Ass
As a general rule, when is revocation of an offer effective? - ✔✔ correct answer When it is received by
the offeree
If the subject matter of an offer becomes illegal, what is the result? - ✔✔ correct answer The offer
immediately terminates
Which of the following is true regarding quasi-contracts? - ✔✔ correct answer They are sometimes
called implied-in-law contracts, but they are not actually contracts.
Which of the following is recognized by a court to prevent one party from being unjustly enriched at the
expense of another party? - ✔✔ correct answer A quasi-contract
Helen finds a piece of land that she is interested in purchasing. She asks Robert, the landowner, to hold
the land for her while she makes a decision. Robert says that for $1,000, he will hold the land for her
while she decides, and Helen agrees. This is an example of a(n) _____. - ✔✔ correct answer Option
contract
Without a time condition in an offer, the offer will expire after _____. - ✔✔ correct answer The lapse of
reasonable time period
Pamela offers Veronica the right to buy her entire collection of compact discs. Veronica tells Pamela no.
Veronica's response is considered _____. - ✔✔ correct answer A rejection
When acceptance is examined under the common law, how do the basic requirements for a valid
acceptance compare to those for a valid offer? - ✔✔ correct answer The basic requirements for a valid
acceptance parallel those for a valid offer.
Which of the following is the first element of a contract? - ✔✔ correct answer An agreement
What was the result in the Lucy v. Zehmer case (referenced in the textbook) involving whether
allegations of joking regarding the sale of land prevented the formation of a contract? - ✔✔ correct
answer The court ruled that the agreement would be enforced because of the outward manifestations of
agreement.
,Ass
Darla posts notices in her neighborhood promising to pay $1,000 for the return of her missing Snowshoe
Siamese cat. Two days later, Noelle finds the missing cat and returns it to Darla. What type of contract is
this? - ✔✔ correct answer A unilateral contract
Which of the following is incorrect regarding how the Japanese tend to view contracts? - ✔✔ correct
answer The Japanese do not prefer that any terms be left to be decided later.
Which of the following is true regarding when an offeree may reject an offer? - ✔✔ correct answer
Regardless of how long an offeror states that an offer will be held open, once the offeree rejects it the
offer is terminated.
Which of the following are the two primary sources of contract law? - ✔✔ correct answer Case law and
the Uniform Commercial Code (UCC)
If a(n) _____ contract exists, the administrator of an offeror's estate must hold the offer open until it
expires in accordance with the contract. - ✔✔ correct answer Option
Which of the following are examples of people who do not have the capacity to enter into legally binding
contracts? - ✔✔ correct answer People under the age of majority, people suffering from mental illness,
and intoxicated persons
Today's law of contracts actually originated in judicial decisions from _____. - ✔✔ correct answer
England
Which of the following is true regarding the validity of various means of acceptance (assuming no means
of communicating the acceptance is specified)? - ✔✔ correct answer Telephone, telegraph, mail, fax,
and e-mail are all valid means of accepting an offer.
Which of the following is presumed to be a reasonable amount of time when considering whether an
offer has expired? - ✔✔ correct answer There is no set of time
, Ass
Under common law, when does formation of an agreement begin? - ✔✔ correct answer When the
offeror makes an offer to the offeree
Expiration of the statute of limitations period for a breach of contract action may make a contract _____.
- ✔✔ correct answer Unenforceable
Which of the following is not a required element for contract formation? - ✔✔ correct answer Fair
Bargain
Which type of contract allows one or both of the parties the ability to either withdraw from the contract
or to enforce the contract? - ✔✔ correct answer Voidable
Which of the following types of contracts has a special form or must be created in a specific manner? -
✔✔ correct answer Formal
Which of the following is true if no means of communicating an acceptance is specified in an offer? - ✔✔
correct answer Acceptance may be made by any reasonable means.
Felipe contracts with Minnetonka Dozers, LLC (Minnetonka) to raze his old building for $12,000. Once
Minnetonka begins the work, its employees discover asbestos in the building. Asbestos is hazardous and
difficult to remove for environmental and safety reasons, and this will result in an additional $15,000
labor expense. Minnetonka refuses to complete the job until Felipe agrees to pay the additional $15,000.
Felipe agrees. Is the contract modification enforceable? - ✔✔ correct answer Yes, since courts consider
this an unforeseen circumstance
A promise to do something that you are already obligated to do is _____. - ✔✔ correct answer Not valid
consideration
in order to avoid paying his creditors, Isaac sold his 100-acre farm to his best friend Zach for substantially
less than its fair market value. Upon the creditors' request, will a court set aside this transaction? - ✔✔
correct answer Yes, because the price paid was unfair to Isaac
John offers Shaun his new mountain bike for $500. In this situation, _____. - ✔✔ correct answer John is
the offeror and Shaun is the offeree
As a general rule, when is revocation of an offer effective? - ✔✔ correct answer When it is received by
the offeree
If the subject matter of an offer becomes illegal, what is the result? - ✔✔ correct answer The offer
immediately terminates
Which of the following is true regarding quasi-contracts? - ✔✔ correct answer They are sometimes
called implied-in-law contracts, but they are not actually contracts.
Which of the following is recognized by a court to prevent one party from being unjustly enriched at the
expense of another party? - ✔✔ correct answer A quasi-contract
Helen finds a piece of land that she is interested in purchasing. She asks Robert, the landowner, to hold
the land for her while she makes a decision. Robert says that for $1,000, he will hold the land for her
while she decides, and Helen agrees. This is an example of a(n) _____. - ✔✔ correct answer Option
contract
Without a time condition in an offer, the offer will expire after _____. - ✔✔ correct answer The lapse of
reasonable time period
Pamela offers Veronica the right to buy her entire collection of compact discs. Veronica tells Pamela no.
Veronica's response is considered _____. - ✔✔ correct answer A rejection
When acceptance is examined under the common law, how do the basic requirements for a valid
acceptance compare to those for a valid offer? - ✔✔ correct answer The basic requirements for a valid
acceptance parallel those for a valid offer.
Which of the following is the first element of a contract? - ✔✔ correct answer An agreement
What was the result in the Lucy v. Zehmer case (referenced in the textbook) involving whether
allegations of joking regarding the sale of land prevented the formation of a contract? - ✔✔ correct
answer The court ruled that the agreement would be enforced because of the outward manifestations of
agreement.
,Ass
Darla posts notices in her neighborhood promising to pay $1,000 for the return of her missing Snowshoe
Siamese cat. Two days later, Noelle finds the missing cat and returns it to Darla. What type of contract is
this? - ✔✔ correct answer A unilateral contract
Which of the following is incorrect regarding how the Japanese tend to view contracts? - ✔✔ correct
answer The Japanese do not prefer that any terms be left to be decided later.
Which of the following is true regarding when an offeree may reject an offer? - ✔✔ correct answer
Regardless of how long an offeror states that an offer will be held open, once the offeree rejects it the
offer is terminated.
Which of the following are the two primary sources of contract law? - ✔✔ correct answer Case law and
the Uniform Commercial Code (UCC)
If a(n) _____ contract exists, the administrator of an offeror's estate must hold the offer open until it
expires in accordance with the contract. - ✔✔ correct answer Option
Which of the following are examples of people who do not have the capacity to enter into legally binding
contracts? - ✔✔ correct answer People under the age of majority, people suffering from mental illness,
and intoxicated persons
Today's law of contracts actually originated in judicial decisions from _____. - ✔✔ correct answer
England
Which of the following is true regarding the validity of various means of acceptance (assuming no means
of communicating the acceptance is specified)? - ✔✔ correct answer Telephone, telegraph, mail, fax,
and e-mail are all valid means of accepting an offer.
Which of the following is presumed to be a reasonable amount of time when considering whether an
offer has expired? - ✔✔ correct answer There is no set of time
, Ass
Under common law, when does formation of an agreement begin? - ✔✔ correct answer When the
offeror makes an offer to the offeree
Expiration of the statute of limitations period for a breach of contract action may make a contract _____.
- ✔✔ correct answer Unenforceable
Which of the following is not a required element for contract formation? - ✔✔ correct answer Fair
Bargain
Which type of contract allows one or both of the parties the ability to either withdraw from the contract
or to enforce the contract? - ✔✔ correct answer Voidable
Which of the following types of contracts has a special form or must be created in a specific manner? -
✔✔ correct answer Formal
Which of the following is true if no means of communicating an acceptance is specified in an offer? - ✔✔
correct answer Acceptance may be made by any reasonable means.
Felipe contracts with Minnetonka Dozers, LLC (Minnetonka) to raze his old building for $12,000. Once
Minnetonka begins the work, its employees discover asbestos in the building. Asbestos is hazardous and
difficult to remove for environmental and safety reasons, and this will result in an additional $15,000
labor expense. Minnetonka refuses to complete the job until Felipe agrees to pay the additional $15,000.
Felipe agrees. Is the contract modification enforceable? - ✔✔ correct answer Yes, since courts consider
this an unforeseen circumstance
A promise to do something that you are already obligated to do is _____. - ✔✔ correct answer Not valid
consideration
in order to avoid paying his creditors, Isaac sold his 100-acre farm to his best friend Zach for substantially
less than its fair market value. Upon the creditors' request, will a court set aside this transaction? - ✔✔
correct answer Yes, because the price paid was unfair to Isaac
John offers Shaun his new mountain bike for $500. In this situation, _____. - ✔✔ correct answer John is
the offeror and Shaun is the offeree
