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Exam 11: Nature and Classes of Contracts: Contracting on the Internet

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Question 21

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A contract for an amount greater than $1 million must be made under seal or it is not binding.

A) True
B) False

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Question 22

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A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

A) True
B) False

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Question 23

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The plaintiff in a quasi-contractual action can recover:

When purchasing from a website, the website terms generally become the contract of the parties and are legally enforceable.

An offer of a reward for the arrest and conviction of a criminal is an example of a:

The promisor in a contract may also be called the:

A contract is essentially an agreement that creates an obligation.

An agreement that contemplates the performance of an act prohibited by law is usually void.

The subject matter of a contract can never relate to the performance of personal services.

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

The principle behind the quasi contract is to prevent unjust enrichment.

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

The law requires parties to be fair and reasonable in the making of a contract.

When Gordon told Hanson that he was considering selling his house, Hanson offered to buy it.Gordon and Hanson entered into a contract in which Hanson paid Gordon $1,000 in cash for the right to buy Gordon's house for $150,000 in the event Gordon decided to sell it.Two weeks later, Jones offered Gordon $200,000 for his house, and Gordon agreed to sell it to her for that amount.Hanson sued Gordon to force Gordon to sell the house to him for $150,000, rather than to Jones for $200,000.Identify the probable result of the action.What type of contract, if any, was entered into between Gordon and Hanson?

The elements for a valid contract do NOT include:

Only the parties who signed the original contract can have rights with respect to that contract.

Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

An implied contract is shown by:

A legally binding agreement that can be rejected at the option of one of the parties is called a(n) :

A bilateral contract is essentially an exchange of enforceable promises.