Elements of a Contract
Termination of an Offer
Characteristics of a Contract
Requirements of an Offer & Acceptance
Random
100
The first two elements of a contract?
What is Offer, and Acceptance
100
The taking back of an offer by the offeror?
What is Revocation
100
How many sets of Characteristics of a Contract are there?
What is 4 (Valid, Void, Voidable, Unenforceable) (Express or Implied) (Bilateral or Unilateral) (Oral or Written)
100
An offer made in the heat of anger or as a joke would not meet this requirement?
What is Serious Intent
100
Free points!!!
200
Offer and Acceptance go together to create what element of a Contract?
What is Agreement (genuine)
200
The refusal of an offer by the oferee which brings the offer to an end is called?
What is Rejection
200
When a party to a contract is able to cancel a contract for some legal reason, it is a?
What is voidable contract
200
An Offer has three basic requirements?
What is Serious Intent, Definite and Certain, Communicated to the Offeree.
200
A contract that won't be upheld in court is called?
What is Unenforceable Contract
300
The legal ability to enter a Contract?
What is Capacity
300
If the offeror dies before the offer is accepted, the offer can still be accepted? (True or False)
What is False
300
An Express Contract means what?
What is a Contract that is stated in words and may be either oral or written.
300
To be legally binding, the acceptance must meet certain basic requirements:
What is The acceptance must be unconditional, and must follow the rules regarding the method of acceptance.
300
Home Furniture Company advertised it's waterbeds in a local newspaper. The newspaper mistakely advertised the beds for $49 instead of $249. Must Home Furniture sell the beds at the advertised price? Why?
What is no, Advertisements as a rule, are considered invitations to negotiate rather than offers.
400
What is the meaning of the 6th element of a Contract? (2 answers)
What is Legality, Parties are not allowed to enforce contracts that involve illegal acts.
400
What are the 5 ways an offer can be terminated?
What is Revocation, Rejection, Counteroffer, Expiration of Time, and Death or Insanity.
400
What Characteristic of a Contract does this example show? Herb went to a self-service gas station that requires payment before the attendant will turn on the pumps. He handed the attendant $10, returned to his car, pumped $10 worth of gas into the tank, and drove off.
What is Implied Contract
400
The acceptance must not change the terms of the original offer in any way.
What is the Mirror Image Rule
400
The Theory that began to study the parties' actions and words to determine if their was a "meeting of the minds"
What is The Formalist Theory
500
The most important element of a Contract?
What is Consideration. Because the other elements can be present in an ordinary non contractual agreement. Give Example!
500
If you counteroffer a counteroffer, the original counteroffer cannot be counteroffered again? (True or False)
What is True
500
If a friend says, "I'll sell you my DVD player for $1.50" and you say, " I'll buy it". What type of Contract was made?
What is Bilateral Contract (You have promised to buy, your friend has agreed to sell.)
500
Any change in the terms of the offer means the offeree has not really accepted the offer.
What is Counteroffer
500
Billy, who is 17, agreed to sell his car to Tyler, who is 18, for $500. Tyler paid Billy $500 and took possession of the car. When Billy's mom found out, she told him to give the money back to Tyler and get his car back. Tyler refused to return the car claiming they had a contract but, Billy's mom disagreed. Who is right? Tyler or Billy's Mom. Why?
What is Billy's Mom because Billy is a minor and therefore, has no capacity to enter into a contract.
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