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

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

  • Agreement, Consideration, Capacity, Legal object (correct)
  • Assurance, Capacity, Obligation, Legal object
  • Consensus, Offeror, Acceptance, Form for the statute of frauds
  • Agreement, Consensus, Payment, Consideration
  • Who is the party that makes an offer in a contract?

  • Promisor
  • Offeror (correct)
  • Obligor
  • Offeree
  • Which theory of contracts focuses on the parties' outward manifestations of intent?

  • Subjective theory of contracts
  • Manifestation theory of contracts
  • Objective theory of contracts (correct)
  • Interpretative theory of contracts
  • What type of contract involves a promise in exchange for a promise?

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

    Which group is generally considered to have the legal ability to enter into a binding agreement?

    <p>Most adults over the age of majority</p> Signup and view all the answers

    What is the fifth element sometimes required for a legally binding contract?

    <p>Proper form for the statute of frauds</p> Signup and view all the answers

    What type of contract arises not from words but from the conduct of the parties?

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

    Which type of contract is imposed by courts to prevent unjust enrichment at the expense of one party?

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

    What action can the offeror take to terminate the offer at any time?

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

    If the terms of acceptance do not mirror the terms of the offer exactly, what does it result in under common law contracts?

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

    In a situation where the subject matter of the offer is destroyed or becomes illegal, what happens to the offer?

    <p>It immediately terminates</p> Signup and view all the answers

    What criterion leads to the immediate termination of an offer if it is stated in the offer terms?

    <p>Lapse of a reasonable period of time</p> Signup and view all the answers

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