71.) In general, a valid and enforceable contract requires which of the following?

A. Capacity.

B. Legality.

C. Offer and acceptance.

D. All of the above.

72.) Which of the following contracts would be governed by the Uniform Commercial Code?

A. A contract for the sale of real estate.

B. A contract for legal services.

C. A contract for the sale of a refrigerator.

D. A contract for the purchase of farmland.

73.) Contracts that may be terminated by one or more of the contracting parties are

A. executory.

B. unilateral.

C. void.

D. voidable.

E. illegal.

74.) Sometimes, a court will set aside a valid contract if there are unreasonably restrictive clauses. This concept is called

A. quasi-contract.

B. detrimental reliance.

C. unconscionability.

D. fraud.

75.) To determine if a statement was an offer, the courts would use

A. a subjective standard.

B. an objective reasonable person standard.

C. a subjective offeree standard.

D. none of the above.

76.) A ___________ contract is one that may be either affirmed or rejected at the option of one or more of the contracting parties, if that party can establish that he or she was ''disadvantaged'' in entering the contract.

77.) Under the ____________________ rule, an acceptance is communicated to the offeror when it is sent, even if the offeror never receives the acceptance.

78.)_____________ is a false statement of material fact such that one party is purposefully misled by the other.

79.) Your neighbor tells you, "We have your dog. If you ever want to see Max again, sign this contract saying that I have permission to cut your orange tree down since it keeps dumping oranges on my lawn." In fear of the harm that would come to Max, you sign the agreement. When you get Max back to safety, you attempt to get the contract voided by invoking the principle of ____________.

80.) The Statute of Frauds states that contracts for the sale of an interest in _______ must be in writing in order to be enforceable.