stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Formation of Contracts Flashcards | StudBud
Explore
/
Formation of Contracts
Formation of Contracts
15 terms
·
StudBud Administration
·
63 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
Bob says he will give anyone who brings him a pine cone $1. This is
A Unilateral Contract
A "If Found" Contract
A Single-use Contract
A Bilateral Contract
2
Bob and Amy have a contract that has not been completed. This is
A Non-binding Contract
An Executory Contract
An Executed Contract
Not a Contract Yet
3
Bob sends an offer to Amy on Mon, and sends a revocation of Tues. Amy sends an acceptance Thurs, received revocation Fri
Contract is valid if Amy is a minor
Contract is invalid
Contract is Valid
Contract is dependent on the business week
4
Bob sends an offer to Yordy. This offer is valid
When sent
When filed
When received
When accounted for
5
Bob offers Yordy his bike for 100 bucks, but he has until Friday. If he tries to buy it Saturday, is there a valid K?
Yes; Bob didn't revoke
Yes; Amy counter-offered
No; Lack of Consideration
No; Lapse of Time
6
The requirement that the terms of acceptance are identical is:
Equal Obligations
Matching Rule
UCC Commercial Code, Section 2
The Mirror Image Rule
7
An Express Contract is:
Based on Written Word
Time Restricted Contract
Based on Spoken Word
A Contract fulfilled within 24 hours
8
Yordy sends an acceptance of Bob's offer to Bob. This acceptance is valid when:
When accounted for
When Sent
When received
When Filed
9
Bob and Yordy have an agreement for Bob to ship Yordy a Mongoose every other month in return for a goat. This is a
Unilateral Contract
Bilateral Contract
Subject Clause Contract
Object to Object Contract
10
Which is NOT an element of a contract?
Legal Object
Remedy
Consideration
Agreement
11
Bob is in a contract that is voidable. This means
The contract is enforceable only if capacity was not known
The person with diminshed capacity can back out
The contract is not enforcable
The contract is enforceable always.
12
What standard is intent determined by?
Preponderance of Evidence
Reasonable Person Standard
More Likely Than Not.
Beyond the Shadow of a Doubt
13
What is not needed for a valid offer?
Intent to be Bound
Definite and Certain Terms
Communication of Offer
A Witness
14
What letter is used as shorthand for Contract?
R
C
T
K
15
Bob promises Yordy that he will mow his lawn tomorrow. This is not enforceable in court because:
It lacks consideration
It contains no money
It is not a business matter
It is not in writing
