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5 Cards in this Set
- Front
- Back
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Which of the following lists the four essential elements of a contract?
A: competent parties, offer and acceptance, in writing, and signed by all B: Offer and acceptance, consideration, legal objective, and in writing C: Competent parties, offer and acceptance, consideration and legal objective D: Legal objective, in writing, signed by all parties, consideration |
C: Competent parties, offer and acceptance, consideration and legal objective
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Which of the following is not a mandatory characteristic of a competent party?
A: Legal Age B: Sound Mind C: Alive at the time of acceptance D: Literate (can read and write) |
D: Literate (can read and write)
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An offer can be withdrawn by the offeror:
A: Any time, for any reason B: At any time prior to closing C: At any time prior to recieving notification the offer has been accepted. D: At any time after expiration of the time granted to the offeror in the contract. |
C: At any time prior to recieving notification the offer has been accepted.
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What is the effect on the original offer if a counter offer is made.
A: It terminates B: It is still in effect if the counteroffer is rejected C: It terninates only if the counteroffer is accepted D: A counteroffer has no effect on the original offer |
A: It terminates
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Mr. Jones, an agent for Mr. Edwards, recieves an offer on Mr. Edward's property at 3:00pm and promptly makes an appointment with Mr. Edwards for 6:00pm to discuss the offer. Subsequently, Mr. Jones also recieves offers at 4pm and at 5pm. What must Mr. Jones do?
A: He must present all three offers at 6pm in the order in which they were recieved. B: He must present all three offers at 6pm in the ,order he deems best for Mr Edwards make an informed decision. C: He must present the 3pm offer 1st, have Mr Edwards make a decision on that offer, then tell him of the others. D: He has no obligation to present the other offers. |
B: He must present all three offers at 6pm in the ,order he deems best for Mr Edwards make an informed decision.
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