Exam 10: Contracts

"I will sell you my car for $5,000," says A. "How about $4,000 instead?" says B. The offer to sell for $5,000 has been terminated.

Ford promises to deliver 100,000 new cars to Hertz by June 1 for its rental fleet. Ford only delivers 98,300 of the cars by June 1 and promises the rest soon. Ford has

Contract law is primarily:

Acceptance of an offer must be unconditional, unequivocal, and legally communicated to be effective.

A(n) ____ is an agreement by the parties to offer and accept some performance different from that originally bargained for.

If an offeree accepts an offer through an exchange of mutual promises, a unilateral contract is formed.

____ are an amount specified in the contract to be paid in the event of breach.

If Scott makes a nonbinding promise to Lee and then fails to fulfill it:

In a suit for fraud, the losses suffered that are sued for must be related to the action that was induced by the fraud.

The doctrine of ____ is used to end the obligations to a contract when an event occurs that makes performance impossible.

In Hinson v. N&W Construction Co., where N&W relied on a plumbing bid by Hinson in making a bid on a construction contract that was later awarded, the court held that N&W could rely on the bid based on promissory estoppel.

Which of the following categories of people have the right to walk away from a contract they made to buy a new house?

Implied contracts arise from:

____ is an offeree's expression of assent or agreement to the terms of an offer.

The parol evidence rule prohibits the introduction of oral evidence into a lawsuit where the evidence presented is contrary to the terms of a written contract. Parol evidence may be introduced when:

Quasi-contract is closely related to the concept of:

A(n) ____ contract is one that is accepted by performance.

The freedom of contract is a hallmark of:

The Restatement (2d) of Contracts defines a(n) ____ as "the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it."

The Federal Trade Commission cooling-off rule allows purchasers of door-to-door sales of more than $25 to rescind the contract within three days, even if there was no undue influence used in the sale.