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Multiple Choice Quiz
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1
An unconditional acceptance is a refusal to accept the stated terms of an offer by adding restrictions or requirements to the terms of the offer by the offeree.
A)True
B)False
2
Relief provided by the court to a party to redress a wrong perpetrated by another party is called legal remedy.
A)True
B)False
3
Revocation is the offeree's cancellation of the right of the offeror to make an offer.
A)True
B)False
4
A doctrine that requires both parties to be bound to the terms of the agreement is known as mutuality of contract.
A)True
B)False
5
A contract in which the parties exchange a promise for a promise is bilateral.
A)True
B)False
6
If the terms of an agreement are uncertain, there is no contract because there has been no:
A)valid offer.
B)counteroffer.
C)revocation.
D)conditional acceptance.
7
A contract must be certain in its:
A)theme.
B)terms.
C)parties.
D)subject matter.
8
Which of the following is an irrevocable offer?
A)Conditional contract
B)Letter of intent
C)Options contract
D)Implied contract
9
Which of the following does not terminate an offer?
A)Loss of subject matter
B)Incapacity
C)Rejection
D)Mutuality
10
If an offer contains a "price to be determined," meaning the offeror could make up any price he wants, the offer is really what type of promise?
A)Objectively determinable
B)Illusory
C)Implied
D)Certain





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