LAW 531 Week 3 Knowledge Check
1. What is true about the acceptance of a contract?
• It is effective only once it has reached the offeror, whether or not it has been properly dispatched by the offeree.
• It must not support the mirror image rule.
• It must be an unequivocal acceptance, without conditions or exceptions.
• It cannot be expressed with silence, even if the offeree has specified that silence means acceptance.
2. Which element of a contract requires something of legal value to be provided in exchange for a promise?
• Objective intent
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3. Jason, a 16-year old boy, enters into a contract with a businessperson to work on a construction project. According to the contract, Jason has to work long hours but will get paid a minimal amount because of his age. Jason, though unfamiliar with contracts, knows that the contract is not fair to him. He decides to cancel it. What gives Jason the right to void the contract?
• Minor’s duty of restoration
• Infancy doctrine
• Adjudged insane
• Covenant not to compete
4. What will most likely happen when there is a material breach by one of the parties in a contract?
• The breaching party will restate the express terms of the contract.
• The contract will be discharged by both parties.
• The nonbreaching party will terminate the contract and recover compensation.
• The breaching party will affirm the contract and modify consideration terms.
5. Venus LLC is a supplier for Synergy Corp. These companies have entered into a contract according to which, Venus will supply Synergy with a certain quantity of raw materials every month. In the month of May, Venus realizes that it cannot keep to the terms of the contract due to an unforeseeable worker strike. It informs Synergy of this delay much before the planned delivery date. What type of...