Business Law Final |115 Questions| With Correct Answers.

Once an offer is made, an offeror has no right to terminate it before receiving a reply (True/False) {Ans: False}When both parties are mistaken about current or past material fact, either can choose to rescind the contract. (True/False) {Ans: True}If a person wishes to ensure that an offer will in fact be held open for a set period of time, the person may do so by entering into an _____________ contract with the offeror. {Ans: Option}When a mistake of fact occurs, ___________ is absent. {Ans: Legal assent}If the subject matter of an offer is destroyed, the offer____________. {Ans: Immediately terminates}Courts interpret contracts using an objective standard (True/False) {Ans: True}