Contract Law - Page 1 Study guide

If the offer that was accepted to form a contract is invalid, the courts will not enforce the contract. True or False?

• True

• False

All agreements must be in writing to be enforceable in court. True or False?

• True

• False

A newspaper ad that specified "first come, first served out of our limited stock" would be treated as an invitation to negotiate. True or False? Sec. 6.1

• True

• False

If a time for the offer to expire is not stated, it will expire in a reasonable time under the circumstances. True or False? Sec. 6.1

• True

• False

An offeree who rejects an offer can later accept it if the acceptance occurs within a reasonable time after the original offer. True or False? Sec. 6.1

• True

• False

A hardware store salesperson said, "This price on the lawnmowers is good for 30 days," this is an example of a firm offer. True or False? Sec. 6.2

• True

• False

If an offeror specifies in the offer that the acceptance must be made by fax, an e-mailed acceptance will not be effective. True or False? Sec. 6.3

• True

• False

If the parties to a contract have mutual obligations to perform it, the contract is termed

• unilateral

• bilateral

• none of these

An _?_ is an offeree's agreement to an offeror's proposal.

• Capacity

• Offer

• Acceptance

• Consideration

Which of the following is not an essential element of a contract?

• offer and acceptance

• genuine dissent

• legality

• all of the above are essential elements