Under the Uniform Commercial Code of Offer and Acceptance as a Contract

question 12

Multiple Choice

Under the Uniform Commercial Code of offer and acceptance as a contract issue, _____.

• A) merchants should be held to particular standards because they are more experienced
• B) an offer can be revoked at any time prior to acceptance unless the offeror has given the offeree an option
• C) if the acceptance differs from the offer, no contract results
• D) a contractual obligation may arise even if the agreement has open terms
• E) a contract that fails to specify price or a means of accurately ascertaining price will almost always fail

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Definitions:

Nomadic Herders

People who move from one place to another with their livestock, searching for pasture and water, in a cyclical pattern.

Barrel Model

A conceptual model used in anthropology to understand societies by analyzing their economic, social, and ideological systems as interconnected layers.

Infrastructure

The fundamental physical and organizational structures needed for the operation of a society or enterprise, such as roads, bridges, and water supply.

Superstructure

In Marxist theory, the cultural, legal, political, and ideological systems and institutions that derive from and support the economic base of a society.