Chapter 13, 14, 15 Mini Quizzes

According to the _________, performance of a duty that your obligated to do under the law is not good consideration a. preexisting duty rule b. standing obligation rule c. antecedent responsibility doctrine

A

_________is when the means by which acceptance can occur is expressly stated in the offer a. express authorization b. implied authorization c. objective authorization d. subjective authorization

A

According to the "mirror image" rule, if the terms of the acceptance do not mirror the terms of the offer a. contract never the less exists and its term are based on whatever is matching b. the attempted acceptance is a counter offer c. the attempted acceptance is a revocation

B

______ occurs when one party makes a promise knowing the other party will rely on it, the other party does rely on it, and the only way to avoid injustice is to enforce the promise a. forbearance b. promissory estoppel c. a crime d. a tort

B

A _____ contract is defined as a promise made in exchange for a promise a. void b. voidable c. bilateral d. unilateral

Bilateral

According to the _______ rule, an acceptance is valid when the offeree places it in the mailbox, whereas revocation is only effective when the offeree receives it a. certification b. US postal service c. mailbox d. transmission

C

_______ is required in every contract a. money b. property c. consideration d. none of the above

C

Sources of contract law include

Common law and the Uniform Commercial Code

Which of the following does not constitute a valid offer? a. preliminary negotiations b. advertisements c. an offer communicated by the offeror to the offeree's agent d. a & b

D

_______is what a person will receive in return for performing a contractual obligation a. remuneration b. reciprocity c. collaboration d. consideration

D

The _____ theory of contracts means that the existence and interpretation of a contract is based on the outward manifestation of intent by the parties

Objective

Formation of the contract begins when the party initiating the contract, called the ____, makes an offer to another party called the ____.

Offeror; Offeree

A ____ contract represents a situation where the offeror seeks performance from the offeree to form a contract a. void b. voidable c. bilateral d. unilateral

Unilateral

in a(n)______ debt, there's no dispute about the fact that money is owed or dispute the amount

Unliquidated

which of the following is a recognized exception to the preexisting duty rule? a. foreseen circumstances b. additional work c. UCC

additional work

An agreement is based on

an offer and an acceptance

all of the but which of the following are required for an "accord and satisfaction" to be enforceable a. the debt is unliquidated b. the debt is liquidated c. the creditor agrees to accept as fully payment less that they claim is owed

debt is luqidated

______ contracts have all of their terms clearly set forth in wither written or spoken words

express

A (n) _______ contracts arises not from words, but from the conduct of the parties

implied

_____contracts are called ______ because no formalities are required when making them a. formal ; simple b. informal ; simple c. informal ; unilateral d. informal; incidental

informal;simple

_________ terms in an offer and its resulting contract allow a court to determine damages in the event that one of the parties breaches the contract. They include subject matter, price, quantity, quality and the parties

material

Offeror intent is determined based upon a(n) ______ standard a. subjective plaintiff b. subjective defendant c. objective d. jury

objective

With regard to the enforceability of a present promise, which of the following is accurate regarding past consideration?

past consideration is no consideration at all

The _____ rule states that if a writing, or term in question, appears to be ____ on its face, we must determine its meaning from just the "four corners" of the document, without resorting to outside evidence and give the words their ordinary meaning

plain meaning; unambiguous

Which of the following is not a type of formal contract

simple contracts

When a debt is ____, the parties may enter into a(n)

unliqudated; accord and satisfaction

If nothing is stated to the contrary in the terms of an auction, the auction is presumed to be _____, which means that the seller is merely expressing intent to receive offers a. conditional b. with reserve c. without reserve d. unconditional

with reserve

in an auction _______, the seller is treated as making an offer to accept the highest bid and therefore must accept it

without reserve