VIRGINIA BILLBOARD SIGN
CONTRACTING UPDATED ACTUAL
QUESTIONS CORRECT ANSWERS
◉ Proposal by one party manifesting intent to enter into a contract
Defines the boundaries
Empowers the other party to accept the proposal. Answer: offer
◉ offeror. Answer: the party making the offer
◉ offeree. Answer: the party to whom the offer is made
◉ Elements of common law contracts. Answer: 1) price term
2) subject matter
3) parties to contract
4) time of performance for fulfilling
◉ certainty and definiteness. Answer: these two things must be
present in the offer
◉ What are some things courts examine to determine the presence
of essential elements of a contract?. Answer: parties' statements,
preliminary negotiations, other documentation between parties
,◉ acceptance. Answer: A manifestation of assent by the offeree in a
manner requested or authorized by the offeror.
◉ Acceptance must be ________ and _______. It must respond to the
__________ terms of the offer.. Answer: unequivocal; unqualified; exact
◉ The offeree must make an ________ _________ by word or action.
Answer: affirmative gesture
◉ ________ is NOT acceptance even if offeror says it will be deemed as
acceptance.. Answer: Silence
◉ mailbox rule. Answer: A rule providing that an acceptance of an
offer becomes effective on dispatch. (when the letter is posted)
◉ requirements for proper dispatch (in the mailbox rule). Answer:
1) correctly addressed
2) sufficient postage
◉ bilateral contract. Answer: a promise for a promise
◉ A bilateral contract is created at the time of _________ of _________..
Answer: exchange; promises
, ◉ Most contracts are _____, although the word "promise" may not
actually be used.. Answer: bilateral
◉ unilateral contract. Answer: promise for an act
◉ A unilateral contract is created when one party _______ the _________
_____.. Answer: completes; requested; act
◉ Offeree must perform the requested act. Answer: Unilateral
Contract
◉ Offeree must make the promise requested; offeree may also
perform the requested act. Answer: Bilateral Contract
◉ mutual assent. Answer: agreement of both parties to be bound
◉ meeting of the minds. Answer: mutual assent
◉ counteroffer. Answer: the result of a change the terms of an offer
CONTRACTING UPDATED ACTUAL
QUESTIONS CORRECT ANSWERS
◉ Proposal by one party manifesting intent to enter into a contract
Defines the boundaries
Empowers the other party to accept the proposal. Answer: offer
◉ offeror. Answer: the party making the offer
◉ offeree. Answer: the party to whom the offer is made
◉ Elements of common law contracts. Answer: 1) price term
2) subject matter
3) parties to contract
4) time of performance for fulfilling
◉ certainty and definiteness. Answer: these two things must be
present in the offer
◉ What are some things courts examine to determine the presence
of essential elements of a contract?. Answer: parties' statements,
preliminary negotiations, other documentation between parties
,◉ acceptance. Answer: A manifestation of assent by the offeree in a
manner requested or authorized by the offeror.
◉ Acceptance must be ________ and _______. It must respond to the
__________ terms of the offer.. Answer: unequivocal; unqualified; exact
◉ The offeree must make an ________ _________ by word or action.
Answer: affirmative gesture
◉ ________ is NOT acceptance even if offeror says it will be deemed as
acceptance.. Answer: Silence
◉ mailbox rule. Answer: A rule providing that an acceptance of an
offer becomes effective on dispatch. (when the letter is posted)
◉ requirements for proper dispatch (in the mailbox rule). Answer:
1) correctly addressed
2) sufficient postage
◉ bilateral contract. Answer: a promise for a promise
◉ A bilateral contract is created at the time of _________ of _________..
Answer: exchange; promises
, ◉ Most contracts are _____, although the word "promise" may not
actually be used.. Answer: bilateral
◉ unilateral contract. Answer: promise for an act
◉ A unilateral contract is created when one party _______ the _________
_____.. Answer: completes; requested; act
◉ Offeree must perform the requested act. Answer: Unilateral
Contract
◉ Offeree must make the promise requested; offeree may also
perform the requested act. Answer: Bilateral Contract
◉ mutual assent. Answer: agreement of both parties to be bound
◉ meeting of the minds. Answer: mutual assent
◉ counteroffer. Answer: the result of a change the terms of an offer
