12 Questions
Which type of contracts arise not from words but from the conduct of the parties?
Implied contract
What type of contract may be void because its object is illegal or has a serious defect?
Void contract
Under the mirror image rule, what must the terms of the acceptance do?
Match the terms of the offer exactly
In what type of contract does the offeree give consideration in exchange for holding the offer open for a specific time period?
Option contract
When does an offer typically terminate due to the destruction or subsequent legality of the subject matter?
If the subject matter becomes illegal
What happens to the original offer when a counteroffer is made?
It is terminated
What are the four elements required for a legally binding contract?
Agreement, Consideration, Capacity, Legal object
Who is the offeror in a contract?
The party who makes the offer
What is the objective theory of contracts based on?
Parties' outward manifestations of intent
From whom is capacity to enter into a binding agreement generally absent?
Minors under the age of majority
What is a bilateral contract?
A promise in exchange for a promise
Which element of a contract refers to what each party gets in exchange for their promise?
Consideration
Prepare for your final exam by reviewing the key concepts of contract law in chapters 13-18. Understand the elements required for a legally binding contract, such as agreement, consideration, capacity, and legal object. Test your knowledge on these topics and ensure you are ready for the exam.
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