CH 9 SB BLAW

______ contracts arise not from words but from the conduct of the parties.

Implied

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.

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

bilateral

A(n) ______ contract is, in effect, not a contract at all.

void

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

writing

Which of the following types of contracts is clearly set forth in either written or spoken words?

express contract

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

formal

A(n) ______ consists of an offer and an acceptance. If you have a dental emergency and your dentist pulls your severely infected tooth without prior negotiation about payment, or even any mention of payment, you have a(n) ______ contract for the payment of his services.

implied

Which of the following is not a required element for the valid acceptance of an offer?

manifestation of intent by the offeree to be bound by the acceptance to the contract communication of the acceptance to the offeror contemporaneous acceptance of the contractual terms agreement to the definite and certain terms of the offer

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

A contract is a set of legally enforceable ______.

promises

If an offeror becomes incapacitated, the offer ______.

terminates immediately

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

the Restatement (Second) of the Law of Contracts

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

the Universal Contracts Code

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

acceptance

The law of contracts is primarily ______ law.

common

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

reward

In a(n) ______, the offeror wants a performance to form the contract.

unilateral contract

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.

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

Formal

Which of the following is an accurate statement regarding the rejection of an offer?

Rejection of an offer terminates the offer.

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

If the offeror wants a promise from the offeree to form a binding contract, the contract is a(n) ______ contract.

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 ______ 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

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

executed

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 a(n) ______ contract are clearly set forth in either written or spoken words.

express

The terms of an offer must be definite and certain, meaning that all of the ______ terms must be included.

material

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 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

A(n) ______ is an agreement whereby an offeree gives the offeror a piece of consideration in exchange for the offeror's agreement to hold the offer open for a specified period of time.

option contract

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

rejection by the offeror

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 the subject matter of an offer becomes illegal, the offer ______.

terminates immediately

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

the Uniform Commercial Code case law

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

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

Certain contracts require a(n) ______, and if there is none, the agreement will not be enforced.

writing