T F 7 Whether a statement is considered a contract offer is

T F 7. Whether a statement is considered a contract offer is determined by whether the offeror intended it as an offer, rather than whether it would objectively be considered an offer. T T T T F S. \"I intend to sell my house for $75,000\" is an offer which can be accepted. F 9. \"Would you consider $3,000 for your car?\" is an offer which can be accepted. F 10. An advertised price on an item in a store is an offer which can be accepted. F 11. In an auction with reserve, the high bid is considered an offer. 12. An offer can be revoked before acceptance by: a) offeror 13. An offer can be rejected before acceptance by: a) offeror 14. A counteroffer would be made by: b) offeree b) offeree b) offeree a) offeror T T T T F 15. If an acceptance occurs before revocation or rejection, a contract has been formed. F 16. Death of party to a loan contract terminates the loan obligation. F 17. An option contract makes an offer irrevocable for the period covered by the option. F 18. An offeree typically cannot be held to a contract because he did not respond to an offer. T F 19. A reply to the offer which contains slightly different terms forms a contract anyway T F 20. If an acceptance can be mailed, it does not take effect until received by the offeror.

Solution

7. False. A statement is considered a contract offer if the contractual terms objectively show the intentions of both the parties. The offeror\'s intent is not legally bound and therefore, cannot be considered as a contract.

8. True. It is an express offer which can be written or oral and it can be accepted by the offeree. Since it gives rise to legal consequences and legal relations, terms and conditions, it is an offer that can to accepted.

9. True. It is a case of a counter offer where the offeree is making an offer to the offeror which can be accepted by the offeror.

10. False. An advertised price on an item in a store is merely an invitation to the public to make an offer. Thus, it is an invitation to an offer but not an offer.

11. False. It is at the owner’s discretion to hold or sell the property in an auction with a reserve. Thus, here the high bid is just an invitation of a contract, and not an offer to the contract.

12. Offeror. Revocation is the withdrawal of the offer by the offeror. The offeror can revoke the contract any time before the acceptance of the contract by the offeree.

13. Offeree. A rejection of offer takes place when the offeree rejects the original offer of the offeror and in turn place a counter offers.

14. Offeree. A counter offer is made by the offeree to the offer made by offeror. The original offer of the offeror is rejected giving rise to the counter offer which is some kind of negotiation.

15. True. If the offer is accepted it is legally bound and thus, neither the offeror nor the offeree can reject it. Such offers need to be legally annulled.