By: studydistinction • 1 year ago
Some examples from this set of practice questions
1.
What are the three elements of a valid offer?
Answer: (1) Manifestation of intent to enter into a contract, (2) definite and certain terms, and (3) communication to offeree.
2.
What are the four ways an offer can be terminated?
Answer: (1) Revocation, (2) rejection or counteroffer, (3) lapse of time, (4) death or incapacity, (5) destruction of subject matter, (6) supervening illegality.
3.
What is the mailbox rule?
Answer: Acceptance is effective upon dispatch if properly addressed and the authorized means of communication are used.
4.
What is the mirror image rule?
Answer: Acceptance must be an unequivocal assent to the terms of the offer without any changes or additions.
5.
What are the three elements of valid acceptance?
Answer: (1) Unequivocal assent, (2) compliance with the terms of the offer, (3) communication to offeror.
6.
What is consideration?
Answer: A bargained-for exchange of legal value between the parties.
7.
What are the three types of consideration?
Answer: (1) Promise to perform, (2) performance, (3) forbearance.
8.
What is promissory estoppel?
Answer: A doctrine that enforces a promise when there is reasonable and foreseeable reliance on the promise, and injustice can only be avoided by enforcing the promise.
9.
What are the four elements of promissory estoppel?
Answer: (1) Clear and definite promise, (2) reliance on the promise, (3) reliance is reasonable and foreseeable, (4) injustice can only be avoided by enforcing the promise.
10.
What are the defenses to contract formation?
Answer: Incapacity, misunderstanding, mistake, fraud, duress, undue influence, unconscionability, illegality.
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