Contract Law Test Questions with Correct Answers

Contract Law Test Questions with Correct Answers contract - ANSWER an agreement that courts will enforce offeror - ANSWER party who makes an offer to form a contract offeree - ANSWER party to whom an offer is made offer - ANSWER proposal by an offeror to do something, provided the offeree does something in return test of the reasonable person - ANSWER objective legal test used by jurors or judges to determine whether the offeror has shown an intent to contract (comparing offeree's interpretation of the offer to a reasonable person's interpretation) revocation - ANSWER withdrawing an offer before it is accepted counteroffer - ANSWER offeree's response to an offer which modifies it option - ANSWER separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open firm offer - ANSWER an offer by a merchant for the sale or purchase of goods stating in signed writing how long it is to stay open acceptance - ANSWER occurs when a party to whom an offer has been made agrees to the proposal mirror image rule - ANSWER a rule that requires that the terms in the acceptance must exactly match the terms contained in the counteroffer unilateral contracts - ANSWER offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made bilateral contracts - ANSWER offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act Chapter 8 - ANSWER Genuine Agreement