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QuestionAnswer
"I am interested in buying one of your ranch lots," is an example of an offer. False
Revocation can be valid any time prior to acceptance. True
A merchant's firm offer requires consideration to be valid. False
Options require consideration to be valid. True
Under common law, a counteroffer is also a rejection. True
Common law does not dictate amounts required for consideration. True
Contracts for the sale of land must be in writing to be enforceable. True
Implied contracts are unenforceable. False
Quasi contracts are implied-in-law contracts. True
The parties' previous course of dealing will have little impact as courts interpret their contract. False
Parol evidence is always admissible for challenging contract terms. False
"I'm thinking of selling my CD player," is an example of offer language. False
"I'll take the bike for $75, but first I have to sell my fish tank," is an example of a valid acceptance. False
"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract. Answer False
"Drive my car to Albuquerque, and I'll pay you $500," is not a valid offer. False
An executory contract is one that is fully performed. False
E-Sign requires that there be faxes or written verification of electronic contracts. False
Under the UCC, an acceptance followed by additional terms is a counteroffer and a rejection. True
A record, such as an e-mail or fax, now satisfies the writing requirement under both the UCC and common law. True
Point-and-click is a valid means of forming a contract if the parties had adequate knowledge of the terms and conditions of the agreement in advance. True
E-Sign is a federal law that requires written signatures for electronic contracts to be valid. False
"Would you be interested in selling your Prius for $21,000?", is not an offer. True
Under both UCC and common law, a counteroffer: is also a rejection.
A contract with a minor is voidable at the minor's option. True
A contract with a party who has been declared incompetent is voidable. False
The contracts of a person who has been declared legally incompetent are void. True
Minors are liable for the reasonable value of necessaries. True
Material information is something that would affect the decision to buy or sell. True
Misrepresentation must be fraudulent before rescission can be permitted. False
Scienter is required for misrepresentation. False
Duress requires proof of physical force. False
Undue influence requires proof of a confidential relationship. True
Contracts with illegal subject matter are voidable. False
Conditions precedent are events that must happen before contract performance is required. True
Substantial performance is available for all types of contracts. False
A bilateral contract is one in which one side promises to perform in exchange for the other side's actions. False
Exculpatory clauses are generally considered void as against public policy. True
Incidental and consequential damages are the same types of damages. False
A lawyer/client relationship is an example of a confidential relationship. True
Parents of minors can be held liable for the reasonable value of necessaries that their minor children contracted for. True
An assignment is the transfer of benefits under a contract. True
A minor who has received medical care can never be responsible for payment for those services. False
Bob, age 17, has entered into a contract to buy a car. The contract is voidable.
Duress requires proof of deprivation of a meaningful choice.
A seller recovering the difference between his resale price and the buyer's original contract price is an example of compensatory damages.
The seller of a dry cleaning business has agreed not to open another dry cleaning business for two years within a one-mile radius of the sold business. Such an agreement: is valid and enforceable.
Created by: shanekory
 

 



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