Exam 6: The Elements of a Contract: Consensus and Consideration

Generally,acceptance must be communicated to the offeror to be effective unless there has been a history of similar relations between the parties.

Explain the nature of the postbox rule.

If an offeror makes an offer that states,"This offer to be open until noon tomorrow," which of the following does not,in law,end the offer?

Deceitful practices and fraud are ongoing concerns for those transacting business on the Internet.Pat has recently been the victim of such a scam.He gets into a heated discussion with his friend over the application of current consumer protection laws to online transactions.Which of the following statements is correct?

Discuss the requirements for a valid offer,explaining both how an offer is to be communicated and how such an offer can be brought to an end.

Which of the following is correct with respect to the operation of the postbox rule?

The owner of a large restaurant wanted four large pots of flowers in front of the restaurant.Laura,a landscaper,submitted her offer: four large pots with flowers for $800.The owner said he would pay $600 for that.Laura said,"For $600,I'll provide four smaller pots with flowers." The owner said,"$600 for the smaller pots with flowers plus an arrangement for the front desk." Laura said,"Forget it," and started to leave.The owner said,"All right,I'll accept your offer of $600 for the four smaller pots with flowers." Laura didn't answer and got into her truck and drove off.On these facts,which of following is true?

Quantum meruit is a benefit or a detriment flowing between the parties to an agreement as the result of the striking of a bargain.

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

Which of the following is correct with respect to consideration?

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?

What is a "gratuitous promise"?

Electronic commerce (ecommerce)legislation specifies

Why is the case of Dickinson v.Dodds important?

What is an interim agreement?

Ann was offered a job that would pay $50,000,that would provide for 18 days of vacation after one year of employment,and that would begin one week after her graduation.She wrote back that she would accept the job,but that she would not begin until three weeks after graduation and needed at least 21 days of vacation after the first year of work.On these facts,which of the following is true?

Clicking the "I Accept" button is the equivalent of removing the shrink wrap from a product; it indicates acceptance of the terms of the electronic purchase.

Indicate the correct statement about consideration.

Franz bought a round-trip ticket to Germany to visit relatives.Unfortunately,a week before flight time,he broke his leg.He offered his co-worker,Joe,the ticket for 80% of the full price,offer to remain open until 10:00 p.m.on December 15.Indicate to Joe which of the following is true with regard to the law of offer and acceptance.

Explain the principle of promissory estoppel and how it relates to the requirement of consideration in contract law.In your answer,explain any limitations on its availability.