Podcast
Questions and Answers
Which type of contracts arise not from words but from the conduct of the parties?
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?
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?
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?
In what type of contract does the offeree give consideration in exchange for holding the offer open for a specific time period?
When does an offer typically terminate due to the destruction or subsequent legality of the subject matter?
When does an offer typically terminate due to the destruction or subsequent legality of the subject matter?
What happens to the original offer when a counteroffer is made?
What happens to the original offer when a counteroffer is made?
What are the four elements required for a legally binding contract?
What are the four elements required for a legally binding contract?
Who is the offeror in a contract?
Who is the offeror in a contract?
What is the objective theory of contracts based on?
What is the objective theory of contracts based on?
From whom is capacity to enter into a binding agreement generally absent?
From whom is capacity to enter into a binding agreement generally absent?
What is a bilateral contract?
What is a bilateral contract?
Which element of a contract refers to what each party gets in exchange for their promise?
Which element of a contract refers to what each party gets in exchange for their promise?
