Midterm pt 1

  1. The offeree has the power to create a contract by accepting the offer
  2. In an auction without reserve, the seller must accept the highest bid and connot withdraw the goods from sale
  3. Under the law, written contracts are presumed to be supported by consideration
  4. generally, a moral obligation is sufficient consideration to bind someone to a contract
  5. under the infancy doctrine, a minor can disaffirm a contract by his actions
  6. generally the courst will not enforce an illegal contract, but will leave the parties where it finds them
  7. 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
  8. Which of the following would terminate an offer
    revocation by the offeror, rejection by the offeree, counteroffer by the offeree
  9. in order for a contract to be valid it must
    contain an offer, acceptance, and consideration
  10. an illusory promise is
    one that a party has to perform if he or she chooses to do so
  11. the main purpose for making contracts involving minors voidable at the minor's option is
    to protect the minor from unscrupulous adults
  12. 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
  13. Consideration
    something of legal value given in exchange for a promise
  14. 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
  15. 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.
Card Set
Midterm pt 1