2.01 Understand Elements And Characteristics Of Contract Law Question Preview (ID: 52341)


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Unqualified willingness by the offeree to go along with the offer
a) Offer
b) ACCEPTANCE
c) Consideration
d)

Proposal by one party to another with intent to create a legal binding agreement
a) OFFER
b) Consideration
c) CAPACITY
d)

Offer made to this person
a) Offeree
b) Offeror
c)
d)

Makes the offer
a) Offeree
b) Offeror
c) REFEREE
d)

Taking back of an offer by offeror
a) Rejection
b) Counteroffer
c) Revocation
d) Death

Rejection is defined as...
a) Refusal by the offeree
b) Insanity
c) Death
d)

Counteroffer is defined as...
a) Any change in the terms of the offer
b) Offeror is declared insane
c) If the offeror puts a time limit on the offer and it has passed
d)

If the offeror puts a time limit on the offer and it has passed
a) Revocation
b) Death
c) Expiration of Time
d)

The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
a) Firm Offer
b) Option
c) Acceptance
d)

Acceptance
a) Unqualified willingness by the offeree to go along with the offer
b) Mirror Image Rule
c) Bilateral Acceptance
d)

Offer is accepted by offeree through communication of the promise to the offeror
a) Unilateral Acceptance
b) Silence as Acceptance
c) Bilateral Acceptance
d)

Silence as Acceptance is defined as..
a) Offeror promises something in return for offeree’s performance and indicates that performance represents acceptance
b) Does not represent acceptance
c) Most offers are bilateral
d)

A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
a) Duress
b) Genuine Agreement (Assent)
c) Undue Influence
d)

Undue Influence is defined as..
a) Overcoming a person’s free will by use of force or by threat of force or bodily harm
b) An error on the part of one of the parties
c) Unfair and improper persuasive pressure within a relationship of trust
d)

Unilateral Mistake
a) Both parties are mistaken about an important fact
b) An error on the part of one of the parties
c) Innocent statement of supposed fact that turns out to be false
d)

______________- is Innocent Misrepresentation
a) Innocent statement of supposed fact that turns out to be false
b) Party to a contract deliberately makes an untrue statement of fact
c) Untrue statement of fact
d)

Untrue statement of fact
a) Proving Fraudulent Misrepresentation
b) Fraudulent Misrepresentation
c)
d)

Legal ability to enter into a contract
a) Capacity
b) CONSIDERATION
c) Illusory Promises
d)

___________________ is Illusory Promises
a) Clause or wording that allows party to escape from legal obligation
b) severing of the parent-child relationship
c) Lacking the ability to understand the consequences of his or her contractual acts
d)

Illegal Contracts
a) Statute of Frauds
b) Void contract
c) Legality
d)

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