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Chapter Quiz
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1
A proposal will be considered an offer if the party actually intended to be bound to a contract.
A)True
B)False
2
Under the Code (UCC), the fact that the parties left open one or more terms of their agreement does not prevent enforcement of the contract.
A)True
B)False
3
Generally speaking, advertisements for the sale of goods at specified prices are considered offers.
A)True
B)False
4
Rewards for lost property or for the capture of criminals are generally considered offers.
A)True
B)False
5
By making a counteroffer, the offeree impliedly rejects the offer.
A)True
B)False
6
In order for a proposal to be considered an offer, it must be definite in terms.
A)True
B)False
7
In which of the following situations is an offeror not free to revoke his offers?
A)The offeror promised to keep the offer open for a period of time, and such an offer is supported by consideration or qualifies as a firm offer under the UCC.
B)The offeree relies on the offer.
C)Neither A nor B
D)Both A and B
8
Which of the following events, occurring before acceptance, terminates an offer?
A)Death or Insanity of either party
B)Destruction of subject matter of offer
C)Intervening illegality
D)All of the above
9
In order to be a "firm offer" under the Code (UCC), the offer must be:
A)made by an offeror who is a merchant
B)be contained in a signed writing
C)give assurances that the offer will be kept open
D)All of the above
10
Offers are generally considered revoked after:
A)lapse of a reasonable time.
B)within 72 hours of making the offer.
C)cancellation of the offer by the offeror, provided it is done immediately after acceptance.
D)All of the above





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