Exam 6: The Elements of a Contractconsensus and Consideration

If an agreement is one-sided,and only one of the parties is getting something from the deal,it is called a gratuitous promise,or a gift,and the courts will not enforce it.

Discuss the "freedom of contract," explaining what the implications and limitations are in the context of contract law.

The ad in the Real Estate Weekly read: "Best offer in Toronto! 3-bedroom home in the Annex for only $300 000!" This is an example of which of the following?

Consideration is restricted to the exchange of money.

Indicate how consumers are protected in standard form contract situations.

The promise of "love and affection" can constitute adequate consideration to support a contract.

Sylvia had contracted with Produce to sell her entire crop of elephant garlic (100 kilograms)and her entire crop of tomatoes (100 kilograms).On the day for delivery,Produce took the garlic but not the tomatoes.In her effort to mitigate her loss,Sylvia called the owner of Val's Veggies and offered her the tomatoes at a reduced price with the words,"Let me know quickly; they are ripe and must be moved out today." That afternoon,Val sent Sylvia a letter accepting the offer.On these facts,which is the most likely outcome?

Explain the nature of the postbox rule.

Discuss the implications of a creditor agreeing to take less in full satisfaction of a debt.

In contract cases,the court generally

When is an offer incapable of being revoked?

Which of the following is an example of a unilateral contract?

An acceptance of an offer applies when and where it is received except when it is communicated by telephone.

Which of the following is an ingredient necessary to form a contract?

An ad in the morning newspaper read "Absolutely the best offer anywhere in Calgary.We'll give you an IBM-compatible PC with a Roland PR-1011 printer for only $4000!!! Pick it up today." This is an example of which of the following?

The owner of a new building wanted four maple trees,6 metres tall,planted on the north side of the building.Lloyd Landscaper submitted his offer of four 6-metre maples planted for $800.The owner said he would pay $600 for that.Lloyd said for $600 he would supply four smaller 5-metre trees.The owner said,"$600 for 5-metre trees plus a Christmas tree for my kids." Lloyd was disgusted and said,"Forget it.I don't need this job." As he was leaving the owner said,"All right,I'll accept your offer of $600 for the 5-metre maples planted." Lloyd kept on walking.Which of the following is true?

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

XYZ company,a distributor of auto parts,is in debt to the bank for $35 000 due on February 25,2012.The company is having difficult times and wants to negotiate with the bank to pay only $33 000 as payment in full.With these facts in mind,which of the following statements of the law is false?

Why is the case of Dickinson v.Dodds important?

Joe offered to sell Harry his car for a specific price,and Harry indicated that he needed some time to think about it.Two days later,Joe sold the car to a third party.That afternoon Harry phoned up and told Joe that he decided to accept the offer and that he'd buy the car.Joe told him that it was too late; he had sold it to someone else.Harry said that it was offered to him first,and he insisted that he go through with the contract.Explain the legal liability of the parties.