Elements of Contracts

What are the three basic elements of an enforceable contract?

• Offer, acceptance, and consideration

• Offer, acceptance, and mutual assent

• Consideration, mutual assent, and legality

• Offer, legality, and performance

In the case of Lucy vs. Zamer, what was the court's main consideration?

• The subjective intent of the promisor

• The financial status of the parties

• The objective manifestation of intent

• The location of the agreement

What does the term 'indefiniteness' refer to in contract law?

• The lack of a written contract

• The failure to perform contractual duties

• Missing or unclear terms in a contract

• The absence of mutual assent

What is a key requirement for an offer to be valid?

• It must include a price

• It must be communicated to the offeree

• It must be accepted immediately

• It must be in writing

Why are advertisements generally not considered offers?

• They lack specific terms

• They are too expensive to enforce

• They are invitations to negotiate

• They are not legally binding

Which of the following can terminate an offer?

• Performance

• Revocation

• Consideration

• Acceptance

What is an option contract?

• A contract that can be terminated at any time

• A contract that requires no consideration

• A contract that is automatically renewed

• A contract that keeps an offer open for a period

What is the general rule for acceptance in contract law?

• Acceptance must be witnessed

• Acceptance must be communicated to the offeror

• Acceptance must be in writing

• Acceptance must be made within 24 hours

What does the Mirror Image Rule require?

• The contract must be notarized

• The offeree must accept all original terms

• The offeror must accept any counteroffer

• The contract must be in writing

Under the UCC, what happens if an acceptance includes additional terms?

• The additional terms are ignored

• The acceptance is invalid

• The additional terms become proposals

• The contract is void