A contract is a legally enforceable agreement that meets certain specified legal requirements
between two or more parties in which each party agrees to give and receive something of legal
value. - ANS✔✔ True
In order to determine if a contractual relationship exists, it is necessary to determine whether
all five of the requisite elements of a valid contract exist. - ANS✔✔ False
An offer is a proposal by one party to another manifesting an intention to enter into a valid
contract. - ANS✔✔ True
To create a valid contract, the party to whom an offer is extended need not manifest any
acceptance of the offer. - ANS✔✔ False
Consideration is the subject matter of the contract; it is the thing for which the parties have
bargained. - ANS✔✔ True
A valid contract can be formed for any purpose so long as the parties agree. There is no
requirement that the contract be formed for a legal purpose. - ANS✔✔ False
Capacity to enter into a contract typically refers to the parties' age or mental condition. -
ANS✔✔ True
Even though one or both of the parties did not subjectively intend to form a contract, the courts
will generally find that a contract exists. - ANS✔✔ False
When forming a bilateral contract, the parties exchange a promise for a promise. - ANS✔✔ True
, In an implied-in-fact contract, the promises of the parties are memorialized in writing. - ANS✔✔
False
Quasi-contracts look like a valid contract, yet are not contracts as one of the requisite elements
necessary to form a contract is missing. - ANS✔✔ True
Historically, verbal contracts were considered formal contracts. - ANS✔✔ False
An executed contract is complete and final with respect to all of its terms and conditions. -
ANS✔✔ True
A valid contract is enforceable if it meets four of the requirements of contract formation. -
ANS✔✔ False (there's six)
An unenforceable contract is a valid contract for which the law offers no recourse or remedy if
its obligations are not fulfilled. - ANS✔✔ True
An offer is a proposal by one party to a second party manifesting an intention to enter into a
valid contract. - ANS✔✔ True
The person making the offer is the offeree and the one capable of accepting the offer is the
offeror. - ANS✔✔ False
For the offer to be valid, it must appear to an objective valid person that the offeror actually
intended to make the offer. - ANS✔✔ True
The offeree need not be aware of the offer to accept it. - ANS✔✔ False
For an offer to be valid, the terms must be definite and certain. - ANS✔✔ True