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Obligations Week 4 Quiz Notes

Terms in this set (10)

The "knowledge theory" applies to the following type of communication:
Counteroffer

CC 1938*
Ashley sends Monica the following text message on June 1: "I offer to sell you my bicycle. My offer is good until December 1." Monica sends Ashley the following message on September 1: "I accept." The next day, Monica visits Ashley to take the bicycle, but Ashley refuses to give it away. What are Monica's remedies?
Monica has no recourse. That parties have no contract

CC 2439
Betty promises to buy all the widgets that Saul's widget factor can produce at market price. This construct is also known as:
"output contract"

CC 1975
When the offeror manifests an intent to give the offeree a delay within which to accept, without specifying a time, the
offer is irrevocable for a reasonable time.

CC 1928
A revocation of revocable offer is effective...
when it is received by the offeree prior to acceptance

CC 1937, 1938
Ruth visits a local grocery store to buy produce. She selects what she wants and she is checking out at the cash registers. In contemplation of this contract of sale of the produce between the proprietor of the store (vendor) and Ruth (customer), who is the offeror and who is the offeree?
In contracts of this type, the customer is usually the offeror and the vendor is usually the offeree
Randy sent Bryan the following email: "I offer to sell you my bicycle for $100. Offer is good until August 31, 2020." It is now September 12, 2020 and Randy has not received a response from Bryan. Randy then sends Bryan a second email stating: "I revoke my offer." Which one of the following statements is true?
Randy's revocation has no effect

CC 1929
Audrey sends Latoya the following text message: "I offer to sell you my skateboard for $50. If you agree, meet me tomorrow, at 4 in front of Loyola Law School to complete the sale." Layota immediately responds, "I accepted your offer. See you tomorrow at 4 in front of Loyola Law School." Audrey meant 4 a.m. Latoya understood at 4 p.m. Who is correct?
When must the parties meet to complete the sale." Under objective theory of contract, Latoya is correct. The parties must meet at 4 p.m.

CC 2045 comment b
Irrevocable offer constitutes a residual category in the civil law of contract. True or False?
False

CC 1930
The offeree is the master of the offer, whereas the offeror has the power to seal the deal. True or false
False
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