Exam 10: Agreement and Consideration

Prior to acceptance of an offer,the death or incompetency of either the offeror or the offeree terminates an offer.

Hartman,who has worked for Aratize,Inc.for 25 years,is retiring.Upon hearing the news of his retirement,the president of Aratize announces a bonus of $250,000 to Hartman for his exceptional services toward Aratize thus far.But upon retiring,Hartman isn't paid the bonus.Hartman decides to sue the president and Aratize to recover the promised bonus.Which of the following is true of this case?

Ahmed agrees to trade his copy of the collector's edition "Initial Fantasy VI" for a new copy of "Phobiaman: The Journey Beyond Fear." He then finds out that the "Phobiaman" series has been banned due to objectionable content.The offer is automatically terminated due to ________.

An auction without reserve is one in which the seller retains the right to refuse the highest bid and withdraw the goods from sale.

Which one of the following scenarios would entitle a reward?

A response by an offeree that contains terms and conditions different from or in addition to those of the offer is called a(n)________.

In which of the following offers is the seller forbidden from withdrawing goods from sale?

An offer is terminated on the grounds of "supervening illegality" when ________.

Which of the following is true of acceptance of a contract?

A(n)________ is a withdrawal of an offer by the offeror that terminates the offer.

Which of the following is true about an option contract?

If the object of an offer is made illegal after the acceptance of the offer,it is termed as a supervening illegality.

A counteroffer by the offeree simultaneously terminates the offeror's offer and creates a new offer.

________ is an equity doctrine that permits a court to order enforcement of a contract that lacks consideration.

Explain,in brief,express terms and their significance.

Dean Campenella is a detective with the California state police.During the investigation of a missing child,Campenella found new clues that led to the capture of a serial killer involved in another case.Since Campenella was not involved in the serial killer case and found the clues while investigating another case,Campenella demanded a special reward from the state police department for helping catch the killer.But his demand was declined citing lack of consideration.Campenella's demand lacks consideration under ________.

A(n)________ is an agreement whereby the parties agree to accept something different in satisfaction of the original contract.

Which of the following statements is true of an offer that was not communicated?

If an accord is not satisfied,the other party can sue to enforce the accord.

The ________ rule is a rule which states that for an acceptance to exist,the offeree must accept the terms as stated in the offer.