Exam 6: Overview and Language of Contracts

If the offer specifies no time limit to which to accept

The mailbox rule is a principle stating that the offeree's response operates as an acceptance only if it is the precise mirror image of the offer.

Ally,a minor,purchases a car from a used-car dealer.The law allows minors the right to cancel a contract until the time the minor turns 18.The contract between Ally and the dealer is

A contract that lacks one or more of the basic required elements of a contract or that has not been formed in conformance with the law from the outset of the agreement is considered

A valid contract is one that has all the necessary elements and,thus,can be enforced.

A professor tells a student that if she writes a 5,000-word paper on the evils of plagiarism by May 13,he will pay her $750.Which of the following is true?

A promise is illusory and will not be enforced by courts when the offeror is not truly bound by his or her vague promise.

Mary is 16 years old and promises her mother that she will not smoke cigarettes until she is 18,the age under state law for legally purchasing and possessing tobacco.In exchange,her mother gives her $1,000.There is sufficient consideration for a valid contract.

Most contracts require a specific format or ceremony.

Brandi orally tells Mike,her landscaper,"If you trim my hedges,I'll pay you $50." Mike trims her hedges.Which of the following is correct?

Which of the following is formed to remedy unjust enrichment?

Any meeting of the minds resulting in mutual assent to do or refrain from doing something is called a contract.

ABC Land Co.is negotiating the sale of an office building to Mega Co.Which laws will govern the contract for the sale of the building?

The terms agreement and contract have the same meaning.

Unjust enrichment is a theory used to impose an obligation in the absence of an actual agreement.

Will and Kendrick live in a state that requires that contracts involving transactions over $500 be in writing.If they enter a verbal agreement to buy a car for $1,500,this contract is

The Uniform Commercial Code (UCC)is law that governs contracts for the sale of goods.

What are the categories of contracts in the following scenario? Dr.Pearson,an avid skier,decides to purchase a new pair of skis.He goes to a local ski shop and is assisted by the shop's owner as he looks at several pairs.He really likes a pair that costs $1,085,the most expensive set in the store,and says he will buy them if the owner will include bindings.The owner agrees and prints an order form with instructions to the shop staff for fitting the skis with bindings.Dr.Pearson pays for the skis and collects his receipt.The shop staff prepares the skis,and Dr.Pearson returns the following week to pick them up,ready to hit the slopes.

In general,contracts for services are governed by

_______ is the element of a contract that requires a bargained-for exchange of goods and/or services that are recognized as valuable.