Contracts BarBri Questions and
Answers Latest Version Already Passed
What is required for an offer to be valid in contract law?
✔✔A clear expression of willingness to enter a bargain, communicated to the offeree, with
definite terms.
What is the effect of a counteroffer on the original offer?
✔✔It terminates the original offer.
When does an acceptance become effective under the mailbox rule?
✔✔When it is properly dispatched, even if not yet received.
What is required for consideration to be valid?
✔✔There must be a bargained-for exchange of legal value between the parties.
Can past consideration support a new promise?
✔✔No, past consideration is not valid consideration.
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,Is a promise to make a gift legally enforceable?
✔✔No, unless there is reliance that creates a promissory estoppel situation.
What type of contract is formed when one party makes a promise in exchange for an act?
✔✔A unilateral contract.
What happens if one party materially breaches a contract?
✔✔The other party is excused from performance and may seek damages.
What is the remedy when a contract is breached but the non-breaching party has substantially
performed?
✔✔The breaching party may be entitled to damages, but not rescission.
If a contract is missing a quantity term in a sale of goods, is it enforceable?
✔✔No, under the UCC the quantity term is essential unless it is a requirements or output
contract.
When is a minor’s contract voidable?
2
,✔✔At the minor’s discretion before reaching the age of majority or shortly thereafter.
What is required for a valid option contract?
✔✔An offer, plus consideration to keep the offer open for a stated time.
Can a contract be formed through silence?
✔✔Only if prior dealings or custom indicate that silence means acceptance.
What is promissory estoppel?
✔✔A doctrine allowing enforcement of a promise if there is reasonable and detrimental reliance
on that promise.
If a contract is entered into under duress, is it enforceable?
✔✔No, it is voidable by the party under duress.
What is the difference between a void and a voidable contract?
✔✔A void contract has no legal effect from the beginning; a voidable contract is valid until one
party opts to void it.
3
, What is a condition precedent in a contract?
✔✔An event that must occur before a party is obligated to perform.
If both parties to a contract are mistaken about a material fact, what is the result?
✔✔The contract is voidable due to mutual mistake.
What is the statute of frauds?
✔✔A legal doctrine requiring certain contracts to be in writing to be enforceable.
Name one type of contract that must be in writing under the statute of frauds.
✔✔A contract for the sale of real estate.
If an offer states it must be accepted by mail and the offeree sends a fax, is that valid acceptance?
✔✔No, because it did not comply with the method prescribed by the offer.
Can a contract be modified without new consideration under the UCC?
✔✔Yes, if the modification is made in good faith.
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Answers Latest Version Already Passed
What is required for an offer to be valid in contract law?
✔✔A clear expression of willingness to enter a bargain, communicated to the offeree, with
definite terms.
What is the effect of a counteroffer on the original offer?
✔✔It terminates the original offer.
When does an acceptance become effective under the mailbox rule?
✔✔When it is properly dispatched, even if not yet received.
What is required for consideration to be valid?
✔✔There must be a bargained-for exchange of legal value between the parties.
Can past consideration support a new promise?
✔✔No, past consideration is not valid consideration.
1
,Is a promise to make a gift legally enforceable?
✔✔No, unless there is reliance that creates a promissory estoppel situation.
What type of contract is formed when one party makes a promise in exchange for an act?
✔✔A unilateral contract.
What happens if one party materially breaches a contract?
✔✔The other party is excused from performance and may seek damages.
What is the remedy when a contract is breached but the non-breaching party has substantially
performed?
✔✔The breaching party may be entitled to damages, but not rescission.
If a contract is missing a quantity term in a sale of goods, is it enforceable?
✔✔No, under the UCC the quantity term is essential unless it is a requirements or output
contract.
When is a minor’s contract voidable?
2
,✔✔At the minor’s discretion before reaching the age of majority or shortly thereafter.
What is required for a valid option contract?
✔✔An offer, plus consideration to keep the offer open for a stated time.
Can a contract be formed through silence?
✔✔Only if prior dealings or custom indicate that silence means acceptance.
What is promissory estoppel?
✔✔A doctrine allowing enforcement of a promise if there is reasonable and detrimental reliance
on that promise.
If a contract is entered into under duress, is it enforceable?
✔✔No, it is voidable by the party under duress.
What is the difference between a void and a voidable contract?
✔✔A void contract has no legal effect from the beginning; a voidable contract is valid until one
party opts to void it.
3
, What is a condition precedent in a contract?
✔✔An event that must occur before a party is obligated to perform.
If both parties to a contract are mistaken about a material fact, what is the result?
✔✔The contract is voidable due to mutual mistake.
What is the statute of frauds?
✔✔A legal doctrine requiring certain contracts to be in writing to be enforceable.
Name one type of contract that must be in writing under the statute of frauds.
✔✔A contract for the sale of real estate.
If an offer states it must be accepted by mail and the offeree sends a fax, is that valid acceptance?
✔✔No, because it did not comply with the method prescribed by the offer.
Can a contract be modified without new consideration under the UCC?
✔✔Yes, if the modification is made in good faith.
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