wk2

• A offers to buy B's house for $1 million and keeps this open for 6 weeks. B replies saying they need to check a few things. 3 days before the due date, A withdraws the offer. B, however, bought a house assuming A would buy the house. which is correct?

  a)there was an option contract

  b) there was no option contract since no consideration was provided for the promise to keep offer open for 6 weeks

  c) revocation takes effect once offeree (B) read its

  d) revocation takes effect once the email enters the info. system, even if it hasn't been read and even if B doesn't know it's there

  A) d

  B) b

  
• Farrah emails Anna offering to sell her an heirloom ring. Two days after, Anna emails her acceptance. 

  Under the s 14A of the Electronic Transactions Acts 1999 (Cth), the contract is formed:

  a.When Farrah actually reads Anna's email

  b. When Anna's email is capable of being retrieved by Farrah

  c. When Farrah becomes aware that he got an email from Anna

  d. When Anna sends the email from her computer

  A) b

  
• Which of the following statements is INCORRECT? 

  a.If the offeror promises to keep an offer open for a period of time in writing and signs it, the offer cannot be revoked

  b. If there is an option contract, the offeror cannot revoke the offer

  c. If consideration has not been provided the offer can be revoked prior to the expiration date

  d. A promise to keep an offer open for a specified period of time is only enforceable where the offeree provides consideration

  A) a

  
• A sells her lego set for over $5000. B replies offering $6000. A replies with saying she will send her bank account detials to transfer the money. C emails A later offering $8000. which is correct?

  a.If Hannah sells the Lego to Delia, this will amount to an implied revocation to Henry

  b. Hannah can accept the higher offer from Delia because Henry has not paid yet

  c. An agreement has been reached as Henry made Hannah an offer to purchase the Lego for $6,000 and Hannah accepted that offer

  d. Hannah can choose which offer to accept bc she didn't specify a time to accept any offers

  A) c

  
• Which one of the following statements is INCORRECT?

  a.There can be no acceptance if the offeree is unaware of the offer

  b. An offer ceases to be binding on the offeror, if not accepted within a reasonable time 

  c. An offer lapses if it is not accepted within the time stated 

  d. An offer can be accepted even if the offeree is not aware of the offer

  A) R

  B) Clarke

  C) d

  
• offer vs contract

  • offer: a proposal made by one party to another, showing a willingness to enter a contract under terms
  • contract: a legally binding agreement b/w 2 or more parties that is enforceable by law. There is also an offer made from one party to be accepted by the other and consideration exchanged.
• unilateral vs bilateral contracts

  • uni: one party makes an offer that is open for acceptance when the performance of an act is done.
  • eg. reward for lost pet, carlill v carbonic smoke ball
  • bilateral: both parties exchange promises and there is a mutual commitment to perform the act
  • eg. selling goods or services