Chapter 9

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

contemporaneous acceptance of the contractual terms

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

executed

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 an inaccurate statement regarding the communication of acceptance of an offer to the offeror?

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

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 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

A contract must have a legal ______.

object

If it appears from the wording an advertisement that a store did intended to make an offer, the courts will treat it as a(n) _________.

offer

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

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

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

As a general rule, the revocation of an offer is effective when it is

received by the offeree

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

rejection by the offeror

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

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

terminates immediately

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

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, Blank______.

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

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

unenforceable

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

valid

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

valid

If one or both of the parties can either withdraw from the contract or enforce it the contract is Blank______.

voidable

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

when received by the offeree

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

Executory

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

Implied

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

Only the offreree to whom the offer was directed can accept the offer

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.

According to UCC Section 2-207, which of the following is not a requirement for an offeree to include in an offer's acceptance terms that are additional to or different from the terms of the offer?

The subject contract does not contain any express or implied warranties.

Under the common law, for an option contract to be valid, which of the following is correct?

There has to be consideration in exchange for the offeror's agreement to hold the offer open.

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

Uniform Commercial Code

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

acceptance

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

after a reasonable period of time

The first element of a contract is the Blank______.

agreement

In which of the following auctions must the seller accept the highest bid?

an action without reserve

An offeror may revoke an offer ______.

at any time prior to acceptance even if the offeror says the offer will be held open for a stated period of time

Whether a contract is ______ depends on what response the offeror expects from the offeree.

bilateral or unilateral

Once an offer is rejected by the offeree, the offeree Blank______.

cannot revive 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

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

Policy

A contract is a set of legally enforceable __________.

Promises

In an auction ______, the seller is merely expressing an intent to receive offers.

WITH reserve

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

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

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

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

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

unilateral contract

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

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

with reserve

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

2-207

Which of the following types of contracts is not voidable?

A contract for an illegal object.

Because the Restatement (Second) is not actually the law itself, it cannot be cited by judges. True or False

False (the Restatement is not actually the law itself, although judges frequently cite it in cases because it is an authoritative statement of what the law is.)

What are the 2 essential elements of an agreement?

Offer and Acceptance

Which of the following is not a source of contract law?

The Universal Contracts Code

Which of the following is a situation where a valid contract may be unenforceable?

The applicable statute of limitations for the breach of a contract has expired.

As a general rule, an advertisement _______.

is an invitation to make an offer

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

The Restatement (Second) Law of Contracts

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

Compared to the common law, promises to hold an offer for the sale of a good open for a specified period under the UCC ______.

offers additional limitations

(Select all that apply) Which of the following are the sources of contract law? - The uniform commercial Code - The convention on Contracts for international Sales of Goods - Case law - The United Nations Treaty on Global Contracts

- the Uniform Commercial Code - the Convention on Contracts for International Sales of Goods - case law

How many states have adopted the Uniform Commercial Code?

50

The Restatement of Law is a _________.

Authoritative statement of the law

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

Silence does not constitute acceptance

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

capacity

In an offer, _________ must be communicated to the offeree or the offerer's agent

offer

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

void

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

Acceptance

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

Assent (Agreement)

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

Bilateral

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

Bilateral

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

Writing

All ______ can be classified as either bilateral or unilateral.

contracts

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

executed

Certain contracts require a proper form, which most often refers to contracts that require a(n) _______, and if there is none, the agreement will not be enforced.

writing

The law of contracts is primarily ______ law.

Common Law

______ is defined as the bargained-for exchange.

Consideration

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

Consideration

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.

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

Rejection of an offer terminates the offer

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

In a bilateral contract the parties are making a promise for a(n) ______.

promise

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

revocation of the offer by the offeror

If an offer is for a ______ contract, the offeree can accept only by providing the requested performance.

unilateral

Which of the following is an accurate statement regarding an expression of possible interest in an exchange?

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