Chapters 6-9 TEST

Indicate whether the statement is true or false. The person to whom an offer is made is termed the offeror.

• True

• False

Indicate whether the statement is true or false. You will not be bound to a contract you have not read, even if you sign it.

• True

• False

Indicate whether the statement is true or false. If a contract's termination clause gives a party the right to terminate for any reason whatsoever, that party's promise to perform would be illusory and non-binding as consideration.

• True

• False

Indicate whether the statement is true or false. Minors are not usually liable for their torts.

• True

• False

Identify the choice that best completes the statement or answers the question. Which of the following is not one of the major requirements for a contract?

• offer and accommodation

• genuine assent

• capacity

• consideration

Identify the choice that best completes the statement or answers the question. Which of the following is a test that a valid offer must pass?

• Is contractual intent present in the offer?

• Are the essential terms of the offer complete and definite?

• Is made in anger, terror or jest?

• All of the above are tests that a valid offer must pass.

Identify the choice that best completes the statement or answers the question. Which of the following statements about a firm offer is not true?

• It is good for the stated time but no longer than three months.

• It is binding whether or not the offeree paid anything to hold it open.

• The firm offer rules only apply to merchants who make offers in writing.

• All of the above statements are true.

Identify the choice that best completes the statement or answers the question. Which of the following circumstances might render an acceptance invalid?

• The offer is accepted by someone other than the offeree.

• The acceptance does not match the offer.

• both a and b

• none of these

A contract in which performance alone is acceptance is termed a(n) _____.

• unilateral contract

• bilateral contract

• multilateral contract

• none of these

A(n) ____ contract is not really a contract but a legal fiction created by the law to allow the enforcement of a contractual remedy where justice alone warrants such a remedy.

• executed

• executory

• quasi or implied-in-law

• unilateral