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41) Which of the following is true regarding the termination of an offer based on a rejection? A) Regardless of how long an offeror states that an offer will be held open, once the offeree rejects it, the offer is terminated. B) An offer must remain open for at least three days before it is terminated following a rejection by an offeree. C) An offer must remain open for at least two days before it is terminated following a rejection by an offeree. D) An offer must remain open for at least one day before it is terminated following a rejection by an offeree. E) Even on rejection, an offer is not terminated until the expiration of the time period for which it was originally to remain open. 42) Which of the following is an offer made by an offeree to an offeror relating to the same matter as the original offer and proposing a substituted bargain differing from that proposed by the original offer? A) A bilateral offer B) An acceptance C) A cross offer D) A counteroffer E) A revocation 43) When a counter offer is made, what happens to the original offer? A) It terminates, but only if the counteroffer specifically states that the original offer is unacceptable. B) It remains in effect in all circumstances. C) It remains in effect only if the original offer specified a designated acceptance time. D) It terminates E) It remains in effect unless the counteroffer is materially different. 44) If a[n] contract exists, the administrator of an offeror’s estate must hold the offer open until it expires in accordance with the contract. A) Controlled B) Bilateral C) Option D) Unilateral E) Complete 45) Kai offers to sell a rare book to Penny for $1,000. Penny wants to do more research first, but gives Kai $10 to hold the book for her for a week so she can buy it at the end of the week if her research shows the book is worth it. Kai takes Penny’s $10 but dies the next day. Penny notifies Kai’s widow that she wants to buy the book anyway. Does Penny have the right to buy the book for $1,000? A) Yes, as long as she acted to buy the book within a week of the original agreement. B) Yes, but only if she sent her acceptance in the mail prior to Kai’s death. C) No, because Paul’s death invalidates their original agreement. D) Yes, but only if the acceptance was received by Kai prior to his death. E) Yes, but only if Kai’s surviving family members do not object. Â Â

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