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Business Law Ch. 7

Agreement and Consideration in Contracts

QuestionAnswer
A constitutionally guaranteed freedom that permits persons to freely into contractual arrangements is known as: freedom of contract
A bilateral contract is one in which: two promises are exchanged
The following elements need to be proved to establish that an implied contract exists: the defendant could have rejected the goods or services but did not, the plaintiff provided some good or service to the defendant, the plaintiff expected payment for some good or service and the defendant should have known this
Ordinarily, agreement is evidenced by: an offer plus an acceptance of that offer
If Kim tells George, "You know, I've been thinking about selling my iPod for under $100," this constitutes: a statement of intent
Filomena offers to sell Rhonda her rare book collection for $3,500. Rhonda states, "I like your book collection but I will not pay $3,500 for it, I'll only pay $2,750," what would Rhonda's statement be called? a counteroffer
A shrink-wrap agreement is one whose terms are: found inside a box in which goods are packaged
Consideration is usually broken down into two parts, something of legally sufficient value and: a bargained-for exchange
Rescission may be defined as: the unmaking of a contract to return the contract parties to the positions they occupied before the contract was made
In order for a court to apply the doctrine of promissory estoppel, four requirements must be met. Which elements are required: there must be a clear and definite promise, there must have been substantial reliance on this promise, the promisee must have justifiably relied on the promise
Created by: ashbob12