Exam 8: Contract Formation

Ana offers Corey her vacuum cleaner for $300.Corey rejects the offer,so Ana promises to sell the vacuum cleaner to Abey.However,a day later,Corey decides to buy the vacuum cleaner and informs Ana of his acceptance.Ana must sell the vacuum cleaner to Corey.

According to the mirror image rule,______.

When there is a mutual mistake as to a material fact relating to a contract,rescission is inappropriate.

In contracts that are not between merchants selling goods,a promise to keep an offer open for a certain time period must be supported by the offeree's consideration.Such agreement to not revoke an offer is called a(n)______.

A written promise is necessary for the rules of contract law to be applicable to a contract.

An executed contract is one in which the parties are yet to perform their promises.

Adhesion contracts are those that are drafted by one party and presented to the other without a substantial opportunity for revision.

Which of the following statements is true about minors as parties to a contract?

Brandie is facing financial difficulties.Warren wants to help Brandie,and tells her that he will loan her $1,000.Later,Warren refuses to loan the promised money to Brandie.In the context of this scenario,which of the following statements is true?

Mark enters into an oral contract to sell Clara his music collection for $10,000.Later,Mark sues Clara for not making the payment of $10,000.Clara refuses to pay the amount and instead claims to the court that the music collection was hers all along and that Mark is lying.In this case,what can aid Mark in getting his payment of $10,000?

List the five elements required to form a valid contract.

Explain the doctrine of promissory estoppel.

Discuss how undue influence creates voidable contracts.

Contracts are

What are the remedies available to parties in the event of a mistake?

Under the Uniform Commercial Code (UCC),contracts for the sale of real estate can leave open nonquantity terms to be decided at a future time.

Which of the following types of contracts are beyond the scope of application of the statute of frauds?

Contract law enables private agreements to be legally enforceable.

Isla mails Taylor offering to sell her house at a "reasonable price." Taylor mails his acceptance.Isla and Taylor are bound by a valid contract.

An option offer is open for a certain time period and is supported by the offeree's consideration.