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The Uniform Electronic Transactions Act allows for which of the following?


A) It provides that offers may not be accepted electronically but otherwise retains aspects of the mailbox rule.
B) It provides that acceptances may not be made electronically but otherwise retains aspects of the mailbox rule.
C) It delays the effect of the mailbox rule by 8 hours.
D) It seems to create an electronic version of the mailbox rule.
E) It eliminates all effects of the mailbox rule.

F) D) and E)
G) A) and E)

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Death or incapacity of an offeror immediately terminates the offer.

A) True
B) False

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Kendrick overhears Eric's offer to sell Greg a boat for $1,000.Greg declines the offer,but Kendrick immediately says "I accept." Eric does not want to sell the boat to Kendrick because he is afraid that Kendrick will not immediately pay him.Also,he thinks Kendrick is a complainer and will find something to complain about regarding the sale.Is Eric obligated to sell the boat to Kendrick,and why or why not? Also,discuss what you believe the ethical rule should be on this issue.

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No,Eric is not required to sell the boat...

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Explain the effect of auctions held with reserve and without reserve,and discuss what happens if nothing is said regarding whether an auction is being held with reserve or without reserve.

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In an auction held with reserve,the sell...

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What is the most likely result in the lawsuit brought by Emma against Edwin?


A) Emma will win because she properly made an offer that was accepted by Edwin when she did the hula hooping.
B) Edwin will win because he properly revoked the offer.
C) Edwin will win because he was only engaged in preliminary negotiations.
D) Emma will win because the ad would be treated as an offer that she properly accepted.
E) Edwin will win because the advertisement was simply inviting customers,such as Emma,to make an offer.

F) A) and B)
G) None of the above

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If the offeror becomes incapacitated,the offer terminates after notice of the offeree's death or after 10 days,whichever comes first.

A) True
B) False

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As a general rule,when is revocation effective?


A) When it is received by the offeree.
B) Two days after it is made.
C) Three days after it is made.
D) When it is mailed by the offeror.
E) One day after it is made.

F) A) and C)
G) A) and B)

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Bailey is selling his baseball cards.He writes his friend Molly a letter and tells her she can buy the cards for $100.He closes his later saying: "If you want to buy the cards,let me know by next month.You can give me a call or whatever." Two days later,Bailey receives a letter from Molly saying she will buy the cards for $100.Does Bailey have to sell Molly the cards?


A) Yes,but only if Molly goes to pick up the cards and bring him the $100 within two days of the time her letter is received.
B) No because there was no definite offer.
C) Yes because Molly's letter accepting Bailey's offer was received,and Bailey only suggested that Mary call to accept;he did not require it.
D) No because there was no definite acceptance.
E) No because Molly did not call Bailey via phone to accept his offer.

F) B) and E)
G) D) and E)

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Kai offers to sell a rare book to Penny for $1,000.Penny wants to do more research first,but gives Kai $10 to hold the book for her for a week so she can buy it at the end of the week if her research shows the book is worth it.Kai takes Penny's $10 but dies the next day.Penny notifies Kai's widow that she wants to buy the book anyway.Does Penny have the right to buy the book for $1,000?


A) Yes,as long as she acted to buy the book within a week of the original agreement.
B) Yes,but only if she sent her acceptance in the mail prior to Kai's death.
C) No,because Paul's death invalidates their original agreement.
D) Yes,but only if the acceptance was received by Kai prior to his death.
E) Yes,but only if Kai's surviving family members do not object.

F) B) and D)
G) A) and D)

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