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Exam (elaborations) Business Law Business Law, ISBN: 9780199678655
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AcademiccoachDEPARTMENT EXAM TEST BANK
True/False
Indicate whether the sentence or statement is true or false.
1. _F The offeror is the party with the power to decide whether to create a contract.
2. T An offer made as a joke, where a reasonable person would conclude that it was made as a
joke, cannot result in a contract.
3. T The communication of an offer can be made by the offeror or the offeror's agent.
4. T Generally, advertisements, catalogs, price lists, etc. are not treated as offers.
5. _F A counteroffer is treated as both a revocation and a new offer.
6. T Consideration can consist of giving up a legal right.
7. _T A promise to act or to refrain from doing an act can serve as consideration.
8. F The mirror image rule permits the offeree's acceptance of a contract to vary from the offer.
9. F A person who delegates his contractual duties is fully relieved of any further duty to perform
under that contract.
10. _T When both parties to a contract are minors, either or both of them may avoid the contract.
11. _F A parent or parents who sign a contract on behalf of their minor child may disaffirm the
contract just as their child may.
12. F A party who makes a mistake about the value of the object of a contract is normally
permitted to avoid the contract.
13. _T A plaintiff must prove that he suffered actual injury to recover damages for fraud.
14. _F A party to a contract may delegate his rights arising from the contract to another person.
15. T The nonbreaching party normally may not recover punitive damages in a breach of contract
claim.
16. _F Expenses, such as those incurred to obtain performance from a source other than the
original contracting party, are called consequential damages.
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