Match Each Statement with the Correct Term Below

Multiple Choice

Match each statement with the correct term below.
-voidable contract

A) A contract by which an offeror is bound to keep an offer open for a specified period of time.
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.
D) A contract in which only one party makes a promise.
E) A failure to properly perform contractual promises.
F) A contract that has not been fully performed.
G) A provision excusing one party from fault or liability.
H) Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I) A contract in which both parties exchange promises.
J) An event that must or must not occur before performance is due under a contract.
K) Transfer of a contractual obligation to a third party.
L) A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M) A promise that imposes no obligation on the promisor.
N) A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O) The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P) A substituted contract involving a new third-party promisor or promisee.
Q) An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R) Voluntary transfer of contractual rights to a third party.
S) Affirmation of the entire contract.
T) Specifies contracts that must be in writing to be enforceable.
U) A party owing a duty under a contract.
V) A formal court order prohibiting a party from doing a specific act.
W) Approval based on whether a reasonable person would be satisfied.
X) An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y) An agreement of a buyer to purchase the entire production of a particular seller.
Z) Knowledge of falsity and intention to deceive.