Download - What is a Contract? (Chapter4)
![Page 1: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/1.jpg)
Nasca 2010
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400
500 500 500 500
What is a Contract?(Chapter4)
Elements of a Contract(Chapter 5)
What is a Contract?(Chapter 4)
How Contracts Come to an End
(Chapter 6)
![Page 2: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/2.jpg)
The taking back of an offer by the offeror is
cancellation. consideration.
rejection. revocation.
revocation
100
![Page 3: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/3.jpg)
A contract that contains a promise by both parties is
bilateral. express. implied.
unilateral.
bilateral.
200
![Page 4: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/4.jpg)
To be effective, an offer must be communicated to the
attorney. lender.
offeree. offeror.
offeree.
300
![Page 5: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/5.jpg)
In contract law, consideration can be defined as
anyone who enters into a legal contract has the ability to do so.
contracts that involve illegal acts are not allowed. both parties communicating clearly when entering into a
contract. the thing of value promised in exchange for something
else of value.
the thing of value promised in exchange for something else of value.
400
![Page 6: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/6.jpg)
In order for the acceptance to be legally binding, it must be
unconditional and follow the rules regarding the
method of acceptance. made in person and follow the rules regarding the
method of acceptance. unconditional and in writing by the offeror and offeree.
made in person and in writing by the offeree.
unconditional and follow the rules regarding the method
of acceptance. 500
![Page 7: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/7.jpg)
A contract that comes about from the actions of the parties
implied contract
100
![Page 8: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/8.jpg)
Any agreement enforceable by law
contract
200
![Page 9: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/9.jpg)
A response to an offer that changes the terms of the original offer
counteroffer
300
![Page 10: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/10.jpg)
Proposal by one party to another party to enter into a contract
offer
400
![Page 11: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/11.jpg)
A contract stated in words; may be oral or written
express contract
500
![Page 12: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/12.jpg)
The age of majority in most states is
16. 18. 20. 21.
18
100
![Page 13: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/13.jpg)
When a minor disaffirms a contract, the merchandise received upon entering the contract
should be
paid for. returned. ratified.
undamaged.
returned
200
![Page 14: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/14.jpg)
A minor who claims to be over the age of majority commits
extortion. fraud.
larceny by false pretenses. misrepresentation.
fraud
300
![Page 15: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/15.jpg)
A court may refuse to enforce a contract that it finds
illusory. inadequate.
fair. unconscionable.
unconscionable
400
![Page 16: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/16.jpg)
A minor is held responsible for the fair value of
athletic shoes. CDs.
medical care. video games.
medical care
500
![Page 17: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/17.jpg)
When a contract ends, it is said to be
avoided discharged. released. tendered.
discharged
100
![Page 18: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/18.jpg)
The act of destroying someone's free will by force, threat of force, or bodily harm is called
duress. libel.
undue influence. slander.
duress
200
![Page 19: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/19.jpg)
A deliberate deception to secure unfair or unlawful gain is called
a unilateral mistake. fraud. libel.
misrepresentation.
fraud.
300
![Page 20: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/20.jpg)
If what seems to be a valid contract turns out not to be, the contract is
deceptive.defective. fraudulentmistaken.
defective.
400
![Page 21: What is a Contract? (Chapter4)](https://reader036.vdocuments.site/reader036/viewer/2022062316/5681670a550346895ddb72b1/html5/thumbnails/21.jpg)
Threats of a business nature that cause a person to enter into a contract without real consent would
qualify as
duress. economic duress.
fraud. undue influence.
economic duress
500