8.An auction without reserve i a. b. C. d. Always a valid offer Never a valid of

Question

8.An auction without reserve i a. b. C. d. Always a valid offer Never a valid offer Illegal A valid offer in some cases 9. The mailbox rule states that A contract is final when the acceptance is mailed a. b. c. d. Offers may be revoked after mailing of acceptance Contract is final when the acceptance is received by the mail Silence may be acceptable 10. The mirror-image rule requires that a. b. c. d. Acceptance must be the mirror-image of the offer Acceptance is final when it is mailed by the offeror Acceptance must be mailed before revocation None of the above 11. Silence a. b. c. d. May sometimes be considered acceptance of an offer. Is acceptance in all cases Is acceptance in only one situation None of the above 12. Offers may be revoked a. b. c. d. Any time after the acceptance of the offer Any time before the acceptance of the offer Only if the offeror is a merchant Only if the offer is made in writing 13. In an options contract a. b. c. d. The offeree may revoke the offer The offeror may not revoke the offer The offeree may not revoke the offer All of the above 14. Contracts may be rescinded if there is a. b. c. d. Bilateral mistake of subject matter Bilateral mistake of value Bilateral mistake of law None of the above 15. Contracts may be rescinded when there is a. b. c. d. Active Fraud Undue Influence Both a. and b. None of the above

Explanation / Answer

Answer

8. a) always a valid offer

9.c) contract is final when the acceptance is received by mail

10. a) acceptance must be the mirror image of the offer

11.a) may sometimes be considered as an acceptance to an offer

12.b) anytime before the acceptance of an offer

13.b) the offeror may not revoke the offer

14.a) bilateral mistake of subject matter

15. c) both a and b

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