What elements are required for an offer to be effective under the common law choose 3 answers quizlet?

CONTRACT FORMATION

BILATERAL - A promise for a promise.

UNILATERAL - A promise of an act.

FORMAL - Requires a special form for creation.

INFORMAL - Requires no special form for creation.

EXPRESS - Formed by words.

IMPLIED - Formed by the conduct of the parties.

Bill offers to sell his house to Harry for $90,000. Harry tells Bill he will buy the house for $90,000 if Bill will fix the roof. Bill says he is not interested in fixing the roof. Harry then tells Bill he will still buy the house. Bill tells Harry the house is no longer for sale to Harry. Which statement is true?
a. Harry's counteroffer terminated Bill's offer; however, Bill can still change his mind and accept either Harry's counteroffer or Harry's offer to buy Bill's house for $90,000.
b. Bill must sell the house to Harry because Harry accepted his offer to sell the house for $90,000.
c. If Bill will not sell the house to Harry for $90,000, he cannot sell the house to anyone for $90.000.
d. Harry's counteroffer terminated Bill's offer, and Bill's rejection of both Harry's counteroffer ($90,000 plus fix the roof) and offer ($90,000) leave Bill free to make a new offer to sell the house to anyone he chooses, including Harry, and under any terms he chooses as long as the terms are not illegal.

Furniture Store runs an ad in the local Sunday newspaper announcing a special sale on a Brandname chairside table. The ad states the price of the table, the dimensions, the SKU#, and what the table is made of. Other parts of the ad indicate the store's location, the hours, and a website where purchases may be made online. Joe goes to the store to purchase the table but sees another very similar table that is not on sale ("the regularly priced table"). He offers to buy the regularly priced table from the store for the sale price of the Brandname table. The store says that it cannot sell it at the sale price, but it can sell it for 10% off the listed price. Joe says that is too much money to spend for the regularly priced table. Joe continues to shop around. Seeing nothing he likes, he decides to buy the regularly priced table for 10% off. When he goes to pay for the table, the store charges him full price. If challenged in court, the court is most likely to:
a. find that the Joe's initial rejection of the store's offer to sell the regularly price table for 10% off effectively terminated that offer; that Joe is now making an offer to purchase the regularly priced table for 10% less than the asking price; and the store is free to accept or reject Joe's offer.
b. find that the store is contractually obligated to sell the table to Joe at 10% off the regular price because the store made that offer to Joe and Joe accepted the store's offer.
c. find that the store effectively revoked its offer when it charged Joe full price.
d. find that by going into the store to look at the advertised table, Joe accepted the store's offer to sell the Brandname table to Joe for the sale price and, therefore, Joe is contractually obligated to pay for and accept the Brandname table.

Furniture Store runs an ad in the local Sunday newspaper announcing a special Veteran's Day offer of a free Brandname chairside table to the first three veterans who come into the store on Veteran's Day. The ad states the price of the table, the dimensions, the SKU#, and what the table is made of. Other parts of the ad indicate the store's location and its hours. Joe is a Veteran. He goes to the store on Veteran's Day, but he arrives after the hours listed in the ad and the store has closed. Joe sticks a post-it on the store door saying that he is a veteran and wants the table. Which of the following statements is correct about his offer?
a. According to the court in Osprey L.L.C. v. Kelly-Moore Paint Co., Inc., Joe's sticking a the post-it on the door of the store is not the authorized means of accepting the store's offer and is not likely be considered a sufficient substitute for the ad's requirement that the offer be accepted by coming into the store because it does not ensure that the offeror will receive the acceptance at all and it does not ensure that the acceptance will be received before the offer has expired by its terms.
b. According to the court in Osprey L.L.C. v. Kelly-Moore Paint Co., Inc., Joe's sticking a the post-it on the door of the store is not the authorized means of accepting the store's offer, but will likely be considered a sufficient substitute for the ad's requirement that the offer be accepted by coming into the store.
c. According to the court in Lefkowitz v. Great Minneapolis Surplus Store, Inc., Joe's post-it will be considered an offer rather than an acceptance because the ad was not specific enough to be considered an offer.
d. Joe will be entitled to the table as long as no more than two other veterans accepted the offer before him.

What elements are required for an offer to be effective under the common law choose three answers?

What elements are required for an offer to be effective under the common law quizlet?

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