Contract Law Exam Questions and All Correct Answers
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Course
Contract Law
Institution
Contract Law
Contract Law Exam Questions and All Correct Answers
Every contract has both - ANSWER An offeror and an offeree
To create an enforceable contract, which of the following is (are) needed - ANSWER Agreement, consideration, contractual capacity, and a lawful objective.
What is t...
Contract Law Exam Questions and All Correct Answers Every contract has both - ANSWER An offeror an d an offeree To create an enforceable contract, which of the following is (are) needed - ANSWER Agreement, consideration, contractual capacity, and a lawful objective. What is the distinguishing characteristic that makes a contract a formal contr act - ANSWER A legal requirement that the contract be in specific form What is the process through which an offeree of a contract can become the offeror by suggesting terms and conditions different from or in addition to those in the original offe r - ANSWER Counteroffer The imperative that an offeree must accept the terms of the offer exactly as stated in order for acceptance to exist is know as _______. - ANSWER Mirror -imagine rule An example of someone who does not have contractual capacity would be _______. - ANSWER A minor and a person considered to be mentally incompetent Which of the following is NOT a detail about the contract that might be included in an agreement? - ANSWER Counteroffer There is no consideration and therefore no enforceab le contract for transactions relating to ____. - ANSWER Gifts The Uniform Commercial Code, which allows an acceptance which alters the immaterial details (i.e. place of delivery) of the contract, is an exception to which standard of contract law? - ANSWER Mirror -image rule How many parties can participate in a contract? - ANSWER Two or more parties of any kind Which of the following is NOT a detail about the contract that might be included in an agreement? - ANSWER Counter offer If a contract omitted some terms, which of the following terms could be implied by the court? - ANSWER Time for performance If a contract omitted some terms, which of the following terms could be implied by the cour - ANSWER Prices, if a reasonable price can be determined Without _____, there is no contract. - ANSWER Mutual assent The basic concept that both parties to a contract should have agreed to the same terms is referred to as _____. - ANSWER Mutual assent The concept of objective intent with respect to contract law means that _____. - ANSWER the parties' intent to be bound by the terms of a contract is based on whether an outsider observing the parties' words and conduct would reasonably conclude tha t the parties have the needed intent A(n) _____ is used by an offeree to indicate that he/she is not interested in an offer. - ANSWER Rejection The circumstances where an offer cannot be withdrawn under promissory estoppels is known as _____. - ANSWER The doctrine of detrimental reliance The requirement that the terms of the acceptance be the same as those of the offer is the _____. - ANSWER mirror image rule The mailbox rule means that _____. - ANSWER a properly dispatched acceptance is effective even if the offeror never receives it Which is NOT one of the elements required to make a contractual offer? - ANSWER Negotiations "Legal detriment" in the context of consideration means _____. - ANSWER giving up an existing legal right or taking on a new legal duty What doctrine enforces an agreement between two parties and prevents a promisor from reneging on a promise which the other party greatly depends upon despite the fact that no legal contract exists between them? - ANSWER Promissory estoppel A promise to deliver merchandise in the future _____. - ANSWER is consideration because it involves a new legal duty Considera tion can best be described as _____. - ANSWER something of legal value
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