Paralegal 041 - Contract Law » 2019 » Chapter 3 Review Materials

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Question #1
Compliance or agreement by one party with the terms of another's offer so that a contract forms
A.   Acceptance
B.   Public
C.   Statute of Frauds
D.   Private
Question #2
An offer, supported by consideration, may not be revoked at will
A.   Donation
B.   Executory
C.   Merchants
D.   Option
Question #3
Party making an offer
A.   Offeror
B.   Statute of Frauds
C.   Real Property
D.   Personal Property
Question #4
Party receiving an offer
A.   Offeree
B.   Fair Dealing
C.   Valid
D.   Commercial Clause
Question #5
UCC rule, overrides mirror image rule when merchants use forms
A.   Restatement
B.   Battle of the Forms Rule
C.   Law of Evidence
D.   Statute of Frauds
Question #6
Used to determine whether parties had "meeting of the minds," looks to what a reasonable person would believe, based on circumstances
A.   Pleading
B.   Objective Standard
C.   Personal Property
D.   Intellectual Property
Question #7
UCC rule, no consideration required to hold offer open between merchants
A.   Formal
B.   Firm Offer
C.   Compensatory
D.   Informal
Question #8
An indication of current willingness to enter into a contract, communicated by the person making the offer
A.   Offer
B.   Express
C.   Tacit
D.   Statute of Frauds
Question #9
Also called "gap-filling" provisions; under the UCC a contract may form despite failure to specify certain terms
A.   Tangible Property
B.   Personal Property
C.   Open Terms
D.   Real Property
Question #10
Offeree responds to an offer with an offer
A.   Quasi-Contract
B.   Counter Offer
C.   Statute of Frauds
D.   Manifestation of Mutual Assent
Question #11
Events, including death, insanity, destruction of subject matter, and illegality, may terminate an offer
A.   Experts
B.   Consumers
C.   Operation of Law
D.   Executives
Question #12
Offeree terminates offer
A.   Rejection
Question #13
A seller agrees to sell to the highest bidder and cannot revoke the offer to sell, even if bids are disappointingly low
A.   Auction Without Reserve

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