Business Law Take Home Exam

1. A. Incorrect: there has not been a contract this was only a invitation to make an offer

B. Incorrect: Markus is not able to accept the offer as one was not made to sell the land. What was issued was an invitation to make an offer.

C. Incorrect: Watkins does not have to sell the offer as this was only an invitation to make an offer not an actual offer to sell.

D. Correct: This was an invitation to make an offer on the land which does not constitute an offer to sell.

2. A. Incorrect: Yes, the communication of the acceptance must be made in a manner used by the offeror or authorized manner.

B. Incorrect: Yes, the offer must be sufficiently definite and certain.

C. Correct: No, not all acceptances must be in writing.

D. Incorrect: Yes, the offer and acceptance must have the intent to enter into a contract.

3. A. Correct: An offer cannot be transferred. But an executed contract may be transferred unless it is not allowed within the terms of the contract.

B. Incorrect: If the acceptance letter was sent on June 5 it would be valid under the mailbox rule.

C. Incorrect: An offer may be revoked even if it states it will not be revoked prior to a certain date.

D. Incorrect: The statue of frauds would apply because the contract time period is longer than one year.

4. A. Incorrect: Offers may be revoked at anytime, even if a date is stated in the offer.

B. Incorrect: See C

C. Correct: Castor's acceptance was mailed on the 19th and therefore the contract was executed on that date under the mailbox rule.

D. Incorrect: See C

5. A. Incorrect: In order to accept an offer and have an executed contract there cannot be significant changes to the terms of the offer.

B. Correct: The acceptance should be of the offer as it is presented without changes.

C. Incorrect: This is a Bilateral contract and therefore acts do not complete the execution of the contract.

D. Incorrect: Offers and/or contracts do not have to be in writing to be valid.

6. A. Correct: There was a valid option and that makes the offer unable to be revoked during the 30 days.

B. Incorrect: Silence is never a valid acceptance unless there