Quiz 3

Question 1

A court may consider______only when a contract term is ambiguous.

Answer 1

Extrinsic Evidence

Question 2

Is the officers act of withdrawing an offer?

Answer 2

Revocation

Question 3

Is the one who’s amount has been settled?

Answer 3

Liquidated debt

Question 4

Is the legal, avoidance, or setting aside, of a contractual obligation

Answer 4

Disaffirmance

Question 5

Has all the elements necessary to entitle at least one of the parties to enforce it in court.

Answer 5

Valid contract

Question 6

Is a promise of set of promises, for the breach of which the law gives a remedy

Answer 6

Contract

Question 7

A_______is no contract at all

Answer 7

Void contract

Question 8

Is the value given in return for a promise or performance?

Answer 8

Consideration

Question 9

Is refraining from an action that one has a legal right to undertake

Answer 9

Forbearance

Question 10

Is a contract, and which one party for fits the right to pursue a legal claim against the other party

Answer 10

Release

Question 11

Is a voluntary act by the offeree that shows assent to the terms of an offer

Answer 11

Acceptance

Question 12

Is a declaration by a person to do or not do a certain thing

Answer 12

Promise

Question 13

Is one whose amount has not been agreed on

Answer 13

Unliquidated debt

Question 14

Is the unmaking of a contract so asked to return the parties to the positions they occupy before the contract

Answer 14

Resassion

Question 15

A_______ is a valid contract, the one that can be gotten out of by one or both parties

Answer 15

Voidable contract

Question 16

Is a contract that has not yet been fully performed

Answer 16

Executory contract

Question 17

Substitutes a contractual obligation for some other type of legal action based on a valid claim

Answer 17

Covenant not to sue

Question 18

Discharges, a party from liability in the event of monetary or physical injury no matter who is at fault

Answer 18

Exculpatory clause

Question 19

Is a contract that has been completely perform by both parties

Answer 19

Executed contract

Question 20

Is the act of accepting and giving legal force to an obligation that previously was not enforceable

Answer 20

Ratification

Question 21

Is the person who makes the promise

Answer 21

Promisor

Question 22

Consist of two events - an offer by one party, and an acceptance by the other party

Answer 22

Agreement

Question 23

In a ________ the terms of the agreement are fully and explicitly stated in words, either oral or written.

Answer 23

Express Contract

Question 24

requires a special form or method of creation to be enforceable.

Answer 24

Formal contract

Question 25

Occurs where a person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery

Answer 25

Promissory estoppel

Question 26

Is a promise or commitment to do or refrain from doing some specified action in the future.

Answer 26

Offer

Question 27

Are contracts implied in law, but not actual contracts.

Answer 27

Quasi contract

Question 28

Is the legal ability to enter into a contractual relationship.

Answer 28

Contractual capacity

Question 29

Is a promise for a promise

Answer 29

Bilateral contract

Question 30

In a ______ the conduct of the parties, rather than their words, creates and defines the terms of the agreement.

Answer 30

Implied contract

Question 31

Laws that stipulate what types of contract must be in writing are known as?

Answer 31

Statute of Frauds

Question 32

Is the knowledge only part of the misrepresenting party that facts have been falsely presented.

Answer 32

Scienter

Question 33

The use of threats to force a party to enter into a contract constitutes

Answer 33

Duiess

Question 34

_________is a contract that has been completely performed by both parties

Answer 34

Executed contracted

Question 35

Requires no special form to be enforceable

Answer 35

Informal contract

Question 36

Is a promise for an act

Answer 36

Unilateral contract

Question 37

When__________is lacking, there is no true meeting of the minds.

Answer 37

Voluntary consent

Question 38

If a person does not exercise, reasonable care in uncovering the facts,_________occurs

Answer 38

Negligent misrepresentation

Question 39

If a person makes a statement that she believes to be true but that actually misrepresents material facts, the person guilty of__________.

Answer 39

Innocent misrepresentation

Question 40

__________ is a contractual promise to refrain from the rivaling in business another party for a certain period of time and within a certain geographic area.

Answer 40

Covenant not to compete