BSL 212 - CHAPTERS 3, 9-10, 12 EXAM
QUESTIONS WITH COMPLETE
ANSWERS { GRADED A+}
Objective Intent - ✔✔what a reasonable person would understand the intent to be
based on all the facts
Valid Enforceable Offer - ✔✔objective intent, definiteness of terms, direct
communications between the offeror and the offeree
Ads are valid, enforceable offers when - ✔✔sufficiently specific and are not
subject to infinite acceptances
Reward (Contest) - ✔✔an offer for a unilateral contract which can only be
accepted by doing the precise thing specified by the offeror
Offer Termination - ✔✔(1) no later than the offeror says the offer will terminate
(2) reasonable amount of time (when offer is silent to when it terminates)
, (3) revocation (offeror has right to terminate anytime before acceptance)
(4) rejection (offeree rejects an offer)
(5) negotiation (counteroffers)
(6) death of either the offeree or offeror
(7) destruction of property
Exceptions to Revocation - ✔✔Option K or Firm Offer
Option K - ✔✔parties agree that the offer is to be held open for a specific amount
of time in exchange for consideration
Firm Offer - ✔✔in UCC, present if made by a merchant who agrees to hold the
offer open for a specified amount of time not to exceed 90 days and must be signed
Merchant - ✔✔a person in the business of selling goods of that type (Ex: car
dealership)
Acceptance - ✔✔offeree responds to the offer by agreeing to all material terms
(mirror image rule)
Mailbox Rule - ✔✔if reasonable means (as fast and reliable as means used to
make offer) of acceptance are used, acceptance occurs upon dispatch
QUESTIONS WITH COMPLETE
ANSWERS { GRADED A+}
Objective Intent - ✔✔what a reasonable person would understand the intent to be
based on all the facts
Valid Enforceable Offer - ✔✔objective intent, definiteness of terms, direct
communications between the offeror and the offeree
Ads are valid, enforceable offers when - ✔✔sufficiently specific and are not
subject to infinite acceptances
Reward (Contest) - ✔✔an offer for a unilateral contract which can only be
accepted by doing the precise thing specified by the offeror
Offer Termination - ✔✔(1) no later than the offeror says the offer will terminate
(2) reasonable amount of time (when offer is silent to when it terminates)
, (3) revocation (offeror has right to terminate anytime before acceptance)
(4) rejection (offeree rejects an offer)
(5) negotiation (counteroffers)
(6) death of either the offeree or offeror
(7) destruction of property
Exceptions to Revocation - ✔✔Option K or Firm Offer
Option K - ✔✔parties agree that the offer is to be held open for a specific amount
of time in exchange for consideration
Firm Offer - ✔✔in UCC, present if made by a merchant who agrees to hold the
offer open for a specified amount of time not to exceed 90 days and must be signed
Merchant - ✔✔a person in the business of selling goods of that type (Ex: car
dealership)
Acceptance - ✔✔offeree responds to the offer by agreeing to all material terms
(mirror image rule)
Mailbox Rule - ✔✔if reasonable means (as fast and reliable as means used to
make offer) of acceptance are used, acceptance occurs upon dispatch
