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LEGL 2700 Roessing Exam 4 2026/2027
Actual Exam | 100% Correct Answers |
Pass Guaranteed - A+ Graded
Section 1: Contracts (25 Questions)
Q1: The essential elements required to form a valid, enforceable contract are:
A. Offer, acceptance, and writing
B. Offer, acceptance, consideration, capacity, and legal purpose [CORRECT]
C. Offer, acceptance, and notarization
D. Offer, acceptance, consideration, and writing
Correct Answer: B
Rationale: A valid contract requires five elements: offer, acceptance, consideration, legal capacity
of the parties, and a legal purpose. Not all contracts require writing or notarization to be
enforceable.
Q2: Jack offers to sell Jill his car for $5,000. Jill says, "I'll give you $4,500 for it." Under
common law contract principles, Jill's statement is:
A. An acceptance of Jack's offer
B. A rejection and a counteroffer [CORRECT]
C. A request for information
D. An option contract
Correct Answer: B
Rationale: Under the "mirror image rule," an acceptance must match the offer exactly. A response
that changes the terms (here, the price) operates as a rejection of the original offer and creates a
new counteroffer.
,2
Q3: Under the "mailbox rule," an acceptance is generally effective when:
A. It is received by the offeror
B. It is dispatched (sent) by the offeree [CORRECT]
C. It is read by the offeror
D. The offeror acknowledges receipt
Correct Answer: B
Rationale: The mailbox rule (or dispatch rule) states that an acceptance is effective upon dispatch
(e.g., when dropped in the mailbox or sent electronically), provided a reasonable medium is
used, unless the offer specifies otherwise. This protects the offeree.
Q4: Consideration is best defined as:
A. A signed written document
B. Something of legal value given in exchange for a promise [CORRECT]
C. A gift given out of affection
D. An agreement between friends
Correct Answer: B
Rationale: Consideration is the "price" paid for a promise. It must involve a legal detriment to
the promisee or a legal benefit to the promisor. A gift lacks consideration because it is gratuitous.
Q5: A 16-year-old minor enters into a contract to purchase a new car. The contract is generally
considered:
A. Void
B. Voidable at the minor's option [CORRECT]
C. Valid and binding
D. Illegal
,3
Correct Answer: B
Rationale: Contracts entered into by minors are voidable, meaning the minor has the right to
disaffirm (cancel) the contract either before reaching majority or within a reasonable time after,
while the adult is bound by the contract.
Q6: Which of the following constitutes valid consideration?
A. A promise to perform an existing contractual duty owed to a third party
B. A promise to refrain from doing something one has a legal right to do [CORRECT]
C. A promise based on past consideration
D. An illusory promise
Correct Answer: B
Rationale: Forbearance (refraining from an act one has a legal right to do) constitutes legal
detriment and is valid consideration. Past consideration is no consideration, and illusory
promises lack mutual obligation.
Q7: Sam threatens to burn down Bob's house unless Bob signs a contract selling his business to
Sam. If Bob signs, the contract is:
A. Void
B. Voidable due to duress [CORRECT]
C. Voidable due to undue influence
D. Valid and enforceable
Correct Answer: B
Rationale: Duress involves wrongful threats that compel a person to enter a contract against their
will. Contracts induced by duress are voidable by the victim. This is distinct from undue
influence, which involves a fiduciary relationship.
Q8: Under the Statute of Frauds, which of the following contracts MUST be in writing to be
enforceable?
, 4
A. A contract for the sale of goods totaling $200
B. A contract that can be performed within one year
C. A contract for the sale of land [CORRECT]
D. A contract for a service lasting 6 months
Correct Answer: C
Rationale: The Statute of Frauds requires writing for: contracts involving land, contracts that
cannot be performed within one year, promises to pay another's debt (suretyship), and sales of
goods over $500. Land contracts always require a writing.
Q9: Frank tells Mary, "I offer to sell you my boat for $10,000, and this offer will remain open for
10 days." Frank's statement is:
A. A firm offer under the UCC
B. An option contract
C. A revocable offer unless supported by consideration [CORRECT]
D. An illusory promise
Correct Answer: C
Rationale: At common law, a promise to keep an offer open is not binding unless it is supported
by separate consideration (forming an option contract). Without consideration, the offeror can
revoke the offer at any time prior to acceptance.
Q10: A contract where one party makes a promise in exchange for the other party's performance
(e.g., "I will pay you $100 if you wash my car") is known as a:
A. Bilateral contract
B. Unilateral contract [CORRECT]
C. Quasi-contract
D. Void contract
LEGL 2700 Roessing Exam 4 2026/2027
Actual Exam | 100% Correct Answers |
Pass Guaranteed - A+ Graded
Section 1: Contracts (25 Questions)
Q1: The essential elements required to form a valid, enforceable contract are:
A. Offer, acceptance, and writing
B. Offer, acceptance, consideration, capacity, and legal purpose [CORRECT]
C. Offer, acceptance, and notarization
D. Offer, acceptance, consideration, and writing
Correct Answer: B
Rationale: A valid contract requires five elements: offer, acceptance, consideration, legal capacity
of the parties, and a legal purpose. Not all contracts require writing or notarization to be
enforceable.
Q2: Jack offers to sell Jill his car for $5,000. Jill says, "I'll give you $4,500 for it." Under
common law contract principles, Jill's statement is:
A. An acceptance of Jack's offer
B. A rejection and a counteroffer [CORRECT]
C. A request for information
D. An option contract
Correct Answer: B
Rationale: Under the "mirror image rule," an acceptance must match the offer exactly. A response
that changes the terms (here, the price) operates as a rejection of the original offer and creates a
new counteroffer.
,2
Q3: Under the "mailbox rule," an acceptance is generally effective when:
A. It is received by the offeror
B. It is dispatched (sent) by the offeree [CORRECT]
C. It is read by the offeror
D. The offeror acknowledges receipt
Correct Answer: B
Rationale: The mailbox rule (or dispatch rule) states that an acceptance is effective upon dispatch
(e.g., when dropped in the mailbox or sent electronically), provided a reasonable medium is
used, unless the offer specifies otherwise. This protects the offeree.
Q4: Consideration is best defined as:
A. A signed written document
B. Something of legal value given in exchange for a promise [CORRECT]
C. A gift given out of affection
D. An agreement between friends
Correct Answer: B
Rationale: Consideration is the "price" paid for a promise. It must involve a legal detriment to
the promisee or a legal benefit to the promisor. A gift lacks consideration because it is gratuitous.
Q5: A 16-year-old minor enters into a contract to purchase a new car. The contract is generally
considered:
A. Void
B. Voidable at the minor's option [CORRECT]
C. Valid and binding
D. Illegal
,3
Correct Answer: B
Rationale: Contracts entered into by minors are voidable, meaning the minor has the right to
disaffirm (cancel) the contract either before reaching majority or within a reasonable time after,
while the adult is bound by the contract.
Q6: Which of the following constitutes valid consideration?
A. A promise to perform an existing contractual duty owed to a third party
B. A promise to refrain from doing something one has a legal right to do [CORRECT]
C. A promise based on past consideration
D. An illusory promise
Correct Answer: B
Rationale: Forbearance (refraining from an act one has a legal right to do) constitutes legal
detriment and is valid consideration. Past consideration is no consideration, and illusory
promises lack mutual obligation.
Q7: Sam threatens to burn down Bob's house unless Bob signs a contract selling his business to
Sam. If Bob signs, the contract is:
A. Void
B. Voidable due to duress [CORRECT]
C. Voidable due to undue influence
D. Valid and enforceable
Correct Answer: B
Rationale: Duress involves wrongful threats that compel a person to enter a contract against their
will. Contracts induced by duress are voidable by the victim. This is distinct from undue
influence, which involves a fiduciary relationship.
Q8: Under the Statute of Frauds, which of the following contracts MUST be in writing to be
enforceable?
, 4
A. A contract for the sale of goods totaling $200
B. A contract that can be performed within one year
C. A contract for the sale of land [CORRECT]
D. A contract for a service lasting 6 months
Correct Answer: C
Rationale: The Statute of Frauds requires writing for: contracts involving land, contracts that
cannot be performed within one year, promises to pay another's debt (suretyship), and sales of
goods over $500. Land contracts always require a writing.
Q9: Frank tells Mary, "I offer to sell you my boat for $10,000, and this offer will remain open for
10 days." Frank's statement is:
A. A firm offer under the UCC
B. An option contract
C. A revocable offer unless supported by consideration [CORRECT]
D. An illusory promise
Correct Answer: C
Rationale: At common law, a promise to keep an offer open is not binding unless it is supported
by separate consideration (forming an option contract). Without consideration, the offeror can
revoke the offer at any time prior to acceptance.
Q10: A contract where one party makes a promise in exchange for the other party's performance
(e.g., "I will pay you $100 if you wash my car") is known as a:
A. Bilateral contract
B. Unilateral contract [CORRECT]
C. Quasi-contract
D. Void contract
