a series of contracts between the parties and that one party’s offer has always been accepted before by the other does not create any legal obligation to continue to accept subsequent offers.

 

                                           

 

  1. A party to an existing contract can modify the agreement without the other party’s actual acceptance or approval.

 

                                           

 

  1. Acceptance of an offer to form a unilateral contract need not be communicated to the offeror to be effective.

 

                                           

 

  1. A properly mailed acceptance takes effect when mailed, even if it never is received by the offeror.

 

                                           

 

  1. At an auction sale, a statement made by the auctioneer to draw forth bids constitutes an offer.

 

                                           

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