Law

A mentally ill person may sometimes have lucid periods during which he or she may exercise sound judgment.

True

An offer can be terminated by an offerors revocation before acceptance.

True

Emancipated minors are generally liable for necessaries purchased for themselves or supplied to a spouse, just as if they were adults.

True

If goods are advertised in a newspaper at an incorrect price. and the fault is that of the newspaper, the merchant may be able recoup his or her losses from the publication

True

If there is full performance of an oral agreement to sell real property, the contract does not need to be in writing

True

Mistakes relating to contracts may be concerned with the nature of the subject matter or the quality of the subject matter.

True

The Uniform Commercial Code dispenses with the requirement of consideration in certain contracts that involve a merchant's written firm offer that provides that the contract is irrevocable

True

The federal Credit Consumer Protection Act gives a consumer the right to cancel a credit transaction within three days when contract requires that the consumer pledge his or her home as a security deposit.

True

The law regards actions on the part of minors that result in emancipation as abandonment

True

The most common form of valid consideration is the promise of money by one party for the promise of an act by another.

True

The parol evidence rule refers to the addition of supplementary evidence or conditions that a party wants added to a written contract.

True

Even after an offer is rejected by the offeree, it can be revived or made into a counteroffer once the communication of the rejection has been received by the offeror

false

It is not required for a formal contract to be written under seal

false

The pressure under duress only takes the form of a threat of bodily harm to an individual or to his family, but not the threat of serious loss or damage to his property.

false

Valid consideration must be either the performance of an act or the payment of money

false

Randy and Donald were property developers, and they decided to construct a condominium in a certain neighborhood. Jim, who owned a chain of restaurants, heard of this agreement and opened a new restaurant in the same neighborhood even before the condominium construction began. However, the plan for the condominium was not approved by the state authorities, and the project was cancelled. Jim suffered losses as a result, but he had no rights in the contract because he was a(n):

incidental beneficiary

A purchase order issued by one firm to another is generally considered a(n):

offer

The web page or e-mail is generally regarded as the writing that satisfies the Statute of Frauds in the case of

online sale

If a contract calls for the delivery of specific goods, the contract will be satisfied with the tender of.

only those particular goods.

When a contracting party dies, contract rights are assigned to the

Admin

An express contract must be in writing and specifically state the agreement of the parties.

False

An incidental beneficiary has a legal right to benefits resulting from a contract

False

For a contract to be dissolved because of a mistake, the law usually requires that only one of the parties has to be part of the mistake

False

A fraud charge can be proven only if it is available in writing, but not if it is spoken or by acts or

False

A contract resulting from the use of undue Influence is

False

A deliberate change of an important element in a mitten contract that affects the obligations of the parties is known as a material alteration

Material alteration

The unintentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party amounts to

Misrepresentation

As per the_________ , a person attains the age of majority on the anniversary date of his or her birth

Modern birthday rule

Courts may justify the enforcement of some contracts, even though there is no consideration, by stating that there was

Moral Consideration

That certain kinds of contracts should be in writing is a requirement under the:

Statute of Frauds

Most rights are assignable, except in cases in which the obligations of the parties would be significantly:

altered

In some cases, the courts have held that contracts made by minors who are nearly adults or that deal with a business are:

enforceable contracts

An offer is terminated as a result of the death or legal incapacity of either the offeror or the offeree under an option contract

false

Checkroom and luggage receipts are examples of

contracts of adhesion

A party to an existing contract may appoint a third person to perform contractual duties by:

delegation

Once a minor reaches the legal age of majority, if he or she disagrees with the terms of a contract and thereafter expresses his or her unwillingness to be bound by the contract within a reasonable time then the contract is said to be

disaffirmed

A valid contract does not exist if the contract is a promise of/to:

perform an illegal act.

Courts will generally enforce liquidated damages clauses:

provided the damages specified are closely related to the actual damages.

Once the minor reaches the legal age of majority, and if he or she agrees to the terms of the contract, then the contract is said to be

ratified

To be legally enforceable, a contract must contain the six elements If one of these elements is missing, the court will usually

refuse to enforce the contract.

A simple contract is not

require consideration, need not under seal

A contracting party intending to authenticate a written agreement may use any symbol as their

signature

A valid offer must be all of the following EXCEPT

stated in writing

If a law is passed after the parties enter into a contract that makes performance more costly, the contract is.

terminated by operation of law.

Under the Uniform Commercial Code, if the goods under contract are partially destroyed:

the contract is enforceable and may not be cancelled by either party.

A person, who is not a party to a contract but is intended by the contracting parties to benefit as a consequence of a contract, is termed a(n):

third party beneficiary

An agreement that lacks one or more of the essential elements of a contract from the very beginning is a:

void and unenforceable contract

According to the doctrine of frustration of purpose

where both parties know the purpose of a contract and, through no fault of either party, the reason for the contract no longer exists, the contract is terminated