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