10 terms

Biz law Ch. 9 quiz

Ordinarily, agreement is evidenced by:
an offer plus an acceptance of that offer.
If Kim tells George, "You know, I've been thinking about selling my iPod for under $100," this constitutes:
a statement of intent.
The communication requirement of an offer requires:
the offeror to tell the offeree about the offer in some effective way.
Filomena offers to sell Rhonda her collection of rare books. Before Rhonda even has a chance to accept, Filomena says, "Sorry, I changed my mind, no deal." This is an example of:
a revocation.
Filomena offers to sell Rhonda her rare book collection for $3,500. Rhonda states, "I like your book collection but I will not pay $3,500 for it, I'll only pay $2,750," what would Rhonda's statement be called?
A counteroffer
Consideration is usually broken down into two parts, something of legally sufficient value and:
a bargained-for exchange.
Rescission may be defined as:
the unmaking of a contract to return the contract parties to their precontract positions.
Which of the following is required for an accord and satisfaction to take place?
The amount of the debt must be in dispute.
Assume that Binta has been harmed seriously while walking down an aisle in Mckenzie's store. Binta claims that her injuries have resulted in $12,000 worth of medical expenses plus another $12,000 for emotional distress. Mckenzie agrees to pay Binta a total of $15,000 over twelve months if Binta agrees that she will not bring any further legal action against Mckenzie concerning this incident. This agreement is:
a release.
In order for a court to apply the doctrine of promissory estoppel, four requirements must be met. Which of the following elements is not required?
Justice must not be served by enforcing the promise.