LAW 3800Ch 9 SB

Which of the following are the sources of contract law?

(1) case law (2) the Uniform Commercial Code

In terms of contracts for the sale of goods transactions, Uniform Commercial Code Section ___ significantly modified the mirror-image rule.

2-207

How many states have adopted the Uniform Commercial Code?

50

Which of the following is an accurate statement regarding an invitation to negotiate?

An invitation to negotiate is not an offer

Which of the following is an inaccurate statement regarding the communication of the acceptance of an offer?

If no means of communicating an acceptance is specified, it is mandatory for an acceptance to be in writing.

___ are sometimes called implied-in-law contracts.

Quasi-contracts

Which of the following is an incorrect statement regarding a contract under seal?

States today require contracts to be under seal.

A convenient way to research contract law is to reference ___.

The Restatement (second) of the Law of Contracts

According to the Restatement of Contracts, which of the following is not a circumstance under which silence can constitute acceptance of an offer?

The offeree does not believe that silence constitutes acceptance and does not manifest an intent to be bound by contract.

A lack of genuine assent can result from all but which of the following?

acceptance

In an offer, the offeror must manifest an intent to be bound by the offeree's ___.

acceptance

The first element of a contract is the ___.

agreement

Which of the following is not a common form of negotiable instrument?

an I.O.U

Which of the following is not a type of formal contract according to the restatement (second) of contracts?

an implied-law-contract

A lack of genuine ___ in a contract means the contract was not entered into freely by one or more parties.

assent

A(n) ___ contract is commonly defined as a promise in exchange for a promise.

bilateral

Contractual ___ refers to the legal ability to enter into a binding agreement.

capacity

The law of contracts is primarily __ law.

common

___ is what each party gets in exchange for his or her promise under a contract.

consideration

Which of the following is not a required element for the valid acceptance of an offer?

contemporaneous acceptance of the contractual terms.

A ___ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

contract

Once all of the terms of a contract have been fully performed, the contract is ___

executed

As long as some of the duties under a contract have not yet been performed, the contract is considered ___.

executory

The term ___ applies to a contract in which not all of the terms have been fully performed.

executory

The terms of a(n) ___ contract are clearly set forth in either written or spoken words.

express

A written contract is an example of a(n) ___ contract.

formal

___ contracts arise not from words but from the conduct of the parties.

implied

Any contract that is not a formal contract is a(n) ___ contract.

informal

As a general rule, an advertisement ___.

is an invitation to make an offer

A ___ is an agreement by a person or institution that issued it to pay a sum of money on receipt of an invoice and other documents.

letter of credit

According to the mirror-image rule, if the terms of the acceptance of an offer do not mirror the terms of the offer, ___

no contract is formed

A(n) ___ is an indication of the willingness of the offeror to enter into a contract.

offer

In an offer, the ___ must be communicated to the offeree or to the offeree's agent.

offer

What are the two essential elements of an agreement?

offer and acceptance

In terms of acceptance of an offer, a(n) ___ can manifest contractual intent by either performance or a return promise.

offeree

A(n) ___ is an agreement whereby an offeree gives the offeror a piece of consideration in exchange for the offeror's agreement to hold the offer open for a specified period of time.

option contract

According to the mailbox rule, the acceptance of an offer is valid when it is ___

placed in the mailbox

To say that a contract must have a legal object means that the contract cannot be illegal or against public ___.

policy

A(n) ___ arises when a party acknowledges in court that he or she will perform some specified act and/or pay a price on failure to do so.

recognizance

Which of the following is an accurate statement regarding the rejection of an offer?

rejection of an offer terminates the offer

According to common law, which of the following is not a required element of an offer?

revocation of the offer by the offeror

Which of the following is not a recognized way to terminate an offer?

revocation of the offeree

Which of the following is true regarding whether silence constitutes the acceptance of an offer?

silence does not constitute acceptance

If an offeror becomes incapacitated, the offer ___

terminated immediately

If the subject matter of an offer becomes illegal, the offer ___.

terminates immediately

If an offer states that it will be held open for only a certain time, the offer ___.

terminates when the specified time expires

If the acceptance of an offer is received after a rejection is received, ___.

the acceptance is not valid because the rejection terminated the offer

Under ___, the terms of an offer must be definite and certain.

the common law

Who accepts the terms of an offer?

the offeree

Who makes an offer?

the offeror

True or false: an offeror can revoke an offer at any time, even if she says she will hold the offer open for a stated period of time.

true

To say that a contract is ___ means that the contract cannot be enforced by the courts because of an application law.

unenforceable

In a(n) ___, the offeror wants a performance to form the contract

unilateral contract

As a general rule, a ___ contract is one that will be enforced.

valid

When a contract is ___, either its object is illegal or it has some defect that is so serious that it is not a contract.

void

Which of the following refers to a situation where one or both parties can either withdraw from a contract or enforce it?

voidable contract

If nothing is said to the contrary in terms of an auction, the auction is presumed to be ___.

with reserve

In an auction ___, the seller is treated as making an offer to accept the highest bid.

without reserve

Certain contracts require a(n) ___, and if there is none, the agreement will not be enforced.

writing