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Exam 12: Formation of Traditional and E Contracts

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Question 31

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An offer that can be accepted simply by a promise to perform does not create a binding contract.

A) True
B) False

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Question 32

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The contracts entered into by a minor are voidable at the option of that minor.

A) True
B) False

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Question 33

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Raj agrees to work as a freight broker for Shipping Inc. In determining whether a contract has been formed, an element of prime importance is the parties'

Mesa County contracts with New Construct Inc. to build a courthouse. New Construct hires Odell to excavate the site. Odell's work damages adjacent properties. Mesa files a suit against the excavator, who argues that the county is not named in his contract with New Construct. Most likely, the court will hold that Odell is

By supplying procedures for enforcing private agreements, contract law provides an essential condition for the existence of a market economy.

Marketing Inc. offers to create a campaign to increase N'Ice Cream Inc.'s online business. N'Ice agrees to pay for the service. These parties have

To apply the doctrine of promissory estoppel in a given situation, there must exist no clear or definite promise.

The offeror's intention to become bound by the offer must be subjectively clear.

Contracts entered into by mentally incompetent persons are not valid under any circumstances.

An offer made in undue excitement is an effective offer.

Khe says, "I plan to sell my Apple stock." This is not an offer because

National Trucking Company begins transporting crude for Oil Inc. under a contract for a stated amount per load. After six months, National demands an increase in the stated amount because ordinary business expenses have increased. Oil's agreement to pay the increased amount is

Raj defends against a breach-of-contract suit by Student Loan Corporation by claiming that their deal-a student loan-was unfair because the consideration for the contract was inadequate. With respect to Raj's defense, the court will most likely rule in favor of the lender on the ground that

Intoxicated, Efron enters a contract for the sale of his business, Freight Dispatch, to Gretel for less than its market value. This contract is enforceable if, at the time,

A contract that calls for an action contrary to public policy is illegal but not unenforceable.

An exchange of e-mails cannot create a complete and unambiguous binding agreement.

Shipping Corporation enters into contracts with distributors and other buyers in e-commerce and in traditional commerce. Between Shipping and its customers, the UETA applies if the parties agree to conduct transactions by

Posting an item for sale on an online auction site is an offer to form a contract.

Contracting parties are bound only by terms that can be objectively inferred from promises made.

Marketing Solutions Inc. promises to employ Niki as a software engineer. In reliance on the promise, Niki quits her job with Online Ad Agency, but Marketing Solutions does not hire her. Most likely, Marketing Solutions is