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.

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.

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

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?

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?

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

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

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

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.

The Uniform Commercial Code makes firm offers binding for the stated period of time in the offer but not to exceed

Capacity to contract means that the person

Nearly all offers must, at a minimum, identify

The withdrawal of an offer before it is accepted is known as a(n)

A contract between the offeree and the offeror where the offeree gives something of value in return for a promise to keep the offer open is known as a(n)

In economic duress cases, the courts look at

When a contract arises because of undue influence, the contract is voidable by the

Fraud renders the contract ____ by the victim.

When both parties have an incorrect belief about material facts relating to a contract, what may result?

Which of the following need not be shown to prove misrepresentation?

Ima has a neighbor named Judy, who works for Kevin. Ima threatens Judy that she will tell Kevin that Judy lied about her job experience on her resume unless Judy buys one of the $1,000 vacuum cleaners Ima sells. Ima's threat is an example of

Which of the following makes a contract voidable?

"The tires were replaced after 30,000 miles."

"The engine is in top shape."

"These collectibles should increase in value at least 15 percent next year."

Michelle was a victim of fraud. The $40,000 portion of her court award that Michelle received in order to punish the party who committed fraud against her is known as

What are the three possible forms of consideration?

If a contract contains a clause that allows you to escape the legal obligation, the promise is said to be

An important exception to the general rule that mutual consideration is necessary for a valid contract or binding promise is

When Marty agrees to take possession of her uncle's gift to her, Marty becomes a(n)

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property for "one dollar ($1) and other good and valuable consideration." This type of consideration is referred to as

Will disagrees with his bank over the money due to pay off a loan. After some negotiations, they agree that if Will pays 75% of the amount the bank believes it is due, the debt will be canceled. This agreement is termed an

Dwight signed a contract to begin his own home-based business to distribute health care products. The clause at the end of the distributor agreement gives him or the parent company the right to end the contract for any reason. This clause is an example of a(n)

Parties who may, because of their status, have the right to disaffirm a contract include

When a court decrees a minor emancipated, it is referred to as

In most states minors can get back everything they put into a contractual bargain even if

Contracts of a minor that cannot be disaffirmed include

The severance of the child-parent relationship is referred to as

Employees acting outside of their _________________ do not have the power to bind the employer.

Which of the following are rights given to those who lack capacity?

The ability to understand the _________________ of a contract is required for contractual capacity.

When a person reaches the age of majority, which of the following does not occur?

Acting toward a contract as though one intends to be bound by it is considered

Complete each statement. What the promisor demands and generally must receive in order to make his or her promise legally enforceable against him or her is called _____.

Individuals who regularly deal in the goods, or tangible personal property, being bought or sold are labeled _____.

After an offer is rejected, unless renewed by the original _____, the offeree can no longer accept the original offer.

While working for Joe as a legal secretary, Doris discovers that Joe has taken a piece of land in lieu of a client's payment for legal fees. Joe, however, notifies the other partners in his law firm that this client's legal fees are uncollectible. The firm then absorbs the loss resulting from the uncollectible fees. Joe later sells the land for $80,000 and secretly pockets the money. Doris then threatens Joe into giving her a pay raise of $25,000 to "keep her mouth shut." If Joe does so, Doris' new employment contract would be voidable due to legal _____.

A(n) _____ is one in which an inordinate amount of trust and confidence is placed by a dependent party in the dominant party.

Heath cannot afford to purchase a new refrigerator, but his brother, Jim, agrees to purchase the $800 fridge for Heath as long as Heath pays Jim $100 a month for the next eight months. Under this arrangement since Heath owes Jim $800, Jim is the creditor and Heath is the _____.

Complete each statement. The statement at the end of the contract reads, "Either party can cancel this agreement for any of the above stated reasons provided that 30 day's written notice is given to the other party." This is the _____ of the contract.

Complete each statement. Derrick, a merchant, offers in writing to sell another merchant, Garry, 25 handmade, wrought iron patio furniture sets. Although no payment or other consideration was given, under the UCC Derrick must honor this _____ for a certain period of time not to exceed three months.