Exam 5: Contracts and Sales

If a contract meets the requirements, except one or both of the parties was not of legal age, or there was fraud in the inducement as the basis for a party to enter the contract then the contract is a(n) _____ contract.

Which of the following best represents a rebuttable presumption that arises when it is shown that the person accused of exerting undue influence had a dominant relationship with the other party to the contract?

If there is no consideration between the parties, there is no valid and binding contract.

A valid contract requires the exchange of consideration or something of agreed value between the parties entering into the contract.

What is a void contract?

Which of the following requirements of a valid contract ensures that those who enter into agreements understand the nature and effect of their agreements?

A contract that is required to be in writing and is not or part of an agreement reached orally before or at the time of contracting is not included in the final written agreement then the contract will be _____.

Contracts implied in fact are known as quasi contracts.

When the offeree initially rejects an offer, and then later accepts it, acceptance is not effective when sent.

The consideration requirement of a valid contract ensures that those who enter into agreements understand the nature and effect of their agreements.

A(n) _____ contract only buys the offeree time to accept or reject the offer and does not mean the offeree must accept.

_____ are also known as quasi contracts.

The _____ is one of the two sets of laws that governs contracts.

With reference to assignment, the one to whom rights are assigned is a(n) _____.

If an offer is made but before it can be accepted the subject matter of the offer becomes illegal, the offer:

If the contract does not have legal subject matter or there was fraud in the execution in entering into the agreement, then the contract does not actually exist at all. This is called a(n) _____ contract.

Suretyship is the legal relationship formed when someone agrees to pay another's debt if the debtor does not pay.

List the various factors that result in the termination of the offer.

An express contract is created when the parties enter into the agreement by their actions rather than because they have actually discussed the matter.

The Uniform Commercial Code addresses contracts involving land, services or intangibles.