Chapter 9

A(n) Blank______ contract is commonly defined as a promise in exchange for a promise.

Bilateral

If the offeror wants a promise from the offeree to form a binding contract, the contract is a(n) Blank______ contract.

Bilateral

The law of contracts is primarily Blank______ law.

Common Law

______ contracts arise not from words but from the conduct of the parties.

Implied

A contract is a set of legally enforceable Blank______.

Promises

What are the 2 essential elements of an agreement?

Offer and Acceptance

To say that a contract must have a legal object means that the contract cannot be illegal or against public Blank______.

Policy

To say that a contract must have a legal object means that the contract cannot be illegal or against public Blank______.

Uniform Commercial Code

To say that a contract lacks the proper form typically means it lacks a(n) Blank______.

Writing

All Blank______ can be classified as either bilateral or unilateral.

contracts

The terms of a(n) Blank______ contract are clearly set forth in either written or spoken words.

express

Which of the following types of contracts is clearly set forth in either written or spoken words?

express contract

(Select all that apply) Which of the following are the sources of contract law? - The uniform commercial Code - The convention on Contracts for international Sales of Goods - Case law - The United Nations Treaty on Global Contracts

- the Uniform Commercial Code - the Convention on Contracts for International Sales of Goods - case law

How many states have adopted the Uniform Commercial Code?

50

A lack of genuine assent can result from all but which of the following?

Acceptance

A lack of genuine Blank______ in a contract means the contract was not entered into freely by one or more parties.

Assent (Agreement)

The Restatement of Law is a _________.

Authoritative statement of the law

______ is defined as the bargained-for exchange.

Consideration

______ is what each party gets in exchange for his or her promise under a contract.

Consideration

A contract must have a legal Blank______.

object

The most common unilateral contract offer is a(n) Blank______.

reward

In a(n) Blank______, the offeror wants a performance to form the contract.

unilateral contract

As a general rule, a Blank______ contract is one that will be enforced.

valid

A(n) Blank______ contract is, in effect, not a contract at all.

void

Certain contracts require a proper form, which most often refers to contracts that require a(n) Blank______, and if there is none, the agreement will not be enforced.

writing

Because the Restatement (Second) is not actually the law itself, it cannot be cited by judges. True or False

False (the Restatement is not actually the law itself, although judges frequently cite it in cases because it is an authoritative statement of what the law is.)

A convenient way to research contract law is to reference Blank________.

The Restatement (Second) Law of Contracts

Which of the following is not a source of contract law?

The Universal Contracts Code

Which of the following is a situation where a valid contract may be unenforceable?

The applicable statute of limitations for the breach of a contract has expired.

Whether a contract is Blank______ depends on what response the offeror expects from the offeree .

bilateral or unilateral

Contractual Blank______ refers to the legal ability to enter into a binding agreement.

capacity