CPPB Exam 2 Questions with Answers
Offer and acceptance; definiteness; consideration; Mutuality of Obligation (related to consideration) capacity of the parties; legality of purpose. - Answer-Elements of a contract
Offer and acceptance - Answer-The process by which persons reach agreement; Off...
CPPB Exam 2 Questions with
Answers
Offer and acceptance; definiteness; consideration; Mutuality of Obligation (related to
consideration) capacity of the parties; legality of purpose. - Answer-Elements of a
contract
Offer and acceptance - Answer-The process by which persons reach agreement; Offer:
involves a promise to door not to do a specified thing; Acceptance: when the person
exchanges his own promise or performance for the promise made in the offer.
Invitation to Bid is not an offer; it's a request to vendors to submit offers; Bids or
proposals submitted in response are offers. Acceptance occurs when the person
authorized to award contracts selects the vendor as the winner. - Answer-Application of
offer and acceptance in public purchasing.
Definiteness - Answer-An offer must include the important terms of the proposed
agreement so when the offer is accepted the agreement is enforceable. UCC alters the
common law rule: contract will not fail due to indefiniteness if the parties intended to
make a contract.
The person making the offer intends or promises to do something and the person
accepting the offer promises to give the person who made the offer something in
exchange. - Answer-Consideration
A sub-element of consideration; applies in a situation where the offer requires the
person accepting it to make a promise in return rather than by immediately performing.
"Both parties must be bound or neither one is bound." - Answer-Mutuality of Obligation
Must be in writing; contract over $500; not executed in 1 year; sale of land; deceased
person's estate. - Answer-Statute of Frauds
Must be for the sale of goods; must be signed; must specify a quantity. - Answer-
Uniform Commercial Code writing requirements
The contract is a complete and final expression of the parties intentions. - Answer-
Merger clause
Mistakes in contracts - Answer-Under common law, party accepting an offer may not
enforce the contract if the offer contained a mistake that was or should have been
obvious; if the mistake was not obvious, the party making the mistake is required to
perform the contract if the party wants to enforce it.
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