Final Exam Review Part 1: Chapters 13-18 Contract Law
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Questions and Answers

Which type of contracts arise not from words but from the conduct of the parties?

  • Implied contract (correct)
  • Express contract
  • Quasi contract
  • Unilateral contract
  • What type of contract may be void because its object is illegal or has a serious defect?

  • Voidable contract
  • Void contract (correct)
  • Unilateral contract
  • Express contract
  • Under the mirror image rule, what must the terms of the acceptance do?

  • Completely change the original offer
  • Remove key terms from the offer
  • Match the terms of the offer exactly (correct)
  • Add additional terms to the offer
  • In what type of contract does the offeree give consideration in exchange for holding the offer open for a specific time period?

    <p>Option contract</p> Signup and view all the answers

    When does an offer typically terminate due to the destruction or subsequent legality of the subject matter?

    <p>If the subject matter becomes illegal</p> Signup and view all the answers

    What happens to the original offer when a counteroffer is made?

    <p>It is terminated</p> Signup and view all the answers

    What are the four elements required for a legally binding contract?

    <p>Agreement, Consideration, Capacity, Legal object</p> Signup and view all the answers

    Who is the offeror in a contract?

    <p>The party who makes the offer</p> Signup and view all the answers

    What is the objective theory of contracts based on?

    <p>Parties' outward manifestations of intent</p> Signup and view all the answers

    From whom is capacity to enter into a binding agreement generally absent?

    <p>Minors under the age of majority</p> Signup and view all the answers

    What is a bilateral contract?

    <p>A promise in exchange for a promise</p> Signup and view all the answers

    Which element of a contract refers to what each party gets in exchange for their promise?

    <p>Consideration</p> Signup and view all the answers

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