Exam 10: Nature and Classification

The only requirement of a valid contract is that it be voluntarily entered into.

An offeree is a person who makes an offer.

If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act.

When a rainstorm erupts outside Rita's Souvenir & Gift Shop, Rita and Shaw enter into an implied contract to split the revenue from Shaw's sale of umbrellas to Rita's customers. The terms of this contract are defined by

When a contract's writing is not clear, a court will not consider evidence outside the contract to interpret its terms.

The person who makes a promise is the promisee.

Jana tells Levi she will give him an Xbox if Levi does Jana's chores for a month. Levi promises to do the chores. Jana and Levi have formed

Ed, a businessperson, is a friend of Fran, the owner of a Percolated Coffee & Baked Goods store. Every day, Ed spends five minutes in Fran's store, looking at the goods and usually buying one or two cinnamon buns or bagels. One afternoon, Ed goes into the store, looks at the items, and picks up a $1 chocolate brownie. Ed waves the brownie at Fran without saying a word and walks out. Is there a con-tract? If so, how would it be classified in terms of formation, perform-ance, and enforceability?

A check is a formal contract.

Tania promises to buy Saki's handheld game-player for $40. Saki is

A contract is an agreement that can be enforced in court.

Rough Water Fishing Trips, LLC, and Schafer enter into a contract for the delivery of a used freshwater fishing boat. Until the goods are delivered and paid for, these parties have

Sales Marketing Corporation and Tech Support, Inc., negotiate a contract. If the contract has all of the elements necessary for one of the parties to enforce it in court, it is

In an express contract, the terms are fully and explicitly stated in words.

If a voidable contract is ratified, the parties must fully perform their respective legal obligations.

Informal contracts include all contracts other than formal contracts.

A promise is a declaration that something will or will not happen in the future.

An implied contract is not an actual contract.

Bobbie claims that Carly breached their contract. Carly responds that she never intended to enter into a contract with Bobbie. The intent to enter into a contract is determined with reference to

On Monday, Neil tells Outdoor Landscaping, Inc., that he will pay Outdoor $500 if a variety of tasks are completed by Friday. On Wednesday, when Outdoor is more than half done with the work, Neil says that he has changed his mind. These parties had