To be legally sufficient, consideration must be bargained for and be of legal value.
The Statute of Frauds requires the writing to be a single integrated document.
If a debt is liquidated, the parties have a good faith disagreement on the exact amount of the debt.
Minors may avoid both executory and executed contracts
After Uncle Ned is declared incompetent to manage his own legal affairs, his court-appointed guardian, Stewie, can sign contracts on Ned's behalf.
Adam sent Eve an offer by surface mail. Eve may accept the offer by overnight courier.
An unconditional offer of cash or a cash equivalent in exchange for services to be provided is an example of the incurring of a legal detriment.
A contract that, by its own terms, can be performed within a year from the date of making, must be in writing to be enforceable.
Carl and Daniel agree Daniel owes Carl $500. If Carl agrees to accept $400 from Daniel to settle the debt, the debt will be discharged.
A unilateral mistake of a material fact may be grounds for the mistaken party to rescind a contract if the non-mistaken party did not know or have reason to know of the mistake.
Brad accepts Stanley's offer to ell his sailboat for $3,000. The contract does not include a time for the exchange of the money for the boat. A court may not supply the performance term to complete the contract.
Sheree intends to testify she was a minor when she entered into a written contract with Terrance. Under the Parol Evidence Rule, this testimony would be ruled inadmissible.
If the offeree has substantially performed the requested act in an offer for a unilateral contract, the offeror is prevented from revoking the offer.
Angus rejects Charlie's offer to purchase Angus' pool table for $700, then changes his mind and communicates an acceptance of the offer. Angus' acceptance is effective and a contract now exists.
Under the UCC, parties may agree to modify the terms of an existing contract without providing new consideration.
In determining whether a contract can be performed within a year, the measuring period starts the day the contract is signed and ends when the performance is completed.
Extraordinary difficulties unforeseen at the time a contract was formed may justify a demand for additional compensation
Angela offers to pay Paula $1,000 if she will not paint the front door to her home magenta. If Paula agrees, a valid, enforceable contract exists.
Giving up the right to sue on a valid claim may be consideration for receiving a sum of money to resolve a case in litigation.
Mike has completed and been paid for a renovation of Ike's summer home. Ike is so pleased he offers to pay Mike an additional $2,000. Ike's promise is legally binding.
At Common Law, a transaction that lacks a bargained-for exchange of consideration will not be upheld even if the parties knowingly and voluntarily consented to it.
Andi, a representative for Nature's Best Juice Co., has contracted for the entire crop of Bill's cranberry crop. This contract fails for indefiniteness.
A recital of nominal consideration is always interpreted to be sham consideration.
During formation of a contract parties may offer as consideration promises to do what they are already legally required to do.
An oral agreement to hire an employee for two years is not enforceable.
The Common Law requirement that the acceptance contain exactly the same terms as the offer is the _________ rule
Which element of a contract is met by a meeting of the minds?
Courts use the "main purpose" rule to determine
whether a promisor has received something of value to justify his/her liability to a promisee
whether a contract is outside the Statute of Frauds
whether goods are classified as equipment or inventory for tax purposes
whether a warranty is express or implied
In which of the following situations would oral evidence be allowed?
To contradict the terms of partially integrated contract
To clarify the terms of a fully integrated contract
To prove a contract is not fully integrated
None of the above
The term for the withdrawal of an offer by an offeror is
Ann is injured in an accident caused by Bob. Bob agrees to pay Ann $2,500 if she agrees to release Bob from further liability. Ann agrees. If Ann's damages ultimately exceed $2,500, Ann can
collect the balance from Bob in a breach-of-contract suit
collect the balance from Bob in a tort suit
collect the balance from Bob on the ground of unforeseen difficulties
not collect the balance from Bob
Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim catches during the season for $35 a bushel. This is an example of a(n) __________ contract.
Alan and Britney enter into an oral contract. Alan lists the terms on a sheet of paper containing his business logo and address and signs it. Britney does not sign the paper. This agreement is enforceable against
Alan or Britney
Neither Alan nor Britney
Which of the following statements about nominal consideration is correct?
Giving your sibling a quitclaim deed (a deed which foregoes a claim on property) for your 1/8 share in your family home for $1 is an example of nominal consideration
Nominal consideration will support an enforceable contract
Nominal consideration is another term for sham consideration
Statements a and b are correct
Which of the following is not a term a court will supply if it is missing in the contract?
Price of the goods
Time for performance
Quantity of goods purchased
The court will supply all the above if the are missing in a contract governed by the Code
Which of the following statements is true about modifying contracts governed by the Code?
No new consideration is required to modify an existing contract
Modifications must be made in good faith
Parties may agree all modifications to an existing contract must be in writing
All of the above are true statements
Milo files a suit against National Corporation under the doctrine of promissory estoppel. Milo must show that
Milo justifiably refused to fulfill a promise to National
Milo justifiably relied on National's promise to his detriment
National justifiably refused to fulfill a promise to Milo
National justifiably relied on Milo's promise to its detriment
Parol evidence is evidence based on
usage of the trade
provisions handwritten into a contract
waivers of liability
Which of the following is an example of an unliquidated debt?
A promissory note for the sum of $10,000 to be repaid in 6 years at 5% interest
A cell phone service contract for $29.99 per month
A bill sent to homeowner by contractor for an additional $500 for cost overruns; owner claims he owes only $250
An installment sales contract for the purchase of a $5,000 mower with $200 down and the rest financed at 8% for 3 years
Larry Lawyer entered into a contract to buy land from a client at well below market value. The client was elderly and trusted Larry as his lawyer and son of his best friend to be fair and give him good advice. Client can rescind the contract based on
unilateral mistake of fact
unilateral mistake of value
Cashing a check marked "paid in full" creates an accord and satisfaction under which circumstances?
The check is for a lesser sum than the amount due on a liquidated debt
The check is for an unliquidated debt and both parties know of the dispute
The check is for any transaction governed by the Code
The check is in payment of a court judgment
If an offer does not specify how long it will remain open, it will remain open for
a reasonable period of time
one business day
Frank put an ad in the local paper stating he had a 1998 Avalon with 110,000 miles for sale for $9,000. Which statement best describes the legal status of this ad?
It is an offer to sell the car because it meets the requirement of definiteness
It is a firm offer to sell the car because it evidences a present commitment
It is an option offer to sell the car because it is communicated to multiple offerees
It is not an offer, but an announcement that he has a car to sell
Which of the following is an illusory promise?
"I will buy tickets to the World Series if the Yankees win the pennant."
"I will go with you to the donkey basketball game if I can't think of anything better to do."
"I will drive you to work if your car is still in the repair shop."
"I will buy your car if my husband likes it."
Dell, a farmer, has an agreement to lease 500 acres from Wood for 3 years. Must this agreement be in writing to be enforceable?
Yes, it is an interest in land and the lease is for more than one year
Yes, all leases of farmland are governed by the Statute of Purposes and must be in writing
No, all leases of farmland over 500 acres are governed by the Statute of Repose and may be oral
No, as soon as Dell plants crops a unilateral contract is formed that does not have to be in writing
On June 25, Sam Seller mailed Ben Buyer an offer to sell his car to Ben for $10,000. The offer arrived on June 28. Ben put his acceptance in the mail on June 30, but, because of the long holiday, it did not arrive at Sam's home until July 7. Sam found a buyer who was willing to pay $11,000 for the car and mailed a revocation on June 27. Ben got the revocation on July 1. Was a contract formed between Sam and Ben? If so, on what date did it become effective?
Yes, there is a contract that became effective on June 30, the day Ben mailed the acceptance.
Yes, there is a contract that became effective on July 7, the day the acceptance arrived
No, there is no contract because Ben received the revocation before Sam received the acceptance
No, there is no contract because the revocation was sent before Ben received the offer
Quinn promises to sell his RV to Sid, who builds a structure behind his house in which to keep it. Quinn's attempt to renege on the promise is
effective if Quinn did not ask Sid to build anything
effective if Quinn wants to sell the RV to someone else
not effective if Sid cannot obtain a similar RV for a similar price elsewhere
not effective if Sid is held to have detrimentally relied on the promise
Ruth, a minor, charges groceries at Sam's Mart. Two days later, Ruth disaffirms the purchase. Ruth owes Sam's Mart
the reasonable value of groceries
the retail value of the groceries
the wholesale value of the groceries
Alpha Cable Company, a subcontractor, understates its bid on a project for Beta Communications, Inc., the general contractor, due to an addition error. Alpha can most likely
recover damages from Beta for not catching the error
require Beta to pay the difference between the bid and the true cost
rescind the contract
none of the above