Smartbook chapter 9

If the subject matter of the offer is destroyed, the offer __________.

terminates immediately

Who accepts the terms of the offer?

the offeree

A contract is ___________ is one or both of the parties can either withdraw from the contract or enforce it.

voidable

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

Case law The uniform Commercial code

__________ is what each party gets in exchange for his or her promise under the contract.

Consideration

The ______ governs letters of credit.

Uniform commercial code

Which of the following is a type of formal contract according to the Restatement (second) of Contracts?

a contract under seal

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

acceptance

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

agreement

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

an acceptance must be communicated in writing in order for it to be effective.

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

bilateral

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

communication of the offer to the offeree

A(n) __________ is a contract that has a seal certifying its legality. Such contracts require no consideration for them to be legal.

contract under seal

Which of the following is the legal ability to enter into a binding agreement?

contractual capacity

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

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 term of the acceptance must mirror the terms of the offer.

mirror-image

What are the two essential elements of an agreement?

offer and acceptance

A contract is a set of legally enforceable ________.

promises

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

reward

If an offeror become incapacitated, 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.

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

the Universal Contracts code

As a general rule, a(n) _________ 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

According to the mailbox rule, a revocation by traditional letter is effective.

when received by the offeree

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

with reserve

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

writing