BGSU LEGS 3010 Study Set - Chapters 9, 10, 11, 12, 14 w/modules of 13, 15

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

An invitation to negotiate is not an offer.

______ are created by the courts to prevent one party from being unjustly enriched at the expense of another.

Quasi-contracts

If one or both parties have the ability to either withdraw from the contract or enforce it, the contract is said to be:

Voidable

A contract is

a set of legally enforceable promises

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

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

clear and definite

The law of contracts is primarily ______ law.

common

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

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

executed

Once all the terms of the contract have been fully performed, the contract has been ________. As long as some of the terms have not yet been performed, the contract is ________.

executed, executory

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 _______ contracts are all clearly set forth in either written or spoken words.

express

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

Which of the following elements is not necessarily required for a legally binding contract?

money is exchanged

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

Which of the following is not an element of a contract?

proper form

If the offer is for a unilateral contract, the offeree can accept only by ________.

providing the requested performance

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

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?

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

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

the Universal Contracts Code

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

the common law

Who makes an offer?

the offeror

The mirror-image rule says that the terms of the acceptance must mirror ________.

the terms of the offer

Different states had different laws governing contracts that did not allow interstate commerce to flow smoothly. This resulted in the drafting of the _____________.

uniform commercial code

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

valid

This type of contract is not a contract because either its object is illegal or it has a serious defect.

void contract

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

when received by the offeree


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