Additional Chp. 13 Questions for Test 1

Which of the following is in effect not a contract at all?

A void contract

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

Agreement

A[n] ______________ contract is commonly defined as a promise in exchange for a promise.

Bilateral

A[n] ___________ 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

Which of the following represents the legal ability to enter into a binding agreement?

Contractual Capacity

Once all the terms of the contract have been fully performed, the contract is said to be ___________.

Executed

As long as some of the duties under a contract have not yet been performed, the contract is considered ________________.

Executory

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Fair market value of the matter involved

In which of the following does a contract arise not from words but from the conduct of the parties?

Implied cotracts

Contract law is said to be based on a[n] ___________ theory, meaning that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Objective

The person who agrees to the terms of an offer made by the other party is called the _________.

Offeree

The person who makes an offer is called a[n] ___________.

Offeror

Which of the following is sometimes referred to as an implied-in-law contract?

Quasi-contract

As a general rule, the ________ intent of the parties is not relevant when determining whether a contract exists; rather, what is relevant is how they represented their intent through their actions and words.

Subjective

An attorney who says that a contract lacks "the proper form" is typically referencing which of the following?

The contract lacked a writing

All contracts can be categorized as either ___________ or __________.

Unilateral, Bilateral

A contract is ______________ if one or both of the parties, without breaching the contract, have the ability to either withdraw from the contract or enforce it.

Voidable

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car. At what point is there a binding contract?

When the agreement is made

In a[n] _____________ contract, the offeror wants a performance to form the contract.

unilateral

A[n] _____________ contract is one that contains all the legal elements of a contract.

valid