Exam 5: Elements of Contracts, E-Commerce and Technology

Basic contract law does not apply to online contracts.

Having contracts reduced to writing is a form of risk management.

An offer specifies the parties involved, the product, and the price.

Contract law deals with the legal principles and rules that allow enforceable agreements to be created.

Acceptance must be communicated by the offeree to the offeror.

Which of the following would best satisfy the requirements for a valid offer?

If you pay $2,000 for a 60-day option on a business that is offered for sale at $400,000, which of the following is true?

A contract is an exchange of promises between two or more parties which can be enforced by the court.

Quantum meruit means:

Mr. Jones went into a supermarket where he saw a new kind of toothpaste on a shelf, ticketed at $2.69. He decided to try it, so he took it to the checkout and placed it on the moving counter. The staff member at the checkout rang up the sale, took Mr. Jones money, put the toothpaste in a bag, and handed it with the receipt and the change to Mr. Jones. A contract was formed when:

Which of the following contracts needs to be in writing?

Quantum meruit means paying as much is deserved.

Standard form contracts are like all other contracts, the parties can negotiate the terms prior to signing.

All levels of Canadian government are working on laws to recognize e-commerce contracts as valid enforceable contracts.

A counter offer creates a new offer.

Implied terms in a contract must be clear and not ambiguous.

The post box rule governs acceptance of an offer over a distance.

A contract can exist in either a written, verbal, or implied form.

Express terms in a contract must be clear and not ambiguous.

The person receiving an offer is the offeree.