I.Matching.This section is worth 20 total points.Each correct answer is worth points.Correspond the letters to the best answer.Use each answer once.

A.ValidB.Void C.VoidableD.ExecutedE. ExecutoryF.BilateralG.UnilateralH.Express

I.ImpliedJ.Parole Evidence

____1.A rule that provides that the terms of a final, complete written contract cannot be added to, modified or contradicted by evidence of oral statements or writings that were made before, or at the same time, the written contract was made.

____2.A Contract is formed by the offeree's accepting an offer by making the requested promise.

____3.Contract that has not been fully performed by the parties, but it is not a breach.

____4.Contract that is created by a written or oral agreement.

____5.A contract that has no legal effect and cannot be enforced in a court of law.

____6.But for a missing contract element, the contract would be valid.

____7.A contract is formed by an offeree's accepting an offer by actually doing the requested act.

____8.A legally binding agreementbetween competent parties who give genuine assent and exchange consideration which is reduced to its proper form.

____9.A contract that has been fully performed.

___10.Contract that is created by the conduct of the parties.

II.True or False.Select the best answer. This section is worth 20 points.

____1.All contracts should be made in good faith and honesty.

____2.Every agreement is a vaild legally binding contract.

____3. An offeree cannot accept an offer for a unilateral contract by merely promising to do the act requested by the offeror.

____4.An offer never has to be communicated.

____5.Only an offeree can revoke an offer.

____6.An Auctioneer at an auction is the offeree.

____7.An offer must be intentional, definite and communicated.

____8.A unilateral mistake will allow the mistaken party to rescind the contract.

____9.An Offeree can only accept an offer if the Offeror gives the time and manner.

___10.Forbearance is promising to refrain from doing an act that one is legally entitled to do.

III.Multiple Choice.This section is worth 30 points.Choose the best answer. Place the letter in the blank space.

1.An offer can be terminated by the offeror any time prior to the offeree's acceptance by_____

a.Counteroffer

b.Lapse

c.Death of Disability of either party

d.Revocation

2.Which of these does not require consideration to be a valid agreement_______________?

a.Preexisting Legal Obligation

b.Illusory promise

c.Past consideration

d.Charitable subscription

3.A contract is illegal if its ____________________

a.formation or its performance is a crime or property violation

b.formation or its performance is unconscionable and violates a state statute

c.formation or its performance is unconscionable and violates public policy

d.formation or its performance is a tort or nuisance.

4.The Statute of Frauds governs contracts that_________________

a.Exclude evidence of oral statementsor writings that were made before, or at the same time, the written contract was made.

b.Show the intention of the parties

c.Require the contract to be in writing to be enforceable in a court of law.

d.Are valid.

5.An incidental beneficiary in a Third-Party Beneficiary contract __B________

a.Is the intended beneficiary.

b.Cannot enforce the contract.

c.Can sue any party for a modification to the contract without his or her consent.

d.Is a party to the original contract.

6.An offeree can accept an offer in any way the offeree choses unless________________

a.The acceptance is express

b.The mailbox rule applies

c.The acceptance is waived

d.The offeror gives time and manner of acceptance

7.A mutual mistake as to a material matter of fact of law requires the parties to __________ the contract and put the parties ______________________.

a.Waive/in the position they would have been in prior to contracting

b.Reform/in the position they would have been in prior to contracting

c.Rescind/in the position they were in prior to contracting

d.Rescind/in the position they would have been in if the contract had been performed

8.The default for fraud is ___________________

a.Intentional misrepresentation

b.Nondisclosure

c.Undue influence

d.Duress

9.Consideration is__________________

a.An exchange of something of value in exchange for something of value

b.Forbearance

c.A promise for performance

d.All of the above

10.An agreement that charges a rate of interest in excess of the rate permitted by law is___________

a.An agreement not to compete

b.A usurious agreement (Usury)

c.Gambling, wagers, and lotteries

d.An agreement contrary to public policy

IV.Short answers.This section is worth 30 points.

1.Please list the elements of a valid contract

2.Please list the elements of Fraud.

3.If Lisa is 17 and 360 days old and makes a contract with RentACenter, what are the ramifications of her actions?

a.Can Lisa make a valid contract?Why or why not?

b.What happens if she contracts, pays, reaches the age of majority and pays?

c.What happens if she contracts, doesn't pay, reaches the age of majority and doesn't pay?

d.In what scenario would Lisa have to pay a creditor?

e.What type of incapacity defines a minor's contractual incapacity?

4.What is the writing requirement? (hint: there are two elements)

5.: List the eight ways contracts are discharged by action of the parties or list the five contracts that must be in writing? (Hint: Statute of Frauds)

Extra Credit.Please list on the cover name sheet above that you have completed the extra credit.You may turn this sheet in (ONLY) at the next class meeting.You do not have to include your name.Please be honest.What can Professor Lee do to improve this class to make it a more pleasant learning experience for the students?