Chapter 8 Business Law
One element necessary for an effective offer is the terms must be reasonable.
False
The primary purpose of the Uniform Electronic Transactions Act is to create new rules for electronic contracts.
False
The terms of service that a person agrees to before loading an app on a phone are not truly legally binding.
False
Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.
False
Painting a garage can constitute "something of legally sufficient value."
True
The modification of a contract may be fair and equitable in view of circumstances not anticipated by the parties when the contract was made.
True
The offeree must accept the offer without adding or changing any terms.
True
To avoid a contract, both parties must fully perform their respective legal obligations.
False
A request to negotiate is an offer.
False
If a party is already bound by contract to perform a certain duty, that duty can serve as consideration for a second contract.
False
If a person expresses contract terms with such uncertainty that the terms are not definite, the promise is illusory but the deal is enforceable.
False
A click-on agreement can indicate the acceptance of an online offer.
True
A preliminary agreement can constitute a binding contract if the parties have agreed on all essential terms.
True
Acceptance is timely if it is effective before the offer is terminated.
True
For the doctrine of promissory estoppel to be applied, there must be a clear and definite promise.
True