week 2 assignment

b. valid.

A contract with a mistake that results from failure to understand the contract's meaning or significance or from failure to read the contract is: a. constitutional. b. valid. c. void. d. unenforceable.

a. unenforceable

A mutual-mistake contract is a(n) _____ contract. a. unenforceable b. executory c. unilateral d. bilateral

c. unilateral

A subscription to a charitable association is an offer of a(n) _____ contract. a. void b. bilateral c. unilateral d. unconscionable

d. unenforceable contract.

A void contract is a(n): a. act done in consideration for a promise. b. implied-in-law contract. c. agreement with no legal effect. d. unenforceable contract.

d. counteroffer

A(n) _____ is an offeree's response that rejects an offer by varying or qualifying the terms of the offer. a. option b. acceptance c. firm offer d. counteroffer

c. mailbox rule.

The rule which states that a properly mailed acceptance is effective when it is posted, if there is no requirement of delivery, is called the: a. mirror-image rule. b. parol evidence rule. c. mailbox rule. d. writ of certiorari.

a. all multiple creditors settle in full for a fraction of the amount owed.

"Composition of creditors" refers to a situation when: a. all multiple creditors settle in full for a fraction of the amount owed. b. some multiple creditors avoid or set aside a contract. c. some multiple creditors accept a gift for the entire amount of the debt. d. multiple creditors cancel the debt in entirety when debt is evidenced by a note.

d. voidable.

Contracts made by people who have become so intoxicated that they cannot understand the meaning of their acts are: a. void. b. rescinded. c. disaffirmed. d. voidable.

a. the reasonable value of whatever has been received.

If a minor contracts for necessaries, the contract is voidable, and the minor is liable for: a. the reasonable value of whatever has been received. b. none of the goods received. c. only those items he or she can afford. d. twice the market value of the goods received.

b. valid.

If a unilateral mistake as to price results from an error in typing or in misunderstanding an oral quotation of the price, the contract is: a. unenforceable. b. valid. c. unconstitutional. d. void.

b. void

In most states, if a person has been formally adjudicated mentally incompetent, contracts made by that person are _____ without regard to whether they are reasonable or for necessaries. a. voidable b. void c. ratified d. disaffirmed

d. depriving convicts of contracting rights as needed to provide for the security of the penal institution in which they are confined and for reasonable protection of the public.

Many states now allow convicts the capacity to legally contract, with some limitations, such as: a. forbidding convicts to contract with other convicts. b. banning oral contracts. c. limiting contracting rights to unilateral contracts. d. depriving convicts of contracting rights as needed to provide for the security of the penal institution in which they are confined and for reasonable protection of the public.

a. fraud.

One who intends to and does induce another to enter into a contract as a result of an intentional or reckless false statement of a material fact commits: a. fraud. b. blackmail. c. extortion. d. duress.

d. forebearance.

When one refrains or promises to refrain from doing something, this conduct is called: a. ratification. b. recognizance. c. counteroffer. d. forebearance.

a. Implied contracts

Which of the following classes of contracts is very appropriately described by the adage "actions speak louder than words"? a. Implied contracts b. Express contracts c. Void contracts d. Written contracts

c. The offer must be made in person to the offeree.

Which of the following is not a requirement of a valid offer? a. The offer must appear to be seriously intended. b. The offer must be communicated to the offeree. c. The offer must be made in person to the offeree. d. The offer must be definite.

d. A valid contract

Which of the following type of contract is enforced by the courts against all parties? a. A quasi-contract b. A voidable contract c. A void contract d. A valid contract

a. Consideration

____ is whatever the promisor demands and receives as the price for a promise. a. Consideration b. Ratification c. Accommodation d. Compensation

d. Formal contracts

_____ include contracts under seal, recognizances, and negotiable instruments. a. Oral contracts b. Quasi contracts c. Void contracts d. Formal contracts

d. Acceptance

_____ is the assent to an offer that results in a contract. a. Accommodation b. Recognizance c. Defalcation d. Acceptance