An offerors withdrawal of an offer is called a

1

• An offerors withdrawal of an offer is called a
• a. revocation b. rejection
• 2.Jim makes a written offer to sell his house
  to Ben and agrees to give Ben 10 days within
  which to consider the offer. Can Jim cancel the
  offer before the end of the 10-day period?
• a. Yes b. No

2

• 3. A price quote is generally considered an
  offer.
• a. True b. False
• 4. For mistake of fact to be a defense, it
  usually must be
• a. unilateral b. mutual
• 5. Undue influence is based on some improper
  threat.
• a. True b. False

3

• 6. Fran offers to paint Ben?s house for 5,000.
  Ben says ?I accept if you paint the doghouse.?
  Fran starts to paint the house. Do the parties
  have an enforceable contract?
• A. Yes b. No
• 7. Walter offers in a letter to sell his farm to
  Penny for 10,000. Penny sends a letter back
  accepting the offer. After the letter is mailed
  but before the letter is received, Walter sells
  the land to Betty. The parties -- Walter and
  Penny -- do not have a contract because the sale
  to Betty automatically revoked the offer to
  Penny.
• a. True b. False

4

• 8. Innocent misrepresentation of a material fact
  is a defense to a contract.
• a. true b. false
• 9. With respect to the defense of duress, a
  threat of a civil suit will generally be
  considered a wrongful threat.
• A. True b. False

5

• 10. On day 1, A sends B a letter offering to sell
  his car to B for 500. On day 2, A changes his
  mind and sends a letter to B revoking the offer.
  On day 3, before the revocation letter is
  received by B, B sends a letter accepting As
  offer. On day 4, B receives As revocation
  letter. On day 5, A receives Bs acceptance
  letter. Do the parties have a binding contract?
  
• A. yes B. no