Unit 2 Part1: Contract Law

What are the requirements of the legally enforceable contract?

• offer and acceptance, genuine assent, legality, and consideration
• offer and acceptance, genuine assent, legality, consideration, and capacity
• offer and acceptance, genuine assent, legality, consideration, capacity, and proper form
• none of these

An agreement between two parties that creates an obligation.

• contract
• consideration
• offer
• offeree

What a person demands and generally must receive in order to make his or her promise legally binding.

• contract
• consideration
• offer
• offeree

Proposal by an offeror to do something, provided the offeree does something in return.

• contract
• consideration
• offer
• offeree

What are the nature and classes of contracts?

• executed and executory contracts only
• executed and executory contracts, expressed, implied-in-fact and implied-at-law contracts only
• executed and executory contracts, expressed, implied-in-fact and implied-at-law contracts, and unilateral and bilateral contracts
• none of these

How could you terminate an offer?

• having an unreasonable about of time.
• ensuring the time frame is stated in the contract and one does not agree.
• having a counteroffer presented.
• both ensuring the time frame is stated in the contract and one does not agree and having a counteroffer presented.

How does one accept an offer?

• you could use the mirror image rule.
• acceptance must be communicated to the offeror.
• both of these
• none of these

All agreements must be in writing to be enforceable in court.

• 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
• False

All forms of acceptance take effect only when received.

• True
• False