Exam 5: Contracts

Which of the following is a valid consideration?

Which of the following is not required for a firm offer?

A contract is voidable only when both of the parties lack the capacity to contract.

An offer can be revoked prior to acceptance unless it meets the UCC requirements of a firm offer.

A contract may not be voluntarily entered into in the event of

Patty, a minor of age 16, purchases a car from Larry.One month later, Patty crashes the car, disaffirms the contract and seeks return of the purchase price.Which of the following is most certain?

An offer is not definite if it contains a condition precedent that must occur before a party is obligated to perform a contract.

A contract which calls for a promise in exchange for a promise is a bilateral contract.

Consideration includes doing or refraining from that which one has a right to do, even if it has no economic value.

An implied method of acceptance is the manner in which the offer is made, and an acceptance communicated in an authorized manner is effective when dispatched.

Promissory estoppel

A counteroffer acts as a revocation of an offer.

A fully executed contract discharges the parties' obligations under the contract.

Which of the following contracts would be unenforceable because of the Statute of Frauds?

Usury statutes set the amount of time after a breach of contract within which an action must be commenced.

The Statute of Frauds requires certain contracts to be in writing to be enforceable.

Past consideration will not support a contract because it was not bargained for or given in exchange for a promise.

An offer is terminated by the death of the offeror.

The parol evidence rule allows testimony to vary the terms of a written contract if they are ambiguous terms or subsequent terms.

Article 2 of the Uniform Commercial Code applies to contracts for the sale of services or real property.