T T T T F 1. In most states, breach of contract is a crime F 2. You probably enter into a contract almost every day. F 3. A con F 4. Bank loaned Smith money to buy a car. Smith is paying the money back over 5 years tract can be entered into by the conduct of a party rather than by words. This is considered an executory contract while it is being paid off. F 5. Oral contracts are unenforceable in court. T T T The element of agreement includes an offer and an acceptance. 6· F F 7. Whether a statement is considered a contract offer is determined by whether the offeror intended it as an offer, rather than whether it would objectively be considered an offer. T F 8. \"lintend to sell my house for $75,000\" is an offer which can be accepted. T F 9. \"Would you consider $3,000 for your car?\" is an offer which can be accepted. T F 10. An advertised price on an item in a store is an offer which can be accepted. T F 11. In an auction with reserve, the high bid is considered an offer 12. An offer can be revoked before acceptance by: a) offeror b) offeree b) offeree b) offeree 13. An offer can be rejected before acceptance by: a) offeror 14. A counteroffer would be made by: a) offeror F 15. If an acceptance occurs before revocation or rejection, a contract has been formed. F 16. Death of party to a loan contract terminates the loan obligation. F 17. An option contract makes an offer irrevocable for the period covered by the option. F 18. An offeree typically cannot be held to a contract because he did not respond to an T T T T offer. T F 19. A reply to the offer which contains slightly different terms forms a contract anyway. r F 20. If an acceptance can be mailed, it does not take effect until received by the offeror.
1) True: Not in most states but in every contract the breach of contract is a crime
2) False: No one enters into a contract everyday. Contracts are made on few situation but not every day.
3) False: Contract cannot be conducted by party it can onlky be conducted by words which are documented.
4) True: It is an executionary contract as both sides the contract is not fully performed and having importance till it is performed
5) True: Oral contract cannot be enforced in the court as it is just a few words which are exchnaged between people which are not documented.
6) True: Yes the elements of agreement always have an offer and acceptance as agreements are always made on a contract which will be mutually benefiting to all the people. Thus they have an offer and acceptance.
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