$***$ Do Not Write On The Exam $***$

Legal Environment $360$ Final Exam

True$/$False

Indicate whether the sentence or statement is trwe or false.

A bilateral contract is created when a promise is given in exchange for a promise, whereas a unilateral

contract is created when a promise is given in exchange for an act.

Because transfer of value is essential to a valid contract, contracts cannot apply to the performance of

personal services.

Contract law requires parties to be fair, or kind, or reasonable, and to share in gains or losses equitably.

There must be both an offer and an acceptance in order to create a contract. The offeree makes an offer

which is accepted by the offeror.

Some eontracts are three sided instead being two sided such as an insurance contract.

A voldable contrat is an apreement that is otherwise binding and enforceable, but because of circumstance

may be rejected at the option of one of the parties.

Contracts under seal and roognizances are examples of Formal contracts.

The parties $10$ a contract are said to stand in privity with each other and the relationship between them is

ternied privity of contract.

An express conitract is one in which the terms of the agreement are manifested by their words, whether

spoken of written.

All contracts coesist of agreements, but not all agroements are contracts.

If the offeror dies or becomes mentally incompetent before the offer is accepted, the offer is astomatically

terminated.

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

The person who makes a promise is the promisor and the person to whom the promise is made is the

promisee.

A exesulory coetract is cec that has been completely performed. In an executed coatracted something

remaina to be done by coe or both parties.

A right of first refusal imposes the duty to make the first offer to the party having the right of first refiusal.

An option contract gives one of the parties an absolute right to enter into a second contract at a later date.

A quasi coatrast is not a true contract but instead is based on a legal concept to prevent unjust enrichment.

Quasi$-$contractual linbility geverally will be imposed when the cost of performing a contract is bigher than

had been expected.

Geberally, advertisements, catalog prices, sale signs, and circulars are offers that can be accepted.

In most states, you have a right to collect a reward for an arrested criminal that you gave a tip on$,$ even

without knowing a reward had been offered.