LENB professor el jourbagy test 3
Study Guide Solutions
offeror - ANSWER✔✔-A person who makes an offer.
offeree - ANSWER✔✔-A person to whom an offer is made.
objective theory of contracts - ANSWER✔✔-A theory that says the intent to
contract is judged by the reasonable person standard and not by the
subjective intent of the parties.
quasi contract - ANSWER✔✔-court-imposed obligation to prevent unjust
enrichment in the absence of a contract
executory contract - ANSWER✔✔-A contract that has not yet been fully
performed.
preliminary negotiations - ANSWER✔✔-request or invitation to negotiate
is not an offer
auctions without reserve - ANSWER✔✔-seller must accept highest bid
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, auction with reserve - ANSWER✔✔-parties have the right to revoke any
time before gavel comes down
consideration - ANSWER✔✔-something of value exchanged for something
else of value; it must be the product of a mutually bargained for exchange
sufficient consideration - ANSWER✔✔-Enough Consideration to make a
contract binding.
breach of contract - ANSWER✔✔-The failure, without legal excuse, of a
promisor to perform the obligations of a contract.
Illusory Promise - ANSWER✔✔-A situation in which a party appears to
commit to something but really has not committed to anything. It is not a
promise and thus not consideration.
rules of consideration - ANSWER✔✔--court rarely considers adequacy of
consideration
-illusory promise does not constitute consideration
-past consideration does not constitute consideration for purposes of
present contract
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Study Guide Solutions
offeror - ANSWER✔✔-A person who makes an offer.
offeree - ANSWER✔✔-A person to whom an offer is made.
objective theory of contracts - ANSWER✔✔-A theory that says the intent to
contract is judged by the reasonable person standard and not by the
subjective intent of the parties.
quasi contract - ANSWER✔✔-court-imposed obligation to prevent unjust
enrichment in the absence of a contract
executory contract - ANSWER✔✔-A contract that has not yet been fully
performed.
preliminary negotiations - ANSWER✔✔-request or invitation to negotiate
is not an offer
auctions without reserve - ANSWER✔✔-seller must accept highest bid
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 1/10
, auction with reserve - ANSWER✔✔-parties have the right to revoke any
time before gavel comes down
consideration - ANSWER✔✔-something of value exchanged for something
else of value; it must be the product of a mutually bargained for exchange
sufficient consideration - ANSWER✔✔-Enough Consideration to make a
contract binding.
breach of contract - ANSWER✔✔-The failure, without legal excuse, of a
promisor to perform the obligations of a contract.
Illusory Promise - ANSWER✔✔-A situation in which a party appears to
commit to something but really has not committed to anything. It is not a
promise and thus not consideration.
rules of consideration - ANSWER✔✔--court rarely considers adequacy of
consideration
-illusory promise does not constitute consideration
-past consideration does not constitute consideration for purposes of
present contract
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/10
