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Which of the following is incorrect about consideration? O In a unilateral contract, the promisee must communicate acceptance before performance. O An act of not doing something may be valuable consideration. O An extension of time is a valid form of consideration. O The common law says that, generally speaking, consideration need not be fair. O In cases where the principle of quantum meruit applies, there is no need to agree to a specific rate of consideration.A gratuitous promise is 0 an arrangement that the courts will enforce. O a gift that creates contractual obligations. 0 binding since there is consideration on both sides. 0 a legal obligation to do what is promised. O a promise where there is no legal obligation created because only one of the parties is getting something. The law says that consideration need not be adequate or fair. In which of the following examples do the courts make exceptions to this rule? O Contracts involving drunks, insane persons, and businesspersons Contracts involving an illegal purpose Contracts involving fraud, undue influence, and capacity issues O Contracts involving gratuitous promises, undue influence, and capacity issues O Contracts involving a valid purposeDave is a daredevil. He performs at conventions and circuses. Ftecentlv. he agreed to levitate 1 m above ground for 15 minutes in exchange for $10 coo. Which of the following is the reason why this contract is void? If there is evidence of Dave's mental disability, the contract is void. If the price Dave has charged is inadequate to cover his expenses. the contract is void. 0 Nothing is in writing, so the agreement is void. 0 If Dave can actually perform the stunt. then he can charge more than $10 ooo. If performance on Dave's part is impossible, then his consideration is invalid. O Agreements to complete an existing legal obligation under a contract have a problem with consideration. Which of the following is the best reason for this mle'? 0 If one person promises to pay more for completion of a contract. the promise may be gratuitous. 0 Modifications to an existing agreement require only the parties' agreement. 0 If one person has an existing obligation to the other person in a contract, a subsequent agreement is illegal. O A public duty may be a gratuitous promise. O Gratuitous promises mean that there is an exchange of consideration. A "meeting of the minds" is required for all contracts. Which of the following has a "meeting of the minds"? O The parties do not agree on a final sale price but agree to all the other details. O Both parties agree to all the terms but one party has not read the contract. O The parties are not talking about the same property but agree on all other terms. One party does not believe he is bound by the contract. O Neither party believes they have a valid contract but rather an agreement to discuss the matter further.Bookseller sends Reader an unsolicited book with an invoice for it. Reader, knowing nothing about Bookseller, ignores both the book and the invoice. Has Reader accepted the book and therefore is obligated to pay the invoice? O No. Silence is not acceptance when Reader has not used the book. O No. Silence is never acceptance. O Yes. Consumers must always pay for goods they receive. O Yes. Since Reader has the book, he must pay the invoice. O No. Communication is always required and Reader did not respond.Ted brings his car to a mechanic to fix its engine. Francine. the mechanic. does not give an exact price for the iob. After Francine has worked on the car for a week. Ted demands it back and refuses to pay for the work completed. How will the court determine the proper compensation? 0 Use the fair market value of the car to determine the value of one week's use 0 Determine a reasonable price for one week's worth of engine repair 0 Determine the market value of the parts used to repair the engine 0 Use Francine's normal rate times the hours she worked 0 Determine the amount it will cost Ted to nish the repairs In order for the contract to be set aside, which of the following is false with regards to a person claiming insanity? O The person must choose to repudiate the deal. O The person must have had no understanding of what the deal was about. O The person must seek repudiation shortly after sanity returns. O The person must seek repudiation within the statute of limitations for drunkenness of one year. O The person must have been known to be insane by the other person.Which of the following is incorrect with respect to the capacity to enter into contracts? 0 Trade unions may have restricted contractual capacity. 0 The property [such as a car] of some Aboriginal persons on a reserve may not be seized by a bank to satiety a judgment. 0 After a bankrupt debtor receives discharge. his legal capacity continues to be limited to enter contracts. 0 Women have the same legal capacity to enter into contracts as men. A bankrupt person has limited contractual capacity. Pat and Mike are having marital difficulties. Pat's parents pay her $10 000 to encourage Pat to get a divorce. They seek an agreement that if Pat and Mike do not divorce, then the $10 000 will be repaid. If Pat and Mike later reconcile, Pat's agreement with her parents is O valid. O legal. O void. O voidable. O unenforceable.What is the legal effect of illegal agreements? O The agreement is considered void from its inception. O One of the parties to the agreement must seek a declaration that the agreement is void. Until then, third parties may gain rights arising out of the agreement. O Void agreements may allow remedies for persons who have no notice of the void nature of the agreement. O A void agreement has the same legal effect as a voidable contract. O A void agreement has the same effect as an unenforceable agreement.Which of the following is incorrect about the doctrine of part performance? O It limits the effect of the Statute of Frauds. O The acts relied upon by the courts must be unequivocally related to the alleged contract. O The doctrine applies only if it is the defendant who has performed a portion of the contract. O Its application makes an otherwise unenforceable contract enforceable. O It applies only to contracts concerning land.What type of contract must a minor repudiate within a reasonable time after becoming an adult in order to avoid obligation? O A contract made within one month of the age of majority O A contract involving another minor O A minor is never required to repudiate a contract after becoming an adult to escape obligation. O A contract for necessities O A contract for landWhat is the difference between an illegal contract and a contract performed illegally? 0 There is no practical difference between these Mo types of contracts. An illegal contract is a contract to commit a crime and an illegally performed contract is one where each party acted illegally. An illegal contract cannot be enforced and an illegally performed contract can be enforced if doing so does not violate public policy. An illegal contract is never enforceable and an illegally performed contract is always enforceable. An illegal contract is enforceable if not against public policy and an illegally performed contract is never enforceable. O O O O A business hires a contractor to build a new office building. Local regulations require that any builder register with the town thirty days before work begins and pay a deposit. The contractor registers and pays the deposit and begins work twenty-nine days later. When the building is complete. the business refuses to pay and the contractor sues. The business states the contract was illegallyr performed [and so unenforceable} because of contractor's failure to follow the local regulation. Can the court enforce the contract? 0 Yes. because the illegal act was only a procedural violation 0 No. because the illegal act made the contract void 0 No. because the illegal act was essential to the contract 0 Maybe. but only:r if the regulation itself states a different punishment for its violation 0 Yes. because the business knew about the illegal act and did not correct it A merchant's exaggerated claim about a product could result in a breach of contract claim if C the statement turned out to be false. O the customer does not like the product after purchase. O the statement caused the customer to purchase the item. O a reasonable person would have believed the statements were just an overblown sales pitch. C a reasonable person would have taken the claim seriously.Performer orally contracts with a venue to do four shows. The agreement states the shows will be no less than three months apart and the first show will occur four months from today. The venue will pay Performer half of all sales. Is this an enforceable contract? O No. The contract cannot be performed in one year so it requires a written contract. O Yes. Since the contract does not involve land or goods, it does not require a written contract. O Yes. An oral contract is always enforceable. O No. The contract involves a significant amount of money so it requires a written contract. O No. Oral contracts are not enforceable