Contract Law

Which of these elements is NOT required to create a contract?

• Offer
• Acceptance
• Requirement
• Consideration

In order for a contract to be valid, there must be an offer and an agreement

• True

• False

Mentally handicapped individuals are always bound to a signed contract

• True

• False

Fraud is

• misrepresentation when the misstatement was made intentionally and when injury occurred.

• acceptable when written in the Statute of Frauds

• when one person mistakes the facts of a contract

• never voidable

What is duress?

• Genuine Assent

• Is based upon someone's actions

• A threat of harm made to compel someone to do something against their will or judgement

Capacity to contract means that the person

• a. has a genuine need for the goods or services purchased.
• b. has ample room to store goods that are purchased.
• c. has the ability, according to law, to understand his or her actions and the effect of those actions.
• d. all of these.

Carson and Ryder were talking at the baseball game. Carson wants to buy Ryder's baseball glove for $200. Ryder agrees to sell the glove to Carson for $200.

• Offer
• Capacity
• Acceptance
• Legality

Kathy is sick and goes to the doctor. The doctor diagnoses her with the flue and gives her a treatment plan. Kathy provides payment to the doctor.

• Consideration
• Capacity
• Genuine Agreement
• Legality

Mike hires Steve to break into Susan's house and steal her flat screen TV.

• Offer
• Capacity
• Acceptance
• Legality

After the court assigned a guardian to handle legal matters, you are able to rescind all contracts up to that point under which specific rule with in the capacity element.

• Necessaries
• Ratification
• Innocent Misrepresentation
• Mentally Incapacitated