FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 7: Contracts

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

Essay

Review LaterAdd Note

Review Later

S calls B and says,"I will sell my 1966 Mustang convertible to you for $3,000." B knows that the car is worth $4,000.B replies,"Would that include the trunk-mounted spare tire?" S hangs up without a word.B calls back in three days and says,"I'll buy the car for $3,000." Is there a contract? Discuss fully.

Correct Answer

verified

The issue is whether B made a counteroff...

View Answer

Show Answer

Question 2

True/False

Review LaterAdd Note

Review Later

The Statute of Frauds requires certain types of contracts to be evidenced by some form of written communication.

A) True
B) False

Correct Answer

verified

Show Answer

Question 3

Multiple Choice

Review LaterAdd Note

Which of the following is NOT one of the basic elements for formation of a valid contract?

According to the text,most advertisements are treated as offers,rather than as invitations to negotiate.

Which of the following are damages that give the plaintiff the benefit of its bargain,putting the plaintiff in the case position it would have been in if the contract had been fulfilled?

If the promisee entered into the contract in order to discharge a duty he or she owed the third party,then the third party is a(n) __________ beneficiary.

In CASE 7.1,SIGA Technologies,Inc.v.PharmAthene,Inc.(2013) ,the main issue before the Supreme Court of Delaware was whether

An offerer is free to revoke an offer at any time before the offer is accepted,but still risks precontractual liability.

Under the _____ rule,when a contract is unambiguous any evidence of contemporaneous statements are _____ in court.

Jaylin and Skylar enter into a contract.Among the terms of the contract is the clause that specifies the amount of money to be paid if one of them should later breach the agreement,also known as:

A contract entered into by a minor is

To act with a power of attorney,one must be a licensed attorney.

An illegal contract is generally considered a voidable contract.

If a new law of general application indirectly affects a government contract,making the government's performance impossible,the _____ will protect the government in a subsequent suit for breach of contract.

Under traditional common law,the acceptance must be the __________ of the offer.

Pasha found a billfold on a city street,looked inside to determine its owner,and then returned it to its true owner,Rowan.A few days later,Pasha found out that Rowan had offered a reward in the amount of $100 for the return of the billfold.Pasha asks Rowan for the reward money,but Rowan refuses.Is Pasha entitled to the reward? Why or why not?

In a unilateral contract,a promise is given in exchange for another promise.

What are the four basic elements necessary for a valid contract?

Val and Collins agree that Val will give Collins guitar lessons each week for six months and Collins will drive Val to the grocery store each week.Describe the elements that make this a valid contract.

Acquisitions are simpler than mergers and most are accomplished by a standard acquisition contract.