Question 1

Identify and briefly describe six ways that an offer can be terminated.

Accepted Answer

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Question 2

Provide a legal analysis of a typical retail transaction,discussing offer,acceptance,consideration,and intention.

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Question 3

While contract law normally requires that the parties provide consideration in order to render an agreement enforceable,the law is less concerned about the adequacy of the consideration provided by each party.What is the rationale for each of these seemingly conflicting principles?

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Question 4

Explain the difference between offer and invitation to treat.Give an example of each.

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Question 5

How do the courts get around the basic rule that a gratuitous promise is not enforceable if they feel that not enforcing such a promise would be unfair? Identify and briefly describe the requirements for this "get around."

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Question 6

Identify and briefly describe what element is recognized as forming the basis of a contract in common law.Include a brief explanation of what is meant by the legal requirement of certainty of offer and identify and briefly described the circumstances under which a court would endeavour to resolve ambiguities in an alleged offer.

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Question 7

An offer without a stated deadline will automatically expire after a "reasonable period of time."

Accepted Answer

In contract law, an offer without a specified expiration date is considered to lapse after a reasonable period, which depends on the nature of the transaction and circumstances.

Question 8

An offer is automatically terminated when it is rejected by an offeror.

Accepted Answer

An offer is terminated when it is rejected by the offeree, not the offeror. The offeror is the one who makes the offer, while the offeree is the one to whom the offer is made.

Question 9

Where an agreement reached through offer and acceptance contains the phrase "this agreement is subject to formal contract," the agreement itself is unenforceable unless and until the formal contract comes into existence.

Accepted Answer

The phrase "this agreement is subject to formal contract" indicates that the parties do not intend to be bound until the formal contract is executed. Therefore, the initial agreement is unenforceable until the formal contract comes into existence.

Question 10

Revocation may be communicated through a reliable third-party source.

Accepted Answer

Revocation can indeed be communicated through a reliable third-party source, such as a notary public or a legal professional. This can help to ensure that the revocation is properly documented and witnessed for legal purposes.

Question 11

Briefly describe the options available to a party to a contract who wishes to avoid problems related to cost increases.

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Question 12

Identify and briefly define the events that will cause an offer to be taken off the table.

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Question 13

Identify the source of a competing analysis of the traditional common law view of unenforceability of a gratuitous promise.Provide a brief explanation of the competing analysis and explain the goal it was meant to achieve.

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Question 14

How does the common law treat partial payment of a debt in lieu of full payment,and what might a debtor do in response to the common law?

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Quiz 6: Forming Contractual Relationships