Exam 10: Contracts

Consideration is the element of a contract that:

The Statute of Frauds states that all contracts that involve more than $1,000 must be in writing.

If an offeror or offeree dies:

When a party to a contract does not perform as required, there is:

An offer that terminates by operation of law through ____ occurs when a court decision or legislation makes an offer illegal after it has been made.

____ occur when one of the parties, being in a strong position, takes advantage of the other party and convinces the other party to enter into a contract contrary to his well-being.

Preliminary negotiations are generally considered to create as binding offers.

A doctor driving on a highway stops at a car accident to give medical aid that takes an hour of time. The accident victim is unconscious when the doctor arrives, so he does not give his consent to the aid. The doctor bills the victim for an hour of medical services:

____ is quite similar to fraud; it requires a false statement to significantly influence the making of a contract:

If a defendant proves impossibility, the defendant's obligations will be discharged.

An offer is made by an offeror.

An effective acceptance must be:

If state law limits the interest rate that may be charged on a loan, then a loan charging a higher interest rate may be an illegal, unenforceable agreement.

Courts that have adopted the notion of impracticability make it much easier for parties to get out of contractual obligation than under courts that only use the doctrine of impossibility.

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 since Hinson received no consideration for his bid, he could not be bound to it later.

Substantial performance, such as delivering 98 percent of the goods ordered, is generally not considered acceptable, and so is a breach of contract.

For there to be damages in a case of fraud, there must be proximate cause between the false information and the losses suffered.

The ____ means that there are also responsibilities imposed on parties who commit to binding relationships in contracts.

An effective offer includes which of the following:

In Deschamps v. Treasure State Trailer Court, where the buyer of a trailer court said he was promised the water system was in good condition when in fact it was not, the Montana Supreme Court held that oral testimony could not contradict the written contract.