Exam 10: Contracts

A smooth talking door-to-door salesman talks you into buying $200 worth of magazine subscriptions. After he leaves you want out of the deal. The contract you signed:

The owner of a lost dog posts notices that she will pay $200 for its return. Someone who does not know about the reward finds the dog and returns it. The owner.

Withdrawal of an offer by the offeror is a:

A transfer of contract rights to another party is:

If the performance promised by a party is clearly inferior to the requirements of the contract, there has been:

An option contract requires the offeror to:

17-year-old Robert purchased a car from King that was then destroyed by fire. Robert sued to recover the price of the car. The court would hold that:

The basic elements of a contract:

If an acceptance is mailed before a revocation of an offer is received, the acceptance is effective.

A 16-year-old goes to a used car dealership and pays $2,000 cash to buy a car off the lot.

An unconscionable contract is:

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

A minor always has the ability to disaffirm a contract.

A legally binding contract that can be terminated at the option of one of the parties is called:

A(n) ____ is a party who is not part of an original contract who acquires rights under the contract.

In contract law, an agreement means there is a mutual understanding between the parties as to the substance of the contract. This agreement between the parties is legally reached through:

Contracts that unreasonably restrict competition are unenforceable.

In Hinson v. N&W Construction, where Hinson submitted the low bid to N&W for plumbing work to be part of a larger construction project by N&W, but then refused to do the work when construction was started by N&W, the court held that Hinson:

Withdrawal of an offer by the offeror is a:

Most contracts are unilateral.