BLAW 3201 LSU Fry Chapter 10 And
Chap 11 Test Questions (2025-2026)
All Answered Correctly.
An agreement of a seller to supply a buyer's requirements for certain goods known as: - Answer
A requirements contract
Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After
mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind
about selling. - Answer Elmer can revoke his offer at any time before acceptance, because
there is no consideration to keep the offer open
If there is no time specified for the acceptance of an offer when does the offer terminate? -
Answer After two weeks
Albert read Gem City's ad in the local newspaper advertising a one quarter carat diamond ring
for $89. Albert rushed to the store to buy the ring only to be told by the salesperson that the ad
was a misprint and the price should have been $289. Albert gave the salesperson $89 plus sales
tax and demanded the ring. - Answer Albert is merely making an offer to Gem City to buy the
ring for $89 plus sales tax.
An offer under Article 2 of the UCC that is irrevocable even though no consideration is given to
keep it open is known as a(n): - Answer Firm offer
Elvis makes an offer to Miguel can accept, the state supreme court decides a case that makes
the offer illegal. What is the effect of the court decision on the offer? - Answer The court
decision automatically terminates the offer.
Jesse makes an offer to Ike, and Ike accepts; then the state legislature passes a law that makes
performance of the contract illegal. What is the effect of the new statute on the contract? -
Answer The statute discharges the obligations of both parties under the contract.
Maxine offered to sell her video camera to Tom for $200 and also stated to Tom, "I will give you
two weeks to accept my offer." One week later Tom learned that Maxine had sold the video
camera to Cindy. - Answer Maxine has revoked her offer to Tom
, In general, which of the following will not terminate an offer? - Answer An inquiry by the
offeree as to size of materials
Gary mails an offer to Brian on June 15. Brian receives the offer on June 16. Gary mails a
revocation of the offer on June 17. Brian mails a letter of acceptance on June 18 and Gary
receives the acceptance on June 20. Brian receives the revocation on June 19. Was a contract
formed? - Answer Yes, on June 18
Alice offers to sell her computer, monitor, and printer to Bradley for $300. Bradley says he will
accept provided that Alice includes her word processing software. What is the status of their
discussions? - Answer There is no contract, because Bradley has made a counteroffer.
A _______ is an offeree's refusal to accept an offer. - Answer Rejection
Wes, who is an art collector, offered to buy a print from Le Monde Gallery. Le Monde balked at
the price, sending Wes a letter of rejection. That day it discovered that the print was not as
highly valued as originally thought. Le Monde immediately telephoned Wes to accept his offer.
Is there a contract? - Answer Yes, since the acceptance was received before the rejection
Gail sent a letter of acceptance to an offer that has expired. Gail has made: - Answer An offer
An ad in a newspaper or a circular describing goods and stating prices would generally be
considered a(n): - Answer Invitation to buyers to make an offer to buy goods
When does acceptance of an offer to enter into unilateral contract generally occur? - Answer
Upon full performance by the offeree with the intention of accepting
Which of the following is correct with regard to counteroffers? - Answer A counteroffer
operates as a rejection of the original offer, A conditional acceptance is a common type of
counteroffer, The receipt of a counteroffer terminates the original offer (All of the above type of
answer)
The UCC provides that a merchant is bound to keep a written offer open for a stated period but
no longer than: - Answer Three months
Chap 11 Test Questions (2025-2026)
All Answered Correctly.
An agreement of a seller to supply a buyer's requirements for certain goods known as: - Answer
A requirements contract
Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After
mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind
about selling. - Answer Elmer can revoke his offer at any time before acceptance, because
there is no consideration to keep the offer open
If there is no time specified for the acceptance of an offer when does the offer terminate? -
Answer After two weeks
Albert read Gem City's ad in the local newspaper advertising a one quarter carat diamond ring
for $89. Albert rushed to the store to buy the ring only to be told by the salesperson that the ad
was a misprint and the price should have been $289. Albert gave the salesperson $89 plus sales
tax and demanded the ring. - Answer Albert is merely making an offer to Gem City to buy the
ring for $89 plus sales tax.
An offer under Article 2 of the UCC that is irrevocable even though no consideration is given to
keep it open is known as a(n): - Answer Firm offer
Elvis makes an offer to Miguel can accept, the state supreme court decides a case that makes
the offer illegal. What is the effect of the court decision on the offer? - Answer The court
decision automatically terminates the offer.
Jesse makes an offer to Ike, and Ike accepts; then the state legislature passes a law that makes
performance of the contract illegal. What is the effect of the new statute on the contract? -
Answer The statute discharges the obligations of both parties under the contract.
Maxine offered to sell her video camera to Tom for $200 and also stated to Tom, "I will give you
two weeks to accept my offer." One week later Tom learned that Maxine had sold the video
camera to Cindy. - Answer Maxine has revoked her offer to Tom
, In general, which of the following will not terminate an offer? - Answer An inquiry by the
offeree as to size of materials
Gary mails an offer to Brian on June 15. Brian receives the offer on June 16. Gary mails a
revocation of the offer on June 17. Brian mails a letter of acceptance on June 18 and Gary
receives the acceptance on June 20. Brian receives the revocation on June 19. Was a contract
formed? - Answer Yes, on June 18
Alice offers to sell her computer, monitor, and printer to Bradley for $300. Bradley says he will
accept provided that Alice includes her word processing software. What is the status of their
discussions? - Answer There is no contract, because Bradley has made a counteroffer.
A _______ is an offeree's refusal to accept an offer. - Answer Rejection
Wes, who is an art collector, offered to buy a print from Le Monde Gallery. Le Monde balked at
the price, sending Wes a letter of rejection. That day it discovered that the print was not as
highly valued as originally thought. Le Monde immediately telephoned Wes to accept his offer.
Is there a contract? - Answer Yes, since the acceptance was received before the rejection
Gail sent a letter of acceptance to an offer that has expired. Gail has made: - Answer An offer
An ad in a newspaper or a circular describing goods and stating prices would generally be
considered a(n): - Answer Invitation to buyers to make an offer to buy goods
When does acceptance of an offer to enter into unilateral contract generally occur? - Answer
Upon full performance by the offeree with the intention of accepting
Which of the following is correct with regard to counteroffers? - Answer A counteroffer
operates as a rejection of the original offer, A conditional acceptance is a common type of
counteroffer, The receipt of a counteroffer terminates the original offer (All of the above type of
answer)
The UCC provides that a merchant is bound to keep a written offer open for a stated period but
no longer than: - Answer Three months
