1. T/F: Each contract should cover a singular promise and if multiple promises are involved, multiple contracts should be created
2. T/F: Boris sky dives out of a plane and gets hung up in a tree, hopelessly suspended and swinging precariously in his parachute from the branches of the tree. Natasha sees that be is in trouble and comes to his rescue. Once Boris is safely on the ground, he gratefully promises to give Natasha half of his life savings account. When he changes his mind, Natasha will probably be unsuccessful in enforcing his promise
3. T/F: Most oral agreements will be enforceable as contracts by courts
4. T/F: An option contract has to do with a contract that gives one of the parties a choice of consideration to accept
5. T/F: Duress must be based on a physical threat and not an economic one
6. T/F: An option contract refers to the choices that one has when entering into a contract
7. T/F: Larry has had a few beers and is starting to get a bit drunk. He isn't acting strange and he's conducting conversations with others slurring only an occasional word or two. Larry, should he enter into a contract in this state would be considered mentally incompetent and his contract would be void
8. T/F: Generally, mutual mistakes will often lead to the court allowing an avoidance of a contract; however, a unilateral mistake is not usually grounds to cancel a contract
9. T/F: Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise is enforceable as long as he goes to the bank, declares his promise to guarantee Amanda's loan in front of witnesses and shakes hands on the deal giving his word
10. T/F: Contractual consideration is defined as the thought process a party uses to decide whether or not to accept the offer and enter into a contract
11. T/F: The legal detriments exchanged by the parties must be equal, or reasonably close to equal, for consideration to be valid
12. Helen's cat Fluffy has run away and she places reward posters throughout her neighborhood. Mark sees the reward poster and spends the next six hours searching for Fluffy. While Mark is searching the neighborhood, Fluffy gets hungry and comes home, what type of contract is this and what is Mark entitled to for his work?
13. Where a promise can only be accepted by the performance of the person to whom it is offered is an example of what type of contract?
14. If the offer specifies no time limit in which to accept how much time does the offeree have to accept?
15. Josh is negotiating the sale of his car with Jonathan. Jonathan asks if the car has ever been in an accident and Josh replies, "No, it has never been in an accident." In fact, the car was nearly totaled the year before when Sheila, Josh's girlfriend, driving Josh's car, hit a wet spot and skidded into a pole. She had it repaired without telling him about the accident. Josh has committed what?
16. Brandi orally tells landscaper Mike "If you trim my bush I'll pay you $50.00." Mike trims her bush. What type of contract was this?
17. Bud calls Lou and says, "I'll sell you my car for a thousand bucks, interested?" Lou says, "I'll look it up on the Internet. If the Blue Book price is close, I'll pay you $1000 in the morning." At sunrise Lou shows up with $1000.00; What is Bud required to do according to the laws of contracts?
18. What type of contract is formed to remedy unjust enrichment?
19. Mike is walking through a parking lot and finds Kathy lying unconscious. He puts her in his car and takes her to the hospital. The hospital saves her life and when she becomes conscious they present her with a bill, Kathy will be required to pay based on what type of contract?
20. With regard to the court, adequacy of consideration means?