1) Intent, in contract formation, is determined by what standard?
a) Objective theory
b) Subjective theory
c) Adjective theory
d) Third party theory
2) A bilateral contract is:
a) a promise for a promise
b) a promise for an ac/performance
c) a promise
d) informal
3) When language of a contract is clear, the court will:
a) Look to outside sources for assistance in interpreting the contract terms
b) Look only to the language in the contract
c) Consult a dictionary
d) Ask another judge
4) Generally, for an offer to be considered capable of being accepted:
a) It need only be communicated to the recipient/offeree
b) There must be a serious intent to be bound by the offeror
c) The terms of the offer must be reasonably ascertainable by the parties
d) All of the above
5) To accept an offer:
a) The party must accept the terms of the offer without alteration
b) The offeree/recipient can alter the terms when accepting
c) The offeree can accept anytime
d) the offeree must accept within 2 business days
6) Consideration:
a) can only be money
b) Always must have more than minimal value
c) is bargained-for exchange
d) must be at least one dollar
7) A person must have the contractual capacity to enter a contract:
a) True
b) False
8) The subject matter of the contract must be legal
a) True
b) False
9) A contract to sell marijuana in Colorado will always be illegal
a) True
b) False
10) A unilateral mistake will normally be enforceable against the mistake party:
a) True
b) False
11) A contract for the sale of real estate must almost always be in writing:
a) True
b) False