16 Questions
What are the three requirements for an offer to be valid?
Intent, communication, and definite terms
What are the two main sources of contract law?
State common law and the Uniform Commercial Code
What are the three requirements for a valid offer?
Intent, communication, and definite terms
Which rule requires interpreting a contract according to its plain and ordinary meaning?
The plain meaning rule
What is the plain meaning rule?
A rule that requires contracts to be interpreted according to their plain and ordinary meaning
Which of the following is necessary for a contract to be legally binding?
All of the above
What is the difference between unilateral and bilateral contracts?
Unilateral contracts require a performance, while bilateral contracts consist of a promise in exchange for a promise
What is necessary for a contract to be legally binding?
Consideration
What is recognized by the law as sufficient consideration?
Legally sufficient value
What is necessary to support a contract?
A bargained-for exchange
How can an offer be terminated?
Both A and B
What is necessary to support a contract?
A bargained-for exchange
Does adequacy of consideration have to be equal or fair?
No
Which issues can affect the enforceability of a contract?
Capacity, legality, and adequacy of consideration issues
Can grossly unfair exchanges be challenged in a contract?
Yes, always
What is necessary for acceptance to be valid?
It must be communicated to the offeror
Study Notes
- A contract consists of offer, acceptance, consideration, legal object, and parties with contractual capacity.
- State common law and the Uniform Commercial Code are the two main sources of contract law.
- Contracts can be classified as unilateral or bilateral, express or implied, valid, voidable, void, or enforceable, executed or executory, and formal or informal.
- Unilateral contracts require a performance, while bilateral contracts consist of a promise in exchange for a promise.
- Express contracts have all terms clearly set forth, while implied contracts arise from the conduct of the parties.
- Valid contracts contain all legal elements, while void contracts have an illegal object or serious defect.
- Unenforceable contracts cannot be enforced due to some law, while voidable contracts can be withdrawn or enforced.
- Executed contracts are fully performed, while executory contracts have some duties not yet performed.
- Courts interpret contracts to ascertain and enforce the intent of the agreement.
- The plain-meaning rule requires determining the meaning of a writing or term from the instrument itself with ordinary words.
Test your knowledge of contract law with this quiz! From the essential elements of a contract to the different classifications and types, this quiz covers all the basics. You'll learn about unilateral and bilateral contracts, express and implied contracts, valid and void contracts, and more. See how much you know about contract interpretation and the plain-meaning rule. Whether you're a law student or just interested in learning more about contracts, take this quiz to test your understanding!
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