Chap 9 Contracts and Agreement

______ contracts are those that have a special form or must be created in a specific manner.

Formal

Suppose a rejection is dispatched, but before it is received, the acceptance is communicated to the offeror. In such a case, ______.

a valid contract has been formed because the rejection is not effective until it is received

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

formal

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

Implied

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

Silence does not constitute acceptance.

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

bilateral

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 contract is a set of legally enforceable ______.

promises

A lack of genuine assent can result from all but which of the following? Multiple choice question. fraud duress undue influence acceptance

acceptance

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

Which of the following types of contracts is clearly set forth in either written or spoken words?

express contract

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

unilateral contract

Which must exist for a quasi contract to be enforced by the courts?

unjust enrichment

A ______ contract is one that contains all of the legal elements of a contract.

valid

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

offeree

In the context of an offer, the ______ is said to be the master of his or her offer.

offeror

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

If the offeror does not specify a time period that an offer will be valid, the offer terminates ______.

after a reasonable period of time

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

writing

To say that a contract lacks the proper form typically means it lacks a(n) ______.

writing

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

executed

Under the common law, the agreement in a contract begins when _____.

one party, the offeror, makes an offer to another party, the offeree

The most common unilateral contract offer is a(n) ______.

reward

If an offeror becomes incapacitated, the offer ______.

terminates immediately

If an offeror dies, the offer ______.

terminates immediately

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

valid

According to the mailbox rule, the revocation of an offer by traditional letter is effective ______.

when received by the offeree

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

acceptance

A(n) ______ consists of an offer and an acceptance.

agreement

The first element of a contract is the _____.

agreement

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

assent

______ is a term applied to a contract in which all of the terms have been fully performed.

Executed

If the offeror wants a promise from the offeree to form a binding contract, the contract is a(n) ______ contract.

bilateral

The law of contracts is primarily ______ law.

common

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

Rejection of an offer terminates the offer.

According to the common law, which of the following is not a required element of an offer? Multiple choice question. definite and certain terms revocation of the offer by the offeror intent communication of the offer to the offeree

revocation of the offer by the offeror

Which of the following is not a required element for the valid acceptance of an offer? Multiple choice question. communication of the acceptance to the offeror agreement to the definite and certain terms of the offer contemporaneous acceptance of the contractual terms manifestation of intent by the offeree to be bound by the acceptance to the contract

contemporaneous acceptance of the contractual terms

Contracts are interpreted using a(n) ______ standard, meaning that the courts are concerned with only a party's outward manifestations of his or her intent.

objective

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

terminates when the specified time expires

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

the Restatement (Second) of the Law of Contracts

Which of the following are the sources of contract law? (Check all that apply.)

case law the Uniform Commercial Code

Identify the ways an offeree can manifest his or her intent to enter into a contract.

performance or return promise

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

placed in the mailbox

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

the common law

A(n) ______ contract is, in effect, not a contract at all.

void

Which of the following is an inaccurate statement regarding the communication of acceptance of an offer to the offeror? Multiple choice question. If no means of communicating an acceptance is specified, any reasonable means is generally acceptable. The offeror has the power to control the means by which acceptance is communicated. If the offeror specifies that only a certain method of communication will be accepted, only that method forms a valid offer. An acceptance must be communicated in writing for it to be effective.

An acceptance must be communicated in writing for it to be effective.

Which of the following is an accurate statement regarding an expression of possible interest in an exchange? Multiple choice question. According to state law in a majority of jurisdictions, an expression of possible interest in an exchange is an offer. An expression of possible interest in an exchange is not an offer. According to the Uniform Commercial Code, an expression of possible interest in an exchange is an offer. According to federal law, an expression of possible interest in an exchange is an offer.

An expression of possible interest in an exchange is not an offer.

Which of the following is an inaccurate statement regarding the communication of the acceptance of an offer? Multiple choice question. Generally, telegraph acceptance is acceptable. If no means of communicating an acceptance is specified, e-mail acceptance is valid. If no means of communicating an acceptance is specified, it is mandatory for an acceptance to be in writing. Generally, telephone acceptance is acceptable.

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

Which of the following is an accurate statement if an offer is directed to a specific offeree?

Only the offeree to whom the offer was directed can accept the offer.

According to the common law, which of the following is a required element of an offer?

communication of the offer to the offeree

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

If you have a dental emergency and your dentist pulls your severely infected tooth without prior negotiation about payment, or even any mention of payment, you have a(n) ______ contract for the payment of his services.

implied

Which of the following is a required element for the valid acceptance of an offer?

manifestation of intent by the offeree to be bound by the acceptance

The terms of an offer must be definite and certain, meaning that all of the ______ terms must be included.

material

The ______ rule says that the terms of an acceptance must mirror the terms of an offer.

mirror-image

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

Which of the following is not a recognized way to terminate an offer? Multiple choice question. lapse of time specified in the offer for acceptance destruction of the subject matter of the offer revocation by the offeror rejection by the offeror

rejection by the offeror

Which of the following is not a recognized way to terminate an offer? Multiple choice question. revocation by the offeree death of the offeror incapacity of the offeror rejection by the offeree

revocation by the offeree

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

terminates immediately

If the subject matter of an offer is destroyed, the offer ______.

terminates immediately

Which of the following is not a source of contract law? Multiple choice question. the Universal Contracts Code the Uniform Commercial Code case law the Convention on Contracts for International Sales of Goods

the Universal Contracts Code

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

the acceptance is not valid because the rejection terminated the offer

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