Posted on by Judy

Lucy is selling her bike for $200.00. Lynn gives Lucy $50.00 to keep the offer open for two days and not sell it to anyone else for that period of time. This is an example of which of the following? An option contract. promissory estoppel. An implied contract. A revoked offer.

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  1. 1. On May 1,2002, Marek recieved a telegram from Sergei offering to support him in his new construction project. On May 5, 2002, at 9:00 am, Sergei sends Marek a telegram attempting to revoke the offer. At 11:00 am on the sameday, Marek mails Sergei a letter attempting to accept the offer. At 11:30 am, Marek recieves Sergei’s revocation. Assume Marek and Sergei are both construction contractors and the custom in the construction buisness is to offer by telegram and accept by mail. Which of the following statements holds true in this situation? A. Sergei’s revaction can make changes to the contract, though it reaches Marek after he sends the acceptance mail. B. Marek’s acceptance would be effective only when Sergei reads the acceptance, which would the create the contract. C. THe parties would have a contract because Marek used the means of communication impliedly authorized by trade usage. D. The parties would not have a contract as Marek used a nonauthorized means of communicating his acceptance. 2. Which of the following is true about the “Battle of the forms” of the Uniform Commercial Code? A. Timely expression of acceptances creates a contract even if it states additional terms on points the offer did not address. B. Timely expression of acceptances creates a contract only if it includes terms that are identical to those stated in the offer. C. If one of those parties is a merchant, the additional terms in the offeree’s form are included in the agreement. D. A contract is created when the attempted acceptance is expressly conditional on the offeror’s agreement to the terms of the acceptance.
  2. The Mirror Image rule provides that: The acceptance must mirror the offer. The acceptance cannot contain different terms than the offer. When reciting the offer and acceptance, the offeror and offeree must look at each other in the mirror to be valid. The acceptance is valid upon dispatch. Consideration must be exchanged.
  3. Frankie sends a written offer to Lena offering to buy her trailer for $5,000.00 on June 15, 2017. Frankie states that she must accept by mail by June 30, 2017. Lena puts her acceptance in the mail on June 17, 2017 at 3:00 p.m. About an hour later after Lena went to the post office, Frankie sees Lena at the grocery store and says, ” I revoke my offer for the trailer.” What is the status of the contract? There is a contract as Lena accepted the contract when she put her acceptance in the mail. There is no contract as Frankie revoked his offer before acceptance. There is a contract, but only due to promissory estoppel. There is a contr
  4. Which of the following choices states all of the requirements of a firm offer? The offer is contained within a signed writing. The offer is exchanged with another merchant. The offer must be accepted within 30 days. The offer is contained within a signed writing made by a merchant and the offeror gives reasonable assurances that the offer will remain open. The offer is stated by a merchant and is approved by the court.