Contracts - Formation

Which of these are needed to form most contracts:

• Agreement

• Consideration

• Promissory Estoppel

Which of these stops someone from arguing that they are not bound because there was no consideration:

• Agreement

• Consideration

• Promissory Estoppel

Which of these are NOT required for an offer to be an offer:

• Show intent to enter agreement;

• include specific terms;

• communicated to offeree

• A writing, signed by the person against whom enforcement of the contract is sought

True or False. An offer can use any words that could reasonably be interpreted as a promise to do business.

• True

• False

True or False. To decide whether an offer has been made, we ask the question: “Did they intend to make an offer.”

• True

• False

True or False. To decide whether an offer has been made, we ask the question: “Would a reasonable person believe that they intended to make an offer."

• True

• False

True or False. A contract that is covered by the U.C.C. §2-201 statute of frauds is not enforceable unless it is signed by both parties to the contract.

• True

• False

True or False. To be enforceable under the statute of frauds, there must be a written contract.

• True

• False

True or False. A document is not "signed by" someone untill they write their signature on the document.

• True

• False

True or False. If the offeree attempts to accept in any way different than what the offer requires, it is a counteroffer.

• True

• False