Semester! Course: BA 1200 - DA 01, 03, and 06 osmieg A contract under seal is a formal contract. 12. A contract is void if its purpose is illegal. 13. An option contract takes away the offeror's power to revoke an offer for the period of time specified 15. in the option. An advertisement is generally considered an invitation to negotiate. 14. A person who enters into a contract when he or she is intoxicated can disaffirm the contract even if he or she understood the legal consequences. Glossary Chapter 16. acce One of the elements of fraudulent misrepresentation is the innocent party's reliance on the misrepresentation. 17. 18. Reliance on an expert's opinion may be the basis for action based on fraud. ord 19. ho time for acceptance is specified in an offer, the offer terminates at the end of a reasonable period of time. 20. Promissory estoppel requires reliance of a substantial nature. 21. Contractual capacity refers to the size or volume of a contract. 22. A release is a contract in which one party forfeits the right to pursue a legal claim against another. 23. An adult may disaffirm a contract entered into with a minor. 24. An exculpatory clause in a residential property lease is usually enforceable. 25. Failure to disaffirm an executed contract within a reasonable time after reaching the age of majority implies ratification. SECTION II - MULTIPLE CHOICE (CIRCLE ONE) [2 Points Each] Directions: On your scantron sheet, completely fill in the oval of the letter that corresponds to the best answer choice for each question. 26. Tom enters a coffee shop in which he has an open account, fills a cup of coffee, holds it so the cashier can see it, acknowledges the cashier's nod, and walks out with the coffee, knowing that he will be billed for it at the end of the month. Tom has formed a. an express contract. an implied-in-fact contract. an implied-in-law contract. a quasi contract. b. c. d. atisfac Semester! Course: BA 1200 - DA 01, 03, and 06 osmieg A contract under seal is a formal contract. 12. A contract is void if its purpose is illegal. 13. An option contract takes away the offeror's power to revoke an offer for the period of time specified 15. in the option. An advertisement is generally considered an invitation to negotiate. 14. A person who enters into a contract when he or she is intoxicated can disaffirm the contract even if he or she understood the legal consequences. Glossary Chapter 16. acce One of the elements of fraudulent misrepresentation is the innocent party's reliance on the misrepresentation. 17. 18. Reliance on an expert's opinion may be the basis for action based on fraud. ord 19. ho time for acceptance is specified in an offer, the offer terminates at the end of a reasonable period of time. 20. Promissory estoppel requires reliance of a substantial nature. 21. Contractual capacity refers to the size or volume of a contract. 22. A release is a contract in which one party forfeits the right to pursue a legal claim against another. 23. An adult may disaffirm a contract entered into with a minor. 24. An exculpatory clause in a residential property lease is usually enforceable. 25. Failure to disaffirm an executed contract within a reasonable time after reaching the age of majority implies ratification. SECTION II - MULTIPLE CHOICE (CIRCLE ONE) [2 Points Each] Directions: On your scantron sheet, completely fill in the oval of the letter that corresponds to the best answer choice for each question. 26. Tom enters a coffee shop in which he has an open account, fills a cup of coffee, holds it so the cashier can see it, acknowledges the cashier's nod, and walks out with the coffee, knowing that he will be billed for it at the end of the month. Tom has formed a. an express contract. an implied-in-fact contract. an implied-in-law contract. a quasi contract. b. c. d. atisfac
