LEGL 2700 ROESSING FINAL EXAM CORE QUESTIONS WITH
SOLUTIONS A+ 2025/2026
✔✔Lapse of Time - ✔✔When the offeree fails to accept by a deadline defined in the
offer or after a reasonable period of time
✔✔Subject Matter Destruction - ✔✔When the object of the contract is destroyed or
legally eliminated
✔✔Offeror Death or Insanity - ✔✔When the offeror no longer has the capacity to make
the offer
✔✔Subject Matter Illegality - ✔✔Offer is automatically revoked if illegal
Also Subsequent Illegality
✔✔Acceptance - ✔✔The contractual communication of agreeing to another's offer
Creates a contract
✔✔Mirror Image Rule - ✔✔The common law rule that the terms of an acceptance offer
must mirror exactly the terms of the offer
Any variation of terms would make the attempted acceptance a counteroffer
✔✔Mailbox Rule - ✔✔The rule that an acceptance is effective once it is sent
✔✔Deposited Acceptance Rule - ✔✔The contractual doctrine that a binding acceptance
of an offer occurs when a mailed acceptance is irrevocably placed with the postal
service
✔✔Consideration - ✔✔Contracts must be two-sided to be enforceable
✔✔Accord and Satisfaction - ✔✔Payment of money, or other thing of value, usually less
than the amount demanded, in exchange for cancellation of a debt that is uncertain in
amount
✔✔Firm Offer - ✔✔An offer in signed writing by a merchant to buy or sell goods; it gives
assurance that the offer will be held open for acceptance under the Uniform Commercial
Code (UCC)
✔✔Option - ✔✔A contractual arrangement under which one party has for a specified
time the right to buy certain property from or sell certain property to the other party
Essentially a contract to not revoke an offer
✔✔Promissory Estoppel - ✔✔Court enforcement of an otherwise unbinding promise if
injustice can be avoided only by enforcement of the promise
, Substitute for consideration
✔✔Capacity - ✔✔Mental ability to make a rational decision that includes the ability to
perceive and appreciate all relevant facts
Required element of a contract
✔✔Covenants Not to Compete - ✔✔An agreement in which one party agrees not to
compete directly with the business of the other party; may be limited by geography or
length of time
✔✔Fraud - ✔✔A false representation of fact made with the intent to deceive another
that is justifiably relied upon to the injury of that person
✔✔Misrepresentation - ✔✔An untrue manifestation of fact by word or conduct; may be
unintentional
✔✔Mutual Mistake - ✔✔A situation in which parties to a contract reach a bargain on the
basis of an incorrect assumption common to both parties
✔✔Rescission - ✔✔A contractual remedy that cancels the agreement and returns the
consideration exchanged to each party
✔✔Unilateral Mistake - ✔✔Arises when only one of the parties to a contract is wrong
about a material fact
Not usually a basis for rescinding a contract
✔✔Duress - ✔✔Being under threat of physical harm or illegal economic harm
A recognized defense to any act that must be voluntary in order to create liability in the
actor
✔✔Undue Influence - ✔✔A defense to contract enforcement available when one is
taken advantage of unfairly by a party who misuses a position of relationship or legal
confidence
✔✔Leading Object Rule - ✔✔An exception to the statute of frauds' writing requirement
for collateral promises
Occurs when the promisor's commitment is primarily intended to serve the promisor's
own interests
✔✔Leyden v. American Accreditation Healthcare Commission (2015) - ✔✔- Enforcing
implied-in-fact agreements is an important means of ensuring that two parties' intent to
make binding promises is honored
- Implied-in-fact agreements must contain the same elements as express contracts,
including acceptance and consideration
SOLUTIONS A+ 2025/2026
✔✔Lapse of Time - ✔✔When the offeree fails to accept by a deadline defined in the
offer or after a reasonable period of time
✔✔Subject Matter Destruction - ✔✔When the object of the contract is destroyed or
legally eliminated
✔✔Offeror Death or Insanity - ✔✔When the offeror no longer has the capacity to make
the offer
✔✔Subject Matter Illegality - ✔✔Offer is automatically revoked if illegal
Also Subsequent Illegality
✔✔Acceptance - ✔✔The contractual communication of agreeing to another's offer
Creates a contract
✔✔Mirror Image Rule - ✔✔The common law rule that the terms of an acceptance offer
must mirror exactly the terms of the offer
Any variation of terms would make the attempted acceptance a counteroffer
✔✔Mailbox Rule - ✔✔The rule that an acceptance is effective once it is sent
✔✔Deposited Acceptance Rule - ✔✔The contractual doctrine that a binding acceptance
of an offer occurs when a mailed acceptance is irrevocably placed with the postal
service
✔✔Consideration - ✔✔Contracts must be two-sided to be enforceable
✔✔Accord and Satisfaction - ✔✔Payment of money, or other thing of value, usually less
than the amount demanded, in exchange for cancellation of a debt that is uncertain in
amount
✔✔Firm Offer - ✔✔An offer in signed writing by a merchant to buy or sell goods; it gives
assurance that the offer will be held open for acceptance under the Uniform Commercial
Code (UCC)
✔✔Option - ✔✔A contractual arrangement under which one party has for a specified
time the right to buy certain property from or sell certain property to the other party
Essentially a contract to not revoke an offer
✔✔Promissory Estoppel - ✔✔Court enforcement of an otherwise unbinding promise if
injustice can be avoided only by enforcement of the promise
, Substitute for consideration
✔✔Capacity - ✔✔Mental ability to make a rational decision that includes the ability to
perceive and appreciate all relevant facts
Required element of a contract
✔✔Covenants Not to Compete - ✔✔An agreement in which one party agrees not to
compete directly with the business of the other party; may be limited by geography or
length of time
✔✔Fraud - ✔✔A false representation of fact made with the intent to deceive another
that is justifiably relied upon to the injury of that person
✔✔Misrepresentation - ✔✔An untrue manifestation of fact by word or conduct; may be
unintentional
✔✔Mutual Mistake - ✔✔A situation in which parties to a contract reach a bargain on the
basis of an incorrect assumption common to both parties
✔✔Rescission - ✔✔A contractual remedy that cancels the agreement and returns the
consideration exchanged to each party
✔✔Unilateral Mistake - ✔✔Arises when only one of the parties to a contract is wrong
about a material fact
Not usually a basis for rescinding a contract
✔✔Duress - ✔✔Being under threat of physical harm or illegal economic harm
A recognized defense to any act that must be voluntary in order to create liability in the
actor
✔✔Undue Influence - ✔✔A defense to contract enforcement available when one is
taken advantage of unfairly by a party who misuses a position of relationship or legal
confidence
✔✔Leading Object Rule - ✔✔An exception to the statute of frauds' writing requirement
for collateral promises
Occurs when the promisor's commitment is primarily intended to serve the promisor's
own interests
✔✔Leyden v. American Accreditation Healthcare Commission (2015) - ✔✔- Enforcing
implied-in-fact agreements is an important means of ensuring that two parties' intent to
make binding promises is honored
- Implied-in-fact agreements must contain the same elements as express contracts,
including acceptance and consideration
