Exam 6: The Elements of a Contractconsensus and Consideration

Joe offered to sell Harry his car and agreed to hold the offer open for one week,expiring Saturday at noon.The following Sunday,Harry phoned Joe to tell him that he decided to accept his offer and purchase his car.Joe said at that time that he had decided to keep the car and was just about to phone Harry to revoke the offer.Harry said,"Too bad," and demanded performance of the contract.Explain the legal responsibilities of the parties.

A contract is a single promise,made by one person to another,enforceable in court.

What is quantum meruit?

To what does a "standard form contract" refer?

Joe offered to sell Harry his car for $500.Harry responded by saying,"I accept,providing you install a new radio in that car." Explain the legal relationship between the two parties.

Quantum meruit means

When a person has agreed to paint a house and,before the job is finished and payment is due,the other party refuses to allow completion,the court will use the quantum meruit principle to require the breaching party to pay a reasonable price for the benefit he has received.

An ad in the newspaper providing for a reward of a lost dog is an example of an invitation to treat.

An offer will end when the subject matter of the offer is sold to someone else.

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

"One of the basic precepts in contract law is that any bargain struck must be fair to be enforceable." Explain the accuracy of that statement.

What is a subject to clause?

Distinguish between a void and a voidable contract.

An employer's promise to pay a bonus in recognition of good work already performed by the employee would be binding.

Roberts has the chance to buy three adjacent city lots zoned "duplex." The most profitable return would be the building of four townhouses across the three lots,but that would necessitate getting permission from the city,and that procedure takes time.If Roberts buys a 60-day option from the seller of the properties for $400,which of the following is true?

If you owe Mr.Storr $900 for goods received and Mr.Storr agrees to take $800 in full satisfaction of the debt,which of the following is true?

Which of the following is false with regard to contract law?

Which of the following is correct with respect to consideration?

Discuss the requirement of consensus in the formation of contract.In your answer,consider the role of offer and acceptance,and also look at the degree of understanding required between the parties.

A contract is binding if the consideration involved is a _______________.