Question 1

Quasi-contracts are actual contracts.

Accepted Answer

Quasi-contracts are sometimes called implied-in-law contracts, but they are not actually contracts.

Question 2

The person who agrees to the terms of an offer by another party is called the ___________.

Accepted Answer

The party who agrees to the terms of an offer is called the offeree.

Question 3

There are a limited number of circumstances under which silence can be an acceptance.

Accepted Answer

The Restatement of Contracts, however, offers three circumstances under which silence can be an acceptance.

Question 4

Any contact that is not a formal contract is an informal contract, also called a simple contract.

Accepted Answer

Any contract that is not a formal contract is an informal contract, also called a simple contract.

Question 5

If an acceptance is received after a rejection is received, the acceptance is still valid.

Accepted Answer

If an acceptance is received after a rejection is received, the acceptance is not valid because the rejection terminated the offer.

Question 6

The Restatement (Second) of the Law, Contracts is not actually the law itself.

Accepted Answer

The Restatement (Second) is not actually the law itself, although judges frequently cite it in cases because it is an authoritative statement of what the law is.

Question 7

Courts interpret contracts using an objective standard.

Accepted Answer

Contracts are interpreted using an objective standard, meaning that the courts are concerned with only the party's outward manifestations of his or her intent, not what is going on in that party's mind.

Question 8

Only the offeree to whom an offer is directed can accept the offer.

Accepted Answer

Only the offeree to whom the offer was directed can accept the offer.

Question 9

Whether a contract is bilateral or unilateral depends upon what response the offeree expects from the offeror.

Accepted Answer

Whether a contract is bilateral or unilateral depends on what response the offeror (the party proposing the contract) expects from the offeree (the person agreeing to or accepting the contract).

Question 10

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

Accepted Answer

The agreement consists of an offer by one party, called the offeror, to enter into a contract, and an acceptance of the terms of the offer by the other party, called the offeree.

Question 11

An offer by a retailer to purchase seasonal goods from a wholesaler would not lapse before an offer to purchase goods that could easily be sold all year long.

Accepted Answer

What constitutes a reasonable amount of time varies, depending on the subject matter of the offer. For example, an offer by a retailer to purchase seasonal goods from a wholesaler would lapse before an offer to purchase goods that could be easily sold all year long.

Question 12

An offeror has no right to terminate an offer.

Accepted Answer

The offeror is said to be the "master of his offer" and, as such, can revoke it at any time, even if he says he will hold the offer open for a stated period of time.

Question 13

If a quasi-contract is imposed, the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Accepted Answer

Imposing a quasi-contract means a party will be required to pay fair market value.

Question 14

If a contract is valid, then by definition it is enforceable.

Accepted Answer

Sometimes a contract may be valid yet unenforceable.

Question 15

The person who makes an offer is called the _____________.

Accepted Answer

The party who make an offer is called the offeror.

Question 16

In order to recover under quasi-contract, there is no requirement that enrichment be unjust.

Accepted Answer

For a quasi-contract to be imposed, the enrichment must be unjust.

Question 17

Silence can be an acceptance when the offeree receives the benefits of the offered services with reasonable opportunity to reject them and knowledge that some form of compensation is expected, yet remains silent.

Accepted Answer

Silence can be an acceptance when the offeree receives the benefits of the offered services with reasonable opportunity to reject them and knowledge that some form of compensation is expected, yet the offeree remains silent.

Question 18

The mirror-image rule is applicable when a unilateral contract is involved.

Accepted Answer

When a bilateral contract is being formed under the common law, the mirror-image rule applies to the acceptance.

Question 19

A[n] ___________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Accepted Answer

A contract, according to the Restatement (Second) of Contracts, is "a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."

Question 20

Which of the following is a definition for consideration?

Accepted Answer

Consideration is defined as the bargained-for exchange.

Quiz 8: Real, Personal, and Intellectual Property