Statement $1$ The ecommerce legislation has modernized contract formation rules to allow $$clicking an icon$$ to satisfy the acceptance and communication requirements of contract formation. Statement $2$ The legislation also requires, before the consumer enter into an internet agreement, the supplier to disclose specific information about, among other things, the total price of the good or service, the terms of payment, and warranties. Statement $3$ The internet contract is not formed until the retailer communicates acceptance with a confirmation number. From the choices below, please choose the correct answer.

a$.$

Statements $1$ & $2$ are true, and statement $3$ is false.

b$.$

Statements $1$ & $2$ are false, and statement $3$ is true.

c$.$

All statements are true.

d$.$

All statements are false.

Question $3$

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$3.$ Statement $1-$ Contract begins with a promise, and all promises become binding contract because of moral obligation. Statement $2$ A contract does not come into existence until an offer has been made by one party and accepted by other party. Statement $3$ In most situations, an offeror communicates orally or in writing, an offeror can also express an offer by conduct without words like a taxi driver opens the door of his cab or a bidding raising his hand at an auction. From the choice below, please choose the right answer.

a$.$

Statement $1$ is false, and statements $2$ and $3$ are true.

b$.$

Statements $1$ & $2$ are true, and statement $3$ is false.

c$.$

All statements are true.

d$.$

All statements are false.

Question $4$

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$4.$ When an offer has lapsed, the offeree can no longer accept it even if he is unaware that it has lapsed; it has become void and no longer exist. An offer may lapse in any of the following ways, except?

a$.$

When either of the parties dies or becomes bankrupt prior to acceptance.

b$.$

When the offeree fails to accept within a time specified in the offer.

c$.$

When the offeree fails to accept within a reasonable time, if the offer has not specified any time limit$.$

d$.$

When either of the parties dies or becomes insane prior to acceptance.

Question $5$

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$5.$ A contract does not come into existence until an offer has been made by one party and accepted by the other party. From the choices below, please select one that constitutes an offer whereby the offeror is bound when the offer is accepted.

a$.$

An advertisement to sell a fixed number of items at a fixes price to those who accept first. An offer of a reward for information or for return of a lost object.

b$.$

An invitation to a friend to do business.

c$.$

An advertisement to sell goods at a certain price.

d$.$

The display of a coat in a store window.

Question $6$

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$6.$ According to the law of contract, there are several ways for an offer to end before acceptance. Please select below that does not apply.

a$.$

Death or insanity of offeror and revocation of offer.

b$.$

A contract of which one party is a minor.

c$.$

Rejection and counteroffer by the Offeree.

d$.$

End of a specified time and expiration of a reasonable time.

Question $7$

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$7.$ There are ways in which a contract may be discharged $$ meaning to cancel the obligation of a contract. Please select below that does not apply.

a$.$

Discharge by the operation of the law in which the debtor is discharge from liabilities.

b$.$

Discharge by illegal contract.

c$.$

Discharge by tendering performance of the contract.

d$.$

Discharge by agreement in which both parties agreed.

Question $8$

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$8.$ John, a sales representative from Electric Supply Co$,$ demonstrated a new high$-$speed auto$-$analyzer to Jill, the owner of Speedy Car Repair Shop. Though the devise is good and useful, but the price is too high at $$7,500\mathrm{.}00.$ Jill made a bargain at $$5,000\mathrm{.}00,$ but John said the price cannot be reduced and got back the machine. Two weeks later, the auto$-$analyzer arrived with a letter from John that the price was reduced to $$6,000\mathrm{.}00,$ with the permission of his manager. They just want to break into the market. The letter further said that if we did not hear from you in ten days, we shall assume that you have accepted the offer and we will expect a payment of our invoice, enclosed. Jill allows to sit the machine idle for more than $10$ days. Does silence constitute a binding contract? On the contrary, if Jill takes the risk of using machine for experimental purposes. Does it constitute an acceptance of the offer?

a$.$

False and true.

b$.$

False and false.

c$.$

True and true.

d$.$

True and false.

Question $9$

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$9.$ The essence of a contract is the meeting of minds of the contracting parties. To qualify