BL Ch. 8 T+F
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To be legally sufficient, consideration must be evidenced by something tangible.
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False
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An offer must be practical to be effective.
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False
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Informal contracts are usually based on their substance rather than their form.
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True
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An effective offer requires reasonably definite terms
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True
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A quasi contract is a fictional contract.
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True
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Under the doctrine of promissory estoppel, a promise will not be enforced unless it is supported by consideration.
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False
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A promise to do what one already has a legal duty to do constitutes legally sufficient consideration
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False
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An illusory promise is a promise that is enforceable without consideration.
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False
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An acceptance can materially change or add to the terms of the original offer without rejecting it.
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False
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An offer may not be revoked before it is accepted.
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True
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An \"offer\" to sell an item on an online auction site generally is treated as an invitation to negotiate
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True
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A promise by one party to pay another for refraining from an action that one has a legal right to undertake is enforceable.
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True
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An e-contract must meet basic requirements that are different from those required of a paper contract
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False
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Under the mailbox rule, an acceptance becomes valid when it is dispatched
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True
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In contract law, \"consideration\" refers to the time that a party takes to evaluate a deal.
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False
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A contract that has been fully performed by the parties is an executory contract.
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False
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A covenant not to sue is against public policy.
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False
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An unenforceable contract is one that cannot be enforced because of certain legal defenses against it.
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True
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Most advertisements—\"this property for sale\"—are offers.
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False
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Essentially, adequacy of consideration concerns the fairness of the bargain.
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True
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A unilateral contract is formed at the moment when the contract is performed.
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False
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Performance can constitute the consideration that creates a contractual obligation.
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True
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A forum-selection clause indicates the location for the resolution of any dispute arising under the contract.
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True
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One necessary element for an effective offer is a reasonable price related to market value.
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False
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An express contract must be in writing.
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False
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An implied contract is not an actual contract.
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False
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The UETA applies only to electronic records and electronic signatures relating to a transaction
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True
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A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.
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True
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A transaction that lacks a bargained-for exchange lacks an element of consideration.
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True
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Legally sufficient consideration is something of value in the eyes of the law.
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True
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In contract law, intent is determined by the secret, subjective intent, or belief, of a party.
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False
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If a voidable contract is ratified, the parties must fully perform their respective legal obligations.
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True
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A bilateral contract comes into existence at the moment promises are exchanged.
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True
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One of the requirements of a valid contract is an adequate price.
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False
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An acceptance must be unequivocal.
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True
