Exam (elaborations)
LENB 3135 Chapter 10: The Formation of Traditional and E-Contracts- Questions & Answers
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LENB 3135 Chapter 10: The Formation of Traditional and E-Contracts- Questions & Answers
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LENB 3135 Chapter 10: The Formation ofTraditional and E-Contracts- Questions
& Answers
What are the elements necessary for an effective acceptance? Correct Ans-Acceptance can
consist of either words or conduct, but must be unequivocal and communicated to the offerer
What is required for Consideration to be legally sufficient? Correct Ans-1. Legally sufficient
value (promise to do something one is otherwise not obligated to do), and 2. Bargained-for
exchange (mutually agreed upon)
Does a minor have the capacity to enter into a contract? Correct Ans-Yes but the contract is
voidable at the option of the minor
Under what circumstances will courts enforce a covenant not to compete? Correct Ans-When
a business sells their store or in employment contracts
Sources of Contract Law Correct Ans-Common Law or
Uniform Commercial Code (UCC)
Defenses to the enforceability of a contract Correct Ans--Lacks voluntary consent
-Not in the required form
Requirements of the offer Correct Ans-Intent, Definiteness of terms, and Communication to
the offeree
Termination of the Offer Correct Ans-By action of the parties or by Operation of law
, Agreements that lack consideration Correct Ans-- Preexisting duty
- Past consideration
- Illusory (unenforceable) promises
Intoxication Correct Ans-A contract with an intoxicated person is enforceable if the person
understood the legal consequences of entering into the contract - otherwise, the contract is
voided
Mental incompetence Correct Ans-A contract made by a person whom a court has previously
determined to be mentally incompetent is void - a contract made by a person with questionable
mental competence can be either valid or voidable
Contracts Contrary to a Statute Correct Ans-For a contract to be valid and enforeceable, it
must be formed for a legal purpose
Contracts Contrary to Public Policy Correct Ans-Contracts that are contrary to public policy
are unenforceable on the grounds of illegality
Public Policy Correct Ans-The principles, often unwritten, on which social laws are based
Online Offers Correct Ans-The offer and its terms should be displayed in an easily readable
format and should include some mechanism, such as an "I agree" box, by which the customer
can accept the offer
The Uniform Electronic Transactions Act (UETA) Correct Ans-Provides for the validity of e-
signatures
The primary purpose of the Uniform Electronic Transaction Act is to remove barriers to
___________ by giving the same legal effect to __________ records and signatures as is given
to written documents and signatures. Correct Ans-E-Commerce; Electronic
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