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Questions and Answers
What are the four elements required for a legally binding contract?
Who is the party that makes an offer in a contract?
Which theory of contracts focuses on the parties' outward manifestations of intent?
What type of contract involves a promise in exchange for a promise?
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Which group is generally considered to have the legal ability to enter into a binding agreement?
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What is the fifth element sometimes required for a legally binding contract?
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What type of contract arises not from words but from the conduct of the parties?
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Which type of contract is imposed by courts to prevent unjust enrichment at the expense of one party?
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What action can the offeror take to terminate the offer at any time?
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If the terms of acceptance do not mirror the terms of the offer exactly, what does it result in under common law contracts?
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In a situation where the subject matter of the offer is destroyed or becomes illegal, what happens to the offer?
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What criterion leads to the immediate termination of an offer if it is stated in the offer terms?
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