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What is a Contract? (Chapter4)

What is a Contract? (Chapter 4). Elements of a Contract (Chapter 5). What is a Contract? (Chapter4). How Contracts Come to an End (Chapter 6). The taking back of an offer by the offeror is cancellation. consideration. rejection. revocation. . revocation. 100.

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What is a Contract? (Chapter4)

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  1. What is a Contract? (Chapter 4) • Elements of a Contract • (Chapter 5) • What is a Contract? • (Chapter4) • How Contracts Come to an End • (Chapter 6) Nasca 2010

  2. The taking back of an offer by the offeror iscancellation. consideration. rejection. revocation. revocation 100

  3. A contract that contains a promise by both parties isbilateral. express. implied. unilateral. bilateral. 200

  4. To be effective, an offer must be communicated to theattorney. lender. offeree. offeror. offeree. 300

  5. In contract law, consideration can be defined as anyone who enters into a legal contract has the ability to do so. contracts that involve illegal acts are not allowed. both parties communicating clearly when entering into a contract. the thing of value promised in exchange for something else of value. the thing of value promised in exchange for something else of value. 400

  6. In order for the acceptance to be legally binding, it must beunconditional and follow the rules regarding the method of acceptance. made in person and follow the rules regarding the method of acceptance. unconditional and in writing by the offeror and offeree. made in person and in writing by the offeree. unconditional and follow the rules regarding the method of acceptance. 500

  7. A contract that comes about from the actions of the parties implied contract 100

  8. Any agreement enforceable by law contract 200

  9. A response to an offer that changes the terms of the original offer counteroffer 300

  10. Proposal by one party to another party to enter into a contract offer 400

  11. A contract stated in words; may be oral or written express contract 500

  12. The age of majority in most states is16. 18. 20. 21. 18 100

  13. When a minor disaffirms a contract, the merchandise received upon entering the contract should bepaid for. returned. ratified. undamaged. returned 200

  14. A minor who claims to be over the age of majority commitsextortion. fraud. larceny by false pretenses. misrepresentation. fraud 300

  15. A court may refuse to enforce a contract that it findsillusory. inadequate. fair. unconscionable. unconscionable 400

  16. A minor is held responsible for the fair value ofathletic shoes. CDs. medical care. video games. medical care 500

  17. When a contract ends, it is said to beavoided discharged. released. tendered. discharged 100

  18. The act of destroying someone's free will by force, threat of force, or bodily harm is calledduress. libel. undue influence. slander. duress 200

  19. A deliberate deception to secure unfair or unlawful gain is called a unilateral mistake. fraud. libel. misrepresentation. fraud. 300

  20. If what seems to be a valid contract turns out not to be, the contract isdeceptive.defective. fraudulentmistaken. defective. 400

  21. Threats of a business nature that cause a person to enter into a contract without real consent would qualify asduress. economic duress. fraud. undue influence. economic duress 500

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