Exam 10: Agreement and Consideration

Sally owns a very expensive fur coat which Mary would like to buy.During the course of conversation,Mary asks how much Sally would take for the coat.Sally replies,"I am not sure I want to sell the coat,but I think it is worth about $3,000." Mary says,"That is a little more than I wanted to spend." Several days later,Mary calls Sally on the telephone and says,"I'll bring over the $3,000 today." Sally refuses to sell the coat,and Mary sues.What is the likely outcome?

Bill has organized office social events for the past 13 years,keeping track of birthdays,sending cards on special occasions and running the various office holiday parties.One day,Hillary,his boss tells him that he's been doing such a great job on the office social matters that she's going to pay him a $200 bonus this month.However,when bill gets his check,it's the same amount that it has always been.Is he entitled to the bonus?

A promise to make a gift:

In order for an offer to be accepted,which of the following parties must communicate the offer?

Which of the following are needed for an offer to be effective?

The objective theory of contracts is based on the premise that:

In an auction without reserve,the bidders are the offerors,and the seller is the offeree.

Courts today can imply a missing term if a reasonable term can be implied.

A supervening illegality occurs when:

John owns two cars.He says to Faye,"I'll sell you either one of my cars for $8,000." This would be a valid offer.

An ________ is a(n)________ exchange of promises between ________ legally competent persons to do,or refrain from doing,an act.

An offer to pay a reward is an offer to form a bilateral contract.

An illusory promise is an example of a promise that will be enforced even when consideration is lacking.

A satisfaction is the performance of an accord.

What is the significance of a contract being a "best efforts" contract?

Due to lack of consideration,a promise to make a gift will not be enforced and a court will usually order a completed gift to be returned.

An offeree's acceptance must be equivocal.

Generally,time of performance cannot be implied.

Promissory estoppel makes a promise enforceable when the promisor attempts to withdraw the promise and the promisee has acted in reliance to his or her detriment based on the promise.

An offer is considered to be communicated to anyone who learns of its terms,regardless of how that person learns of its terms.