Business Law Today Chapter 7 Review
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Resolving whether a promise should be enforced is the essence of contract law
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True
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Contract law shows what excuses our society accepts for breaking certain types of promises.
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True
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A contract is a promise to act
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False
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If a voidable contract is avoided, the parties to it are released from it.
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True
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An effective offer requires a reasonable price related to market value.
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False
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An invitation to submit bids --- \"how much would you charge to do this work?\" --- is an offer.
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False
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An expression of opinion --- \"your customers will like this\" --- is an offer.
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False
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An offer may invite an acceptance to be worded in such specific terms that the contract is made definite.
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False
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An acceptance that materially changes a term in the offer will still be considered an acceptance.
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False
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Under the mailbox rule, no acceptance is valid until it is received.
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False
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An e-contract must meet the same basic requirements as a paper contract.
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True
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To be legally sufficient, consideration must include something of economic value.
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False
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Normally, a court of law, will not question the adequacy of consideration.
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True
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Rescission is the assignment of one party to a contract for a third party, who agrees the contractual duties.
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False
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An accord and satisfaction requires that the amount of debt be certain.
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False
