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Exam 8: Agreement and Consideration in Contracts

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Question 31

Multiple Choice

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Oscar asserts that a deal he entered into with Patty to sponsor and host a motivational conference for independent sales representatives is an unenforceable contract. Defenses to the enforcement of a contract include​

A) a desire not to perform.
B) insufficient capital.
C) preliminary indications of unsatisfactory results.
D) the lack of a party's voluntary consent.

E) C) and D)
F) A) and B)

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Question 32

True/False

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A promise by one party to pay another for refraining from an action that one has a legal right to undertake is enforceable.

A) True
B) False

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Question 33

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If a voidable contract is ratified, the parties must fully perform their respective legal obligations.

An offer may not be revoked before it is accepted.

A bilateral contract comes into existence at the moment promises are exchanged.

An e-contract must meet basic requirements that are different from those required of a paper contract.

Twyla's dock is damaged in an accident caused by Ulric's negligence. Twyla agrees not to sue him if he will pay for the damage. If Ulric fails to pay, Twyla can bring an action for breach of contract. This is​

An unenforceable contract is one that cannot be enforced because of certain legal defenses against it.

Mallory promises to buy illegal digital copies of movies from Nick, who promises to deliver on October 31. These promises are most likely​

Younger asks Zoey, "Do you want to buy one of my fishing rods?" This is​

A forum-selection clause indicates the location for the resolution of any dispute arising under the contract.

A transaction that lacks a bargained-for exchange lacks an element of consideration.

A unilateral contract is formed at the moment when the contract is performed.

Most advertisements-"this property for sale"-are offers.

Diversions, Inc., makes video, games. Ember buys a copy of Final Infinity. Inside the package is a shrink-wrap agreement. With respect to the contract for the game's purchase, the shrink-wrap agreement may not be enforced if Ember​

On December 1, Petroleum, Inc., sent Rachel & Rico (R&R) a letter, via overnight delivery, offering to employ R&R to review Petroleum's tax situation for the current year for $10,000. In the letter, the company stated that R&R had ten days to accept. On December 5, R&R sent an e-mail message that stated, "The price for the tax analysis seems too low. Would you consider paying $15,000?" Petroleum received the message without responding immediately. The next day, Smith & Taylor, an R&R competitor, offered to conduct the appraisal for $8,000. On learning of this offer, R&R immediately e-mailed Petroleum, agreeing to do the work for $10,000. Petroleum received this message on December 7. Explain why R&R and Petroleum do, or do not, have a contract.

An implied contract is not an actual contract.

When a rainstorm erupts outside Rita's Souvenir & Gift Shop, Rita and Shaw enter into an oral contract to split the revenue from Shaw's sale of umbrellas to Rita's customers. The terms of this contract are defined by

Essentially, adequacy of consideration concerns the fairness of the bargain.

Pacific Charter Company offers to provide an air-conditioned bus to Quincy's tour group for $1,500 plus the cost of the fuel. The mailbox rule applies if Quincy accepts the offer by​​