Question 1

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

Accepted Answer

Consideration refers to something of value that is exchanged between parties in a contract. Genuine assent refers to the true and voluntary agreement of all parties to the terms of the contract. While consideration is an important element of a contract, it is not the same as genuine assent.

Question 2

An offeror is a person who makes an offer.

Accepted Answer

An offeror is someone who initiates or makes an offer to another party or individual. Therefore, the statement is true.

Question 3

A contract is a promise to act.

Accepted Answer

False

Question 4

Offers may not be revoked before they are accepted.

Accepted Answer

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

Question 5

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 6

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 formation, known as the objective theory of contracts. It means that the intent to form a contract is not determined by the subjective beliefs or intentions of the parties, but by the words and actions they actually use to convey their intentions, as they would be understood by a reasonable person in their position.

Question 7

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

Accepted Answer

Contract law sets out rules and principles which determine when a promise or agreement can be enforced, and when it cannot. It also outlines the legal remedies available when a contract is breached. Thus, contract law reflects the values and priorities of our society by indicating what types of excuses or justifications are allowed for breaking certain types of promises.

Question 8

An implied-in-fact contract is implied from the conduct of the parties.

Accepted Answer

An implied-in-fact contract is formed through the conduct of the parties, as opposed to being explicitly stated in a written or verbal agreement. The actions, behavior, and circumstances of the parties involved in the transaction demonstrate mutual intent to enter into a contractual relationship.

Question 9

Some promises are not legally binding contracts.

Accepted Answer

Not all promises meet the legal requirements to be considered a contract.

Question 10

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

Accepted Answer

Enforcing promises is the primary purpose of contract law, as it ensures that parties uphold their obligations and promotes certainty and predictability in business transactions.

Question 11

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

Accepted Answer

A fair price is not necessarily a requirement for a valid contract, although it may be a consideration in certain types of contracts, such as contracts for the sale of goods or services. The essential requirements for a valid contract are agreement (offer and acceptance), consideration (something of value exchanged between the parties), capacity (legal ability to enter into a contract), and a lawful purpose.

Question 12

An express contract must be in writing.

Accepted Answer

An express contract can be made orally or in writing.

Question 13

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

Accepted Answer

This is correct as a unilateral contract is a type of contract where only one party makes a promise or offer and the other party accepts by performing a requested act, making it binding.

Question 14

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 15

Informal contracts are usually based on substance rather than form.

Accepted Answer

Informal contracts rely more on the agreement and understanding between the parties involved, instead of adhering strictly to a particular form or format.

Question 16

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...

Question 17

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

Accepted Answer

A check is a written order addressed to a bank to pay a specific amount of money to the holder of the check. As a negotiable instrument, it is a formal contract that involves a promise to pay and certain legal rights and obligations.

Question 18

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

Accepted Answer

Acceptance is a necessary component of a valid contract. It is the agreement by the offeree to the terms of the offer made by the offeror. Without acceptance, there is no contract.

Question 19

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

Accepted Answer

A promise is a statement or assurance made by one person to another that they will or will not do something in the future.

Question 20

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 fulfill that promise or if there is a disagreement on the terms of the promise.

Quiz 9: Nature and Classification