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Offeror, Contractual Agreement, Law, Contract, Acceptance, Offer, Business Law Quiz

The key terms in this Business Law course include Offeror, Contractual Agreement, Law, Contract, Acceptance, Offer, binding promise, Option Contract, aggrieved party, disclose information, injunction, Business Law Quiz.

____ 1. The willingness of an offeror to enter into a contractual agreement regarding a particular subject is expressed

by a(n):

a. offer.

b. acceptance.

c. contract.

d. agreement.

____ 2. A binding promise to keep an offer open for a stated period of time or until a specified date is called a(n):

a. time contract.

b. binding contract.

c. breach contract.

d. option contract.

____ 3. If no termination date is specified for an offer, the offer will remain open:

a. for one year.

b. for six months.

c. for a reasonable time.

d. until someone accepts the offer.

____ 4. An acceptance made in a telegram that never is delivered to the offeror:

a. has no effect.

b. is effective as an acceptance at the time that it is given by the offeree to the telegraph office for sending to the offeror.

c. is effective as an acceptance as of the date it should have been received by the offeror.

d. is not effective as an acceptance of the offer until the moment that the telegraph office begins to transmit the acceptance to the offeror.

____ 5. If a mistake in the transcription of a contract occurs, the aggrieved party may:

a. sue for damages.

b. sue to reform the contract.

c. both rescind the contract and sue for damages.

d. obtain an injunction.

____ 6. A party to a contract must disclose information in which of the following situations?

a. Unknown defect to the buyer that the seller knows about.

b. Confidential relationship between the parties and there is a failure to disclose.

c. Active concealment by the seller.

d. All of the above.