Exam 11: Nature and Terminology

Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.

Demi buys a lottery ticket. The ticket has the winning numbers for a prize. She submits the ticket to claim the prize. Demi accepted an offer for

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Sales Corporation and Real Estate Inc. negotiate an agreement under which only one of the parties can elect to avoid any duty to perform or to ratify the deal. With respect to this arrangement as a contract, if ratified, both parties

Steel Mill Inc. makes an offer to Tag to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Tag accepts the offer. This is a valid contract because it includes

Jana, a nurse practitioner, renders aid to Kurtz, who is injured and unconscious. Jana can recover the cost of the aid from Kurtz

If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.

A contract is an implied contract if the conduct of the parties creates and defines some of the terms.

Only one party entering into a contract must possess characteristics that qualify him or her as competent for a valid contract to exist.

On May 1, Bok and Che orally agree that Che will guide a party from the base of Mount Denai to its summit and from the summit to a return to the base. Under the agreement, Bok will pay for the service after the completion of the climb on July 31. On May 1, is this contract express or implied? On July 31, after the climb has been made but before payment is paid, is the contract executed or executory?

To avoid a contract, both parties must fully perform their respective legal obligations.

What a party said when entering into a contract is a subjective fact.