Question 1

List and briefly describe the basic elements of a contract.

Accepted Answer

Agreement --a valid offer made by one pa...

Question 2

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

Accepted Answer

A) True 
 B)False

Question 3

When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.

Accepted Answer

A) True 
 B)False

Question 4

Zena enters into a contract with Steeley Company to purchase a washer and dryer.She doesn't understand the financing terms,but signs the agreement anyway because she needs the appliances.The financing terms are very unfavorable to Zena,and she is unable to make all of her payments when they are due.Steeley sues.The court would:

Accepted Answer

A)  be exercising judicial restraint if it requires Zena to pay as she promised, even if the agreement was unfair and unwise.
B)  have to rewrite the contract to be fair to both parties.
C)  have to declare the contract void since it contained terms unfavorable to the weaker party to the transaction.
D)  use the theory of promissory estoppel to remedy any unfavorable terms in the contract.E) None of the above
F) B) and C)

Question 5

A valid contract can legally be voided by either party.

Accepted Answer

A) True 
 B)False

Question 6

When John comes home from work one evening,he finds that the leaves in his frontyard have been raked and put in bags.Later,a man comes to collect for the yard work done.John refuses to pay for the work since he has never seen the man before and did not hire him to do his yard work.Which of the following answers is most accurate?

Accepted Answer

A)  This is an implied, unilateral contract and he must pay the price requested by the man.
B)  John has to pay as this is an implied, bilateral executed contract.
C)  The court would order John to pay the reasonable value of the yard work because of the benefit conferred on him.
D)  John would not have to pay for the yard work as he did not have the opportunity to reject the offer.E) A) and D)
F) B) and C)

Exam 9: Introduction to Contracts

When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.

Correct Answer
verified

List and briefly describe the basic elements of a contract.

Correct Answer
verified
Agreement --a valid offer made by one pa...
View Answer

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

Correct Answer
verified

A valid contract can legally be voided by either party.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Exam 9: Introduction to Contracts

When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.

Correct AnswerverifiedShow Answer

List and briefly describe the basic elements of a contract.

Correct AnswerverifiedAgreement --a valid offer made by one pa...View AnswerShow Answer

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

Correct AnswerverifiedShow Answer

A valid contract can legally be voided by either party.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Agreement --a valid offer made by one pa...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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