Chapter 8
Elements of an enforceable contract are (1) Capacity of the Parties; (2) Mutual Assent; (3) Lawful Purpose; and
Consideration
Contracts entered into as a result of duress or undue influences are always void and can never be enforced by either party to the contract.
False
The end of chapter case of Lucy v. Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract
False
The statement "If you wash my car, I will pay you $10" is an example of an offer to form a bilateral contract.
False
DB offered to sell a cap for $10. Nate said, "I'll pay you $1." DB said OK
There is a contract for the sale of the hat for $1.00.
DB offered to sell a cap in her possession for $10. Dan said he would pay $5.
There is no contract because Dan's counter-offer terminated his power of acceptance.
A contract is a legally binding agreement to do or not to do a certain thing, and is enforceable in cour
True
A contract is a legally binding agreement to do or not to do a certain thing, and is enforceable in court.
True
A minor generally may disaffirm a contract before reaching the age of majority (adulthood). The minor may also do so within a reasonable time after reaching majority, but if he or she fails to do so, the contract is ratified and binding
True
The offeror makes an offer by mail. Generally, unless otherwise specified, the offeree may accept the offer by using the same or faster means of communication
True
Legally sufficient consideration may consist of which of the following?
all of the above
Steve Shredder promised to move all practice sessions of his high-volume group the "Scan Jet Fondue" to a location far from his home in exchange for his neighbor Osgood Wheet's promise to pay the music group $300 a month for nine months, commencing immediately. The mutual promises are
enforceable, because each party enjoys some resulting legal benefit and each suffers some legal detriment.
The Uniform Commercial Code governs contracts for
goods
When officials of your city government make contracts for construction of a recreation center in your neighborhood park, complete with swimming pool, tennis courts, and baseball diamond, you and your fellow residents become
incidental beneficiaries.
A quasi-contract is
not a true contract at all, but an obligation created by law.
