1.What are the essential elements of a contract? select all

Duress and undue influence

Consent

Offer and Acceptance

Capacity

Consideration or the price you are willing to pay

Injunction and Specific Performance

Lawful purpose (Legality)

2.When is a contractual relationship formed?

a)When an offer is provided

b)When a counteroffer is provided

c)When an acceptance is revoked

d)When there is both offer and acceptance

3.This is a principle in common law which means that each is to be given based on his own merit.

a)Non est factum

b)Quantum Meruit

c)Caveat emptor

d)Status quo

4.This means "meeting of the minds"

a)Consensus ad idem

b)Caveat emptor

c)Force majeure

d)Non est factum

5.Innocent Misrepresentation occurs when one party merely relies on the manufacturer's information without the intention to defraud another.

TRUE or False

6.A clerical mistake, or typographical error, is often times fixable as long as both parties are willing to rewrite their contract based on the correct terms agreed upon.

TRUE or False

7.A clerical mistake, or typographical error, is often times fixable as long as both parties are willing to rewrite their contract based on the correct terms agreed upon.

TRUe or False

8.Specific Performance means that the court will order the erring party to discontinue his actions.

TRUE or FALSE

9.When there issubstantial performanceof a party's contractual obligations, the contract must be rescinded and the injured party paid damages.

TRUE or False