Question 1

Courts will not enforce contracts if the consideration is not "reasonably consistent" with what is received in exchange.

Accepted Answer

Courts typically enforce contracts as long as there is some form of consideration exchanged between the parties, regardless of whether the value is "reasonably consistent." The key factor is that something of value must be exchanged, not the equivalence of the values exchanged.

Question 2

In Parker v.Glosson,involving an offer to buy a truck stop business,the appeals court held that there was no meeting of the minds and so no contract.

Accepted Answer

The statement accurately reflects the holding of the appeals court in Parker v. Glosson.

Question 3

Usually,the acceptance of an offer is legally effective when the acceptance is sent.

Accepted Answer

This is known as the "mailbox rule," which states that an acceptance is effective upon dispatch (when it is sent), as long as it is properly addressed and transmitted using an authorized method of communication.

Question 4

Acceptance of an offer must be conditional,unequivocal,and legally communicated to be effective.

Accepted Answer

Acceptance of an offer must be unconditional, unequivocal, and legally communicated to be effective. Conditional acceptance is considered a counter-offer, not an acceptance.

Question 5

Consideration is something of value in exchange for a promise.

Accepted Answer

Consideration is a legal term that refers to something of value exchanged between parties in a contract, such as money, goods, services, or promises. In order for a contract to be enforceable, there must be consideration given by both parties. Therefore, consideration is something of value in exchange for a promise.

Question 6

In Parker v.Glosson,involving an offer to buy a truck stop business,the appeals court held that the offer was terminated when changes were made in the terms of the acceptance.

Accepted Answer

The answer of In Parker v.Glosson,involving an offer to buy...

Question 7

In Caley v.Gulfstream Aerospace the court held that when employees were told a new dispute resolution policy would be imposed on them if they kept working that there was no consideration,so no contract.

Accepted Answer

In Caley v. Gulfstream Aerospace, the court held that the continued employment of the employees was sufficient consideration for the new dispute resolution policy, thus forming a binding contract. The employees' choice to continue working under the new terms was seen as acceptance of those terms.

Question 8

A promise not to do something may not be consideration for a valid contract.

Accepted Answer

A promise not to do something can be considered valid consideration for a contract, as long as it involves the sacrifice of a legal right by the promisor, thereby providing value to the promisee.

Question 9

A legal detriment may be good consideration for a contract.

Accepted Answer

A legal detriment can be something that a party has a legal obligation to do, such as paying money or performing services, or refraining from doing something that they have a legal right to do. This can be a valid form of consideration for a contract.

Question 10

Usually,acceptance of an offer is legally effective when the acceptance is received.

Accepted Answer

Acceptance of an offer is generally considered legally effective when the acceptance is communicated to the offeror, not necessarily when it is received. This is known as the communication rule in contract law.

Question 11

In Caley v.Gulfstream Aerospace the court held that when employees were told a new dispute resolution policy would be imposed on them if they kept working that getting to keep working was adequate consideration,so there was a contract.

Accepted Answer

The statement accurately reflects the holding of the court in Caley v. Gulfstream Aerospace.

Question 12

In Parker v.Glosson,involving an offer to buy a truck stop business,the appeals court held that the offer was never accepted because the contract was not executed.

Accepted Answer

The statement is true. The Parker v. Glosson case involved an offer to buy a truck stop business, and the appeals court held that the offer was never accepted because the contract was not executed.

Question 13

In Caley v.Gulfstream Aerospace the court held that when employees were told a new dispute resolution policy would be imposed on them if they kept working that there was no acceptance of an offer,so no contract.

Accepted Answer

In Caley v. Gulfstream Aerospace, the court held that when employees continued to work after being notified of the new dispute resolution policy, their actions constituted acceptance of the offer, thus forming a binding contract. This is based on the principle that continued employment after notification of new terms can signify acceptance of those terms.

Question 14

Consideration involves the right of individuals to be considered to be able to enter into contracts legally.

Accepted Answer

Consideration in contract law refers to something of value exchanged between parties as part of an agreement, not the right of individuals to enter into contracts.

Question 15

The party who makes an offer can require the acceptance to be communicated in a very specific way or the acceptance is not good.

Accepted Answer

This is known as the "mailbox rule" where the offeror can specify how the acceptance must be communicated, and if not followed, the acceptance is not valid.

Question 16

"Unless you say no,then you must buy my car for $5,000," says A.B says nothing.B must buy the car.

Accepted Answer

Silence cannot be considered as a consent or agreement. Therefore, B is not bound to buy the car.

Question 17

The acceptance of an offer to form a contract may be communicated in any "reasonable" way and be effective,in most instances.

Accepted Answer

This is because the law recognizes that communication can occur through various means and does not limit acceptance to one specific method. However, certain contracts may have specific requirements for acceptance, so it's always important to read the terms carefully.

Question 18

The general rule in contract law is that an acceptance of an offer must be its "mirror image."

Accepted Answer

The general rule in contract law is that an acceptance of an offer must be a mirror image of the original offer, meaning it must match the exact terms and conditions of the offer for the acceptance to be valid.

Question 19

If an acceptance is mailed before a revocation of an offer is received,the acceptance is effective.

Accepted Answer

According to the mailbox rule, an acceptance is effective once it is mailed or sent, even if the offeror revokes the offer before receiving the acceptance. Therefore, if an acceptance is mailed before a revocation is received, the acceptance is still effective.

Question 20

In Parker v.Glosson,involving an offer to buy a truck stop business,the appeals court held that either the husband or the wife who owned the business could form a binding contract to sell the business.

Accepted Answer

The appeals court in Parker v. Glosson held that both the husband and wife, as co-owners, needed to agree to form a binding contract to sell the business.

Quiz 10: Contracts