True/False
Indicate whether the
statement is true or false.
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1.
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An offer is sufficient to evidence an agreement.
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2.
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An offeror's subjective intent determines the validity of an offer.
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3.
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A valid offer requires a reasonable price related to market value.
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4.
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A contractor's submission of a bid on a construction project is an
acceptance.
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5.
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An agreement to agree may be enforceable.
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6.
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A price list is considered an offer.
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7.
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An advertisement is generally considered an invitation to negotiate.
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8.
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In an auction, the auctioneer is an offeror.
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9.
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A contract lacking a quantity term may not be enforceable.
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10.
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The communication of an offer must be by mail or in person.
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11.
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In most states, revocation is not effective until the offeree receives
it.
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12.
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Revocation normally must be communicated to the offeree before acceptance or
else it will be ineffective.
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13.
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An offeror can revoke an option contract at any time.
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14.
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An acceptance that materially changes a term in the offer still creates a valid
agreement.
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15.
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If the subject matter of an offer is destroyed, the offer will continue to exist
for a reasonable time to permit the seller to acquire replacement goods.
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16.
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An acceptance terminates an offer.
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17.
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An offer that a statute makes illegal terminates only after a reasonable
time.
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18.
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If no time for acceptance is specified in an offer, the offer terminates at the
end of a reasonable time.
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19.
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In a bilateral contract, communication of acceptance is necessary.
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20.
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No offer can be accepted by silence.
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