Contract Law - Final Exam Questions With
Correct Answers
valid |- |CORRECT |ANSWER✔✔-a |term |used |to |describe |the |vast |majority |of |contracts |- |a |legally
|binding |agreement |which |has |all |the |elements |necessary |for |contract |formation
void |- |CORRECT |ANSWER✔✔-a |contract |is |illegal |or |nonbinding |from |its |inception |due |to |one |
of |various |factors |including, |possibly, |illegality
voidable |- |CORRECT |ANSWER✔✔-a |contract |that |allows |a |party |to |undo |the |agreement |(or |a |
part |of |the |agreement) |upon |the |occurrence |of |a |certain |condition
offeror |- |CORRECT |ANSWER✔✔-one |who |makes |an |offer
offeree |- |CORRECT |ANSWER✔✔-one |who |receives |an |offer
auctions |with |reserve |- |CORRECT |ANSWER✔✔-auctions |in |which |the |seller |does |not |have |to |
sell |if |the |bidder |does |not |meet |the |reserve |(minimum) |price
auctions |without |reserve |- |CORRECT |ANSWER✔✔-auctions |in |which |the |seller |must |sell |to |the
|highest |bidder
dutch |auction |- |CORRECT |ANSWER✔✔-auctioneer |begins |with |a |high |asking |price |and |works |
his |way |down |until |a |bidder |agrees |to |the |auctioneer's |price
silent |auction |- |CORRECT |ANSWER✔✔-many |items |are |sold |at |one |time |in |which |the |bidders |
write |their |bid |offer |on |paper |posted |near |the |item |itself |- |highest |bidder |wins
, elements |of |a |contract |- |CORRECT |ANSWER✔✔-offer
acceptance
consideration
legality
capacity
offer |- |CORRECT |ANSWER✔✔-a |promise |to |do |(or |not |to |do) |something |n |the |future |- |
indicates |the |willingness |or |intent |to |be |bound |by |an |agreement
acceptance |- |CORRECT |ANSWER✔✔-occurs |when |the |offeree |assents |to |the |terms |of |the |offer
|and |communicates |that |to |the |offeror |by |words |or |by |performance
consideration |- |CORRECT |ANSWER✔✔-the |"price" |of |a |promise |in |a |bargained-for |exchange |- |
something |that |has |legal |value |and |is |given |in |exchange |for |a |return |promise
personal |services |contract |- |CORRECT |ANSWER✔✔-a |nontransferrable |contract |in |which |
unique |talents, |abilities, |or |skills |are |contracted |for |thereby |rendering |a |delegation |or |
assignment |null |and |void
statute |of |frauds |- |CORRECT |ANSWER✔✔-says |that |certain |types |of |contracts |must |be |in |
writing |if |a |party |seeks |to |enforce |the |agreement |in |court |- |from |England
contracts |that |require |a |written |agreement |in |order |to |be |enforceable |by |a |court |include- |- |
CORRECT |ANSWER✔✔--contracts |for |the |sale |of |real |estate |or |land
-contracts |that |cannot |be |performed |within |a |year
-contracts |in |which |one |party |acts |a |guarantor |or |surety |for |another |party's |debts
-contracts |for |the |sale |of |goods |over |$500
Correct Answers
valid |- |CORRECT |ANSWER✔✔-a |term |used |to |describe |the |vast |majority |of |contracts |- |a |legally
|binding |agreement |which |has |all |the |elements |necessary |for |contract |formation
void |- |CORRECT |ANSWER✔✔-a |contract |is |illegal |or |nonbinding |from |its |inception |due |to |one |
of |various |factors |including, |possibly, |illegality
voidable |- |CORRECT |ANSWER✔✔-a |contract |that |allows |a |party |to |undo |the |agreement |(or |a |
part |of |the |agreement) |upon |the |occurrence |of |a |certain |condition
offeror |- |CORRECT |ANSWER✔✔-one |who |makes |an |offer
offeree |- |CORRECT |ANSWER✔✔-one |who |receives |an |offer
auctions |with |reserve |- |CORRECT |ANSWER✔✔-auctions |in |which |the |seller |does |not |have |to |
sell |if |the |bidder |does |not |meet |the |reserve |(minimum) |price
auctions |without |reserve |- |CORRECT |ANSWER✔✔-auctions |in |which |the |seller |must |sell |to |the
|highest |bidder
dutch |auction |- |CORRECT |ANSWER✔✔-auctioneer |begins |with |a |high |asking |price |and |works |
his |way |down |until |a |bidder |agrees |to |the |auctioneer's |price
silent |auction |- |CORRECT |ANSWER✔✔-many |items |are |sold |at |one |time |in |which |the |bidders |
write |their |bid |offer |on |paper |posted |near |the |item |itself |- |highest |bidder |wins
, elements |of |a |contract |- |CORRECT |ANSWER✔✔-offer
acceptance
consideration
legality
capacity
offer |- |CORRECT |ANSWER✔✔-a |promise |to |do |(or |not |to |do) |something |n |the |future |- |
indicates |the |willingness |or |intent |to |be |bound |by |an |agreement
acceptance |- |CORRECT |ANSWER✔✔-occurs |when |the |offeree |assents |to |the |terms |of |the |offer
|and |communicates |that |to |the |offeror |by |words |or |by |performance
consideration |- |CORRECT |ANSWER✔✔-the |"price" |of |a |promise |in |a |bargained-for |exchange |- |
something |that |has |legal |value |and |is |given |in |exchange |for |a |return |promise
personal |services |contract |- |CORRECT |ANSWER✔✔-a |nontransferrable |contract |in |which |
unique |talents, |abilities, |or |skills |are |contracted |for |thereby |rendering |a |delegation |or |
assignment |null |and |void
statute |of |frauds |- |CORRECT |ANSWER✔✔-says |that |certain |types |of |contracts |must |be |in |
writing |if |a |party |seeks |to |enforce |the |agreement |in |court |- |from |England
contracts |that |require |a |written |agreement |in |order |to |be |enforceable |by |a |court |include- |- |
CORRECT |ANSWER✔✔--contracts |for |the |sale |of |real |estate |or |land
-contracts |that |cannot |be |performed |within |a |year
-contracts |in |which |one |party |acts |a |guarantor |or |surety |for |another |party's |debts
-contracts |for |the |sale |of |goods |over |$500
