BUSINESS LAW IVY TECH EXAM QUESTIONS AND
ANSWERS A+ GRADED
time
Which of the following is not one of the major requirements for a contract?
both a and b
A valid offer must be communicated to the offer and
all of these
An unaccepted offer may be terminated by
all of these
A firm offer is binding
without both offer and acceptance on mutually agreed terms
There is no contract
has the ability, according to law, to understand his or her actions and the effect of
those actions
Capacity to contract means that the person
the current market price is the basis
When the price is not specified in contracts between merchants for the sale of goods
bilateral contracts
Offers that require the offer to accept by communicating the requested promise to the
offeror are
a mirror image rule
When the terms of acceptance must exactly match the terms contained in the offer, it is
called
invitations
Advertisements in newspapers, radio, television, and direct mailings are considered to
be
must be written
Most offers
three months
the uniform commercial code makes firm offers binding for a stated period of time not to
exceed
revocation
The right to withdraw an offer before it is accepted is known as
option
The agreement between he offer and the offeror to give something of value in return for
a promise to keep the offer open is known as
implied
When current market place is not specified in a contract between merchants for these
ale of goods, but the current market price is understood to be the basis of the contract,
the price term is said to be
contract
All economic activity is based upon an enforceable agreement between parties. This
agreement is known as a
ANSWERS A+ GRADED
time
Which of the following is not one of the major requirements for a contract?
both a and b
A valid offer must be communicated to the offer and
all of these
An unaccepted offer may be terminated by
all of these
A firm offer is binding
without both offer and acceptance on mutually agreed terms
There is no contract
has the ability, according to law, to understand his or her actions and the effect of
those actions
Capacity to contract means that the person
the current market price is the basis
When the price is not specified in contracts between merchants for the sale of goods
bilateral contracts
Offers that require the offer to accept by communicating the requested promise to the
offeror are
a mirror image rule
When the terms of acceptance must exactly match the terms contained in the offer, it is
called
invitations
Advertisements in newspapers, radio, television, and direct mailings are considered to
be
must be written
Most offers
three months
the uniform commercial code makes firm offers binding for a stated period of time not to
exceed
revocation
The right to withdraw an offer before it is accepted is known as
option
The agreement between he offer and the offeror to give something of value in return for
a promise to keep the offer open is known as
implied
When current market place is not specified in a contract between merchants for these
ale of goods, but the current market price is understood to be the basis of the contract,
the price term is said to be
contract
All economic activity is based upon an enforceable agreement between parties. This
agreement is known as a
