Chapter 8 Business Law

One element necessary for an effective offer is the terms must be reasonable.

False

The primary purpose of the Uniform Electronic Transactions Act is to create new rules for electronic contracts.

False

The terms of service that a person agrees to before loading an app on a phone are not truly legally binding.

False

Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.

False

Painting a garage can constitute "something of legally sufficient value."

True

The modification of a contract may be fair and equitable in view of circumstances not anticipated by the parties when the contract was made.

True

The offeree must accept the offer without adding or changing any terms.

True

To avoid a contract, both parties must fully perform their respective legal obligations.

False

A request to negotiate is an offer.

False

If a party is already bound by contract to perform a certain duty, that duty can serve as consideration for a second contract.

False

If a person expresses contract terms with such uncertainty that the terms are not definite, the promise is illusory but the deal is enforceable.

False

A click-on agreement can indicate the acceptance of an online offer.

True

A preliminary agreement can constitute a binding contract if the parties have agreed on all essential terms.

True

Acceptance is timely if it is effective before the offer is terminated.

True

For the doctrine of promissory estoppel to be applied, there must be a clear and definite promise.

True