Free to revoke the offer for specified period of time

Assignment Help Operation Management

Reference no: EM132086397

1. The term 'mistake' in ordinary conversation means an error in judgment or an unfortunate act. In contract law, however, mistake is a belief about a fact that is not in accordance with the truth.

True

False

2. The general common law rule is that an offeror can revoke an offer at any time before acceptance.

True

False

3. Which of the following are examples of necessaries?

Food

clothing

shelter

All of the above.

4. An option contract is one of the types of situations in which an offeror is not free to revoke the offer for a specified period of time.

True

False

5. The battle of the forms rule does not apply to merchants.

True

False

6. An untrue assertion of fact made with knowledge of falsity and with intent to deceive are required elements for fraud.

True

False

Reference no: EM132086397

Questions Cloud

Values lie behind attitudes and behaviors : One response to an unfamiliar culture is curiosity. Values lie behind attitudes and behaviors.

Oligopolistic companies used to fight the toothpaste war : Describe the strategies that these oligopolistic companies used to fight the toothpaste war. What were the elements of success or failure?

Regarding acceptance by silence : Which of the following is true regarding acceptance by silence?

Prenuptial agreement and rental agreement : A car loan agreement, a prenuptial agreement and a rental agreement. These are examples of which of the following?

Free to revoke the offer for specified period of time : An option contract is one of the types of situations in which an offeror is not free to revoke the offer for a specified period of time.

Offer or intended to be bound to the contract : In determining if an offer or intended to be bound to the contract, we look at which of the following factors?

Contracts made by severely intoxicated people : Contracts made by severely intoxicated people.

Use thier talents to do some of the work themselves : Estimate what the cost of the house would be if the Tolstoys use thier talents to do some of the work themselves.

Exception to the consideration requirement : Promissory estoppel is an exception to the consideration requirement.

User Account

All Pages