How can we help?

You can also find more resources in our Help Center.

21 terms

EXAM 1

STUDY
PLAY
Rejection of an offer terminates it.
TRUE
An acceptance must adhere exactly to an offer to create a contract
TRUE
Under the mailbox rule, an acceptance is not valid until it is received
FALSE
For consideration to have "legally sufficient value" it must consist of goods or money.
FALSE
A businessperson who sells a business in reliance on promises by another is not entitled to damages under the doctrine of promissory estoppels'
FALSE
All contracts between adults and minors are void
FALSE
A contract is unenforceable if there is a statue that prohibits the action promised by the contract
TRUE
Adhesion contracts are often held to be contrary to public policy.
TRUE
Overestimating the value of an object is a mistake for which a court will normally provide relief.
FALSE
A statement of opinion is generally subject to a claim of fraud.
FALSE
An experts false statement to a naïve buyer about a technical detail will not usually entitle the buyer to rescind a contract
FALSE
Intent to deceive is an element of fraud
TRUE
Under the statue of frauds, a contract that is not in writing is void
FALSE
a contract that by its own terms cannot be performed within a year must be in writing to be enforceable
TRUE
Parol evidence includes oral evidence that is a written contract and not incorporated into the expressly or by reference.
TRUE
An integrated contract is a contract with more than one subject or part.
FALSE
A transfer of contract rights to a third party is an assignment
TRUE
Privity of contract is the principle under which contracting parties along traditionally had rights and liabilities under their contract
TRUE
An incidental beneficiary can sue directly to enforce a promisee's promise
FALSE
Compensatory damages compensate the nonbreaching party for injuries or damages sustained by that party
TRUE
A party seeking to recover in quasi contract must show that he or she acted without reasonably expecting to be paid.
FALSE