las 200 test 2

Which of the following is effective upon mailing or dispatch?

None of the above, revocations, counter offers, rejection, offers

A valid offer must have which of the following to be effective:

Serious intent to be bound(objective test), definite test, communication, definite terms

In order to prove fraud, which of these elements must be shown?

The innocent party relied on the wrongdoers representation

___________ is defined as something of legal value given in exchange for a promise.

consideration

__________ is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.

duress

A(n) ___________ is a contractual provision that relieves one (or both) parties to a contract from tort liability for ordinary negligence.

exculpatory

A(n) _____________ is a contractual provision that relieves one or both of the parties to a contract from tort liability

exculpatory clause

Contracts that have been fully performed by one side but not by the other are classified as _______ contracts.

executory

An oral agreement to purchase a neighbor's bicycle is a(n) ________ contract.

express

A contract that has been fully performed by both sides is called an executory contract. t/f

false

An implied-in-law contract is a contract in which agreement between parties has been inferred from their conduct t/f

false

Under the mailbox rule, an acceptance is only effective when it is received.

false

_____________ is an event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation

fraudulent misrepresentation

Which of the following is an acceptable consideration for a contract?

money

The intent to enter into a contract is determined using the ________ theory, that is, whether a reasonable person viewing the circumstances would conclude that the parties intend to be legally bound.

objective

Every contract has at least two parties:, the _______ and the ________.

offerrer, offeree

____________ says that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.

parole evidence rule

The doctrine of __________ allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.

part performance

An award of ____________ orders the breaching party to perform the acts promised in a contract

performance

A unilateral offer is a promise for a specific act. A unilateral offer may be accepted only by:

performance of the requested act

According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ________.

reasonable person standard

Which of the following scenarios makes Tim liable for undue influence?

takes advantage over his grandmother and makes her sign everything over to him

What is the significance of the age of majority in relation to legal contracts?\

the age above which people of capacity can enter a legal contract

A rejection of an offer is not effective until it is actually received by the offeror

true

A unilateral mistake is a mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract, and is generally not grounds for rescission. t/f

true

The innocent non-breaching party has a legal duty to avoid or reduce damages caused by a breach of contract.

true

A(n) _______ is a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust.

unconscionable

A(n) ____________ is a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust.

unconscionable contact

If a contract is required to be in writing under the Statute of Frauds but is not, the contract is ________.

unenforceable

Which type of contract can be accepted only by the performance of an act by the offeree.

unilateral