If an offeree rejects an offer and then attempts to accept that same offer, the offer is now construed as a new offer that the original offeror is free to accept or reject.

Seasonal Selections, Inc. sends a copy of its catalog to William along with a personalized computer-generated letter inviting him to purchase any two items in the catalog at the advertised price. Has Seasonal Selections made an offer?

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Which of the following is true regarding contract validity?

Generally, an offeror can specify the manner in which he/she wants his/her offer to be accepted.

Jess says to a friend, “I’ll sell you my 2-year-old Toyota Camry for $4,000.” The friend says, “I’ll take it,” and they sign a short agreement to that effect. The friend didn’t know this, but Jess intended the offer as a joke. There will be a contract if:

A contract remains executory as long as any party to the contract has not fully performed.

The person who makes an offer to enter into a contract is the “offeree.”

Which of the following is not needed in order to have a valid contract?

In an auction without reserve, the seller must accept the highest bid and cannot withdraw the goods from sale.