Question 1

Contract disputes rarely arise on a promise of future performance.

Accepted Answer

Contract disputes can arise on a promise of future performance if one party fails to meet their obligations or if the promise is not sufficiently clear and specific.

Question 2

"Consideration" refers to the genuine assent of all of the parties to a contract.

Accepted Answer

Consideration refers to something of value exchanged between the parties, not just the assent or agreement of all parties.

Question 3

Contract law shows what excuses our society accepts for breaking certain types of promises.

Accepted Answer

Contract law is the body of law that governs agreements between two or more parties, outlining the obligations and responsibilities of each party in fulfilling their promise. It provides a framework for determining what constitutes a breach of contract and the possible legal remedies available to the injured party. In doing so, it establishes what excuses are acceptable for breaking certain types of promises within our society.

Question 4

Some promises are not legally binding contracts.

Accepted Answer

Not all promises are legally binding contracts. In order for a promise to be a legally binding contract, it must meet certain requirements, such as consideration and mutual agreement. Some promises may not meet these requirements and therefore would not be considered legally binding contracts.

Question 5

Offers may not be revoked before they are accepted.

Accepted Answer

The answer of Offers may not be revoked before they...

Question 6

An implied contract is implied from the conduct of the parties.

Accepted Answer

An implied contract is created by the actions, words, or conduct of the parties involved. It is not expressed in written or spoken words, but rather inferred or implied from the circumstances of the situation.

Question 7

An offeror is a person who makes an offer.

Accepted Answer

An offeror is indeed a person who makes an offer, according to legal terminology.

Question 8

Resolving whether a promise should be enforced is the essence of contract law.

Accepted Answer

Enforcing promises is the main objective of contract law.

Question 9

One of the requirements of a valid contract is its acceptance.

Accepted Answer

Acceptance is a necessary element for a contract to be considered valid. It is the expression of agreement to the terms and conditions proposed by the other party involved in the contract. Without acceptance, there can be no mutual agreement or meeting of minds, and therefore no valid contract.

Question 10

A contract is a promise to act.

Accepted Answer

The answer of A contract is a promise to act....

Question 11

A promise is an assertion that something will or will not happen in the future.

Accepted Answer

A promise is a commitment or assurance given by one person to another that they will do or not do something in the future. It's a type of assertion about future actions.

Question 12

An express contract must be in writing.

Accepted Answer

An express contract can be verbal or written. However, it is recommended to have a written contract for clarity and reference in case of any disputes.

Question 13

An offer to form a bilateral contract is accepted only by completing the contract performance.

Accepted Answer

The answer of An offer to form a bilateral contract...

Question 14

A unilateral contract is formed when the one receiving the offer completes the requested act or performance.

Accepted Answer

A unilateral contract is formed when one party makes an offer that can only be accepted by the other party completing a requested act or performance, resulting in a binding contract. Therefore, the statement is true.

Question 15

A check,like other negotiable instruments,is a formal contract.

Accepted Answer

A check is a formal contract between the drawer (person writing the check) and the payee (person receiving the payment). It contains terms and conditions that can be legally enforceable.

Question 16

One of the requirements of a valid contract is a fair price.

Accepted Answer

A fair price is not a requirement of a valid contract. The price can be whatever the parties agree to, as long as there is mutual assent, consideration, capacity, and legality of purpose.

Question 17

There are no exceptions to the rule that contracts voluntarily entered into will be enforced.

Accepted Answer

The answer of There are no exceptions to the rule...

Question 18

Informal contracts are usually based on substance rather than form.

Accepted Answer

Informal contracts may not follow a formal structure, but are still legally binding based on the substance of the agreement between the parties involved.

Question 19

The intention to enter into a contract is judged by objective facts as interpreted by a reasonable person.

Accepted Answer

This is a basic principle of contract law known as the objective theory of contracts. It means that a person's subjective intent or understanding is not relevant in determining whether a contract has been formed. Instead, the courts look at the objective facts of the situation and ask whether a reasonable person would interpret them as indicating an intention to enter into a contractual agreement.

Question 20

An offer to form a unilateral contract is accepted by a promise to perform.

Accepted Answer

The answer of An offer to form a unilateral contract...

Quiz 7: Nature and Classification