HELP WANTED 31. Anton made a bid at an auction by calling out the amount of $250
ID: 468733 • Letter: H
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HELP WANTED
31. Anton made a bid at an auction by calling out the amount of $250. The auctioneer noted Anton's bid. There were no higher bids, and Anton called out that he was withdrawing the bid, before the auctioneer said it was accepted. The auctioneer said that it was too late to withdraw the bid. a. Anton's bid is an ordinary offer that can be revoked. b. Anton's bid is firm and cannot be withdrawn. c. By noting that Anton's bid was received, the bid became an option. d. By noting that Anton's bid was received, that was an acceptance of Anton's offer e. None of these 32. The elements necessary for a legally enforceable contract are a. offer, acceptance, consideration, competent parties b. offer, acceptance, genuiness of assent, consideration, competent parties, lawful purpose c. offer, acceptance, consideration, genuiness of assent, form required by law, competent parties, lawful purpose d. offer, acceptance, consideration, form required by law, competent parties, lawful purpose e. none of the aboveExplanation / Answer
31) Answer - b - Anton's bid is firm and cannot be withdrwan as the auctioneer has already noted the bid.
As Anton's bid is not yet announced by hammer drop, it can still be revoked as it was just noted by auctioneer.
32) Answer - c
Elements of legally enforceable contract include offer, acceptance, genuiness of assent, consideration, competent parties, lawful purpose
Offer - Willingness to one party to contract on certain terms with another party
Acceptance - Final consent to the terms of the offer
Genuiness of assent - Parties must have a genuiness of assent for a contract to be made enforceable.
Consideration - Consideration may be money or promise or anything which is of value which can be used for one party to sue the other in case of breaking the rules of the contract
Competent parties - Parties to enter into a contract must be competent enough
Lawful purpose - Law should support the subject matter of the contract
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