PVL3702 LAW OF CONTRACT EXAM 2025
COMPLETE STUDY GUIDE TEST BANK 2026
UPDATED QUESTIONS WITH ANSWERS
GRADED A+
⩥ What is an offer in contract law? Answer: An outward manifestation
of intent to enter into a contract with specific terms.
⩥ What happens to an offer if the offeror dies? Answer: The offer is
terminated.
⩥ How can an offer be terminated by lapse of time? Answer: If the offer
is not accepted within a reasonable amount of time, it becomes
terminated.
⩥ What is a counteroffer? Answer: A response to an offer that changes
the material terms, which terminates the original offer.
⩥ What is revocation in the context of an offer? Answer: The offeror can
withdraw the offer before it is accepted.
⩥ What is direct revocation? Answer: When the offeror explicitly
communicates the withdrawal of the offer.
, ⩥ What is indirect revocation? Answer: When the offeree learns that the
offeror has made an offer to someone else.
⩥ Under what conditions is an offer not revocable? Answer: 1) Option
contract, 2) Additional consideration, 3) UCC firm offer.
⩥ What is an option contract? Answer: A promise to keep an offer open
for a specified period.
⩥ What is required for a UCC firm offer to be valid? Answer: It must be
made by a merchant in a signed writing.
⩥ What is a unilateral contract? Answer: A contract where the offeror
makes a promise in exchange for the performance of an act.
⩥ What happens to a unilateral offer once performance begins? Answer:
The offer becomes irrevocable.
⩥ What is Restatement § 32 regarding offers? Answer: An offer can be
accepted either by promising to perform or by rendering the
performance.
COMPLETE STUDY GUIDE TEST BANK 2026
UPDATED QUESTIONS WITH ANSWERS
GRADED A+
⩥ What is an offer in contract law? Answer: An outward manifestation
of intent to enter into a contract with specific terms.
⩥ What happens to an offer if the offeror dies? Answer: The offer is
terminated.
⩥ How can an offer be terminated by lapse of time? Answer: If the offer
is not accepted within a reasonable amount of time, it becomes
terminated.
⩥ What is a counteroffer? Answer: A response to an offer that changes
the material terms, which terminates the original offer.
⩥ What is revocation in the context of an offer? Answer: The offeror can
withdraw the offer before it is accepted.
⩥ What is direct revocation? Answer: When the offeror explicitly
communicates the withdrawal of the offer.
, ⩥ What is indirect revocation? Answer: When the offeree learns that the
offeror has made an offer to someone else.
⩥ Under what conditions is an offer not revocable? Answer: 1) Option
contract, 2) Additional consideration, 3) UCC firm offer.
⩥ What is an option contract? Answer: A promise to keep an offer open
for a specified period.
⩥ What is required for a UCC firm offer to be valid? Answer: It must be
made by a merchant in a signed writing.
⩥ What is a unilateral contract? Answer: A contract where the offeror
makes a promise in exchange for the performance of an act.
⩥ What happens to a unilateral offer once performance begins? Answer:
The offer becomes irrevocable.
⩥ What is Restatement § 32 regarding offers? Answer: An offer can be
accepted either by promising to perform or by rendering the
performance.
