The offeree has the power to create a contract by accepting the offer
True
In an auction without reserve, the seller must accept the highest bid and connot withdraw the goods from sale
True
Under the law, written contracts are presumed to be supported by consideration
true
generally, a moral obligation is sufficient consideration to bind someone to a contract
false
under the infancy doctrine, a minor can disaffirm a contract by his actions
true
generally the courst will not enforce an illegal contract, but will leave the parties where it finds them
True
Which of the following are necessary to meet the requirements of a definite offer?
Identification of the parties, subject matter, and quantity, consideration to be paid, time of performance
Which of the following would terminate an offer
revocation by the offeror, rejection by the offeree, counteroffer by the offeree
in order for a contract to be valid it must
contain an offer, acceptance, and consideration
an illusory promise is
one that a party has to perform if he or she chooses to do so
the main purpose for making contracts involving minors voidable at the minor's option is
to protect the minor from unscrupulous adults
at ate 16 phil bought a car for $2500 Phil disaffirms the contract. Which can he do?
Phil can disaffirm the contract and recover the entire $2500
Consideration
something of legal value given in exchange for a promise
counteroffer
a response by an offeree that contains terms and conditions different from or in addition to those of the offer. Counter offer terminates previous offer
Disaffirmance
the act of a minor to rescind a contract under the infancy doctrine. Disaffirmance may be done orally, in writing, or by the minor's conduct.
