Chapter 9 Q

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.

The ______ is a statutory source of contract law in the United States applicable to transactions involving the sale of goods.

Uniform Commercial Code

GOAT ONE

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Who accepts the terms of an offer?

the offeree

Which of the following is not a type of formal contract according to the Restatement (Second) of Contracts?

an implied-in-law contract

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

formal

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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 offeror becomes 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

Who makes an offer?

the offeror

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

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

An invitation to negotiate is not an offer.

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

How many states have adopted the Uniform Commercial Code?

50

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 expression of possible interest in an exchange?

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

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

Executed

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

Formal

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.

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

States today require contracts to be under seal.

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) ______ is an indication of the willingness of the offeree to consent to the terms of the offer.

acceptance

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

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

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

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

case law the Uniform Commercial Code

The law of contracts is primarily ______ law.

common

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

communication of the offer to the offeree

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

When people hear the term formal contract, what often comes to mind is a(n) ______.

contract under seal

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

executed

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

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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

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

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

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

performance or return promise

A contract is a set of legally enforceable ______.

promises

A bond used as bail in a criminal case is an example of a(n) ______.

recognizance

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

rejection by the offeror

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

revocation by the offeree

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 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 ______.

terminates immediately

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

the Restatement (Second) of the Law of Contracts

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

the common law

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

unjust enrichment