Contracts

Question 1

The rejection of an original offer that becomes a new offer is a:

Answer 1

Counteroffer

Question 2

A presentation or proposal for acceptance to form a contract is called an:

Answer 2

Offer

Question 3

Something of value-such as money, a promise, property, or personal services:

Answer 3

Consideration

Question 4

An offer by one of the parties to carry out his or her part of the contract:

Answer 4

Tender

Question 5

The law that requires contracts to be in writing:

Answer 5

Statute of Frauds

Question 6

The relinquishment or refusal to accept a right.

Answer 6

Waiver

Question 7

The persons transferring a claim, benefit, or right in property to another.

Answer 7

Assignor

Question 8

A court action brought to compel a party to carry out the terms of a contract.

Answer 8

Specific Performance

Question 9

A contract in which obligation to perform exists on both sides

Answer 9

Executory contract

Question 10

The canceling of an offer to contract by he person making the original offer

Answer 10

Revocation

Question 11

Party to whom the lease is assigned or transferred

Answer 11

Assignee

Question 12

Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract.

Answer 12

Rescission

Question 13

The party making an offer

Answer 13

Offeror

Question 14

The substitution by agreement of a new obligation for an existing one.

Answer 14

Notation

Question 15

Parties declare the terms and put their intentions in oral or written words

Answer 15

Express Contract