OFFER & ACCEPTANCE
PRACTICE EXAM
2026/2027 VERSION
WITH QUALITY
QUESTIONS AND
VERIFIED ANSWERS
100% RECTIFIED WITH
RATIONALES AND PDF
DOWNLOAD.
,1. What is an offer?
A proposal expressing willingness to
enter a contract
An offer is a clear promise to be bound
upon acceptance.
2. Acceptance means:
Agreement to the terms of the offer
Acceptance creates mutual assent.
3. A valid contract requires:
Offer, acceptance, consideration, legal
capacity, legality
All elements must be present.
4. An invitation to negotiate is:
Not an offer
It lacks intent to be bound.
,5. A counteroffer does what to the
original offer?
Terminates it
It rejects and replaces the original.
6. Silence generally means:
No acceptance
Silence is not consent unless agreed.
7. An offer can be revoked:
Before acceptance
Revocation ends the offer.
8. Acceptance must be:
Unequivocal
Must match the offer exactly.
9. A “mirror image rule” means:
Acceptance must match the offer
, exactly
Any change becomes counteroffer.
10. Consideration is:
Something of value exchanged
Each party must give value.
11. An offer expires when:
Time limit ends or reasonable time
passes
Offers are not indefinite.
12. An option contract:
Keeps offer open for a set time
Supported by consideration.
13. Mailbox rule applies to:
Acceptance upon dispatch
Effective when sent, not received.
PRACTICE EXAM
2026/2027 VERSION
WITH QUALITY
QUESTIONS AND
VERIFIED ANSWERS
100% RECTIFIED WITH
RATIONALES AND PDF
DOWNLOAD.
,1. What is an offer?
A proposal expressing willingness to
enter a contract
An offer is a clear promise to be bound
upon acceptance.
2. Acceptance means:
Agreement to the terms of the offer
Acceptance creates mutual assent.
3. A valid contract requires:
Offer, acceptance, consideration, legal
capacity, legality
All elements must be present.
4. An invitation to negotiate is:
Not an offer
It lacks intent to be bound.
,5. A counteroffer does what to the
original offer?
Terminates it
It rejects and replaces the original.
6. Silence generally means:
No acceptance
Silence is not consent unless agreed.
7. An offer can be revoked:
Before acceptance
Revocation ends the offer.
8. Acceptance must be:
Unequivocal
Must match the offer exactly.
9. A “mirror image rule” means:
Acceptance must match the offer
, exactly
Any change becomes counteroffer.
10. Consideration is:
Something of value exchanged
Each party must give value.
11. An offer expires when:
Time limit ends or reasonable time
passes
Offers are not indefinite.
12. An option contract:
Keeps offer open for a set time
Supported by consideration.
13. Mailbox rule applies to:
Acceptance upon dispatch
Effective when sent, not received.
