True/False
Indicate whether the sentence or statement is true
or false.
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1.
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An
agreement is usually evidenced by an offer and an acceptance.
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2.
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An
offer does not need to be communicated to the offeree to be effective.
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3.
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An
invitation to negotiate always constitutes a valid offer.
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4.
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An
expression of opinion is not a valid offer.
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5.
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An
advertisement is generally treated as an offer to contract.
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6.
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If an
ad to sell a single item gets more than one acceptance, the offeror must sell the item to each party
who accepted or be liable for breach of contract.
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7.
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A
seller offering goods for sale in an auction through an auctioneer will create a binding
contract.
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8.
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In an
auction in which the seller reserves the right to accept or reject any bid, there is no binding
contract until the seller accepts a bid, even if the auctioneer accepts a bid during the
auction.
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9.
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A
person who does not know about a reward cannot claim it.
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10.
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Revocation of an offer made to the general public must be communicated in the same
manner in which the offer was communicated.
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11.
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There
are no irrevocable offers.
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12.
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An
offeror can revoke an option contract if the offeror decides that the consideration given is
inadequate.
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13.
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The
offeree's rejection of an offer terminates it.
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14.
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A
counteroffer does not terminate but continues an offer.
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15.
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The
mirror image rule requires an acceptance to adhere exactly to an offer to create a
contract.
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16.
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The
death of a party to a contract will always result in the automatic termination of that
contract.
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17.
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To
exercise the power of acceptance, an offeree must accept unequivocally.
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18.
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Under
the mailbox rule, an acceptance can be valid as soon as it is sent.
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19.
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In
most states, revocation is not effective until the offeree receives it.
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20.
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If an
acceptance of an offer is received after the offer has been rejected, there is no
contract.
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