level 8 assessment

What is the difference between bilateral contract and unilateral contract

Bilateral contracts involve both parties, making a promise, well, unilateral contract only involve a single party, making a promise

Which of the following is TRUE regarding proper contract preparation in Michigan?

A broker who is party to the agreement, creates a contract by filling in pre-printed forms that have been approved for the purpose

Which of the following provides the BEST definition of a contract?

A contract is a legally binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration.

Regarding contract interpretation, what does the "four corners" rule refer to?

A court will only consider that which is contained within the actual contract document

which of the following individuals is least likely to be a party to a voidable contract

An adult of sound mind who entered into an agreement voluntarily

Which of the following contains only valid ways that an offer might terminate

Acceptance, counter, offer, rejection

Which of these acts of the parties reasons for the discharge of a contract involving discharging the original contract in favor of a new one, we're in excepted performance is often less than what is initially owed

Accord and satisfaction

What is the term used to describe the discharge of contracts due to the effort or action of at least one of the parties to the contract?

Acts of the parties

Which of the following is NOT one of the time-sensitive conditions?

Condition ever - present

Whereas the statute of limitations is concerned with the statutory deadline for making a claim, what relies on the court's discretion as to whether or not a plaintiff has waited too long to make a claim?

Doctrine of Laches

Which of these describes the most desirable cause for discharge or termination of a contract

Full performance

When talking about contracts, the term executory and executed, are primarily used to

Identify the stage of existence

in the context of understanding contracts, what is the significance of the word valuable in the phrase, valuable consideration

It implies that the consideration given is appropriate for what is being offered an exchange

The phrase "meeting of the minds" is associated with what essential element of valid contracts

Offer and acceptance

Express contracts are:

Oral or written contracts in which the parties, explicitly state their intentions regarding the contract, and they expected exchange of promises

When can an offer be withdrawn?

Prior to the proper communication of the offers acceptance

what is the essential element of a valid contract that occurs when an agreement has been arrived at as a voluntary active good faith

Reality of consent

which of these "acts of the parties" discharges is considered a unilateral at

Revocation

Which of these is a breach of contract legal remedy that requires the defaulting party to perform in accordance with the terms of the contract

Specific performance

A contract has the phrase "time is of essence" in a paragraph about deadlines. What does that phrase tell you about deadlines in the contract

That the deadlines in the contract are strict deadlines

When a court interprets a contract, it will only consider what is actually printed (or written) on the page. What is the name for this concept?

The "four corners" rule

Ernie has legitimate complaint for a performance failure related to a valid contract. Ernie's complaint will not be considered if

The statute of limitation's has expired

What is the term used for a circumstance or factor, other than lapse of time, that affects a duty to perform or fulfill a promise?

condition

What are the four options an offeree has in regard to an offer that has been received?

accept it, counter it, ignore it, reject it

What do you call the response to an offer that agrees to the offer if some modifications can be made?

counteroffer to the offer

Two years into his contract to coach, Jerry's semi pro football team, Jimmy choked on a cream cheese bagel and died. Jimmy's state is not obligated to perform according to the terms and conditions of Jimmy and Jerrys contract. Why?

death or incapacity, relieves a party from contractual obligations and personal service contracts

Which of these is a contract that has been fully performed (both sides have completed their obligations)?

executed contract

The contract for Mrs. Smith to sell her home has been signed by both her and the buyer, but the sale will not close for another two weeks. This contract is:

executory

vern and Al entered into a contract for the sale of a condominium. At the time of signing, el wasn't oxygenated and unable to make proper decisions. Closing is supposed to occur in three weeks. This contract is:

executory and voidable

An oral contract to buy a piece of real estate is unenforceable because it does not comply with the statute of:

frauds

Grace is expected to pay her hair stylist after she spent 45 minutes color and Grace is bangs to match her permanent purple eyeshadow. What kind of contract with Grace and the hairstylist involved in

implied

The five basic elements of a valid contract are

legally competent parties, offer and acceptance, consideration, lawful objectives, and reality of consent

What type of damages are those which have been specifically stipulated by the contract to be awarded in the event of a breach of contract?

liquidated damages

Which of the following is NOT typically considered a remedy for breach of contract?

novation

How many parties are required to perform in a unilateral contract?

one

what is the term used to describe discharge of contracts as a result of the application of law, without regard for the parties agreement or cooperation?

operation of law

What does the parol evidence rule say about contracts?

oral evidence can be used to support a written contract but can NOT be used to contradict one

What is the only form of acceptance of a unilateral offer?

performance

A broker promised his agents that he would give a bonus to anyone who got four or more listings this month. This is an example of what kind of contract?

unilateral

What type of contract has no legal effect?

void contract