TRUE/FALSE Place a T for True or an F for False in front of each of the following statements.
1. _____ A contract that has been fully performed is an executor contract.
2. _____ A written contract to buy a home is an express contract.
3. _____ A void contract is often referred to as a contract where one party has the option to void the contract if they wish.
4. _____ A revocation of an offer is effective as soon as it is sent to the Offeree.
5. _____ An advertisement for sale is not considered an offer.
6. _____ If a Party makes a counteroffer, then the original offer is considered to be terminated.
7. _____ At common law, if an Offeree changes the terms of the offer received, they can still accept the original offer with the changes made.
8. _____ If there is a contract and one of the parties dies, the contract must be carried out by the Estate of the dead party.
9. _____ If there is a bargained for exchange, then there is adequate consideration for a contract.
10. _____ If I make a promise of a gift, there is not an enforceable contract created.
11. _____ If I promise to pay my 16 year old son $5,000 if he refrains from smoking, this is an enforceable contract.
12. _____ If I promise to pay my 18 year old son $5,000 if he refrains from smoking, this is an enforceable contract.
13. _____ If I promise to buy my wife a new car and as a result she sells her old beat up car I have created an enforceable gift based upon the theory of quasi contract.
14. _____ A real estate agents contract is a good example of a requirements contract.
15. _____ A parent is liable for the contracts made by their emancipated minor children.
16. _____ A contract of a person who has been adjudged insane is void.
17. _____ A contract that contains a usurious interest rate is an example of an illegal contract.
18. ____ In general, if there is a unilateral mistake in a contract, the party making the mistake will be allowed to rescind the contract in order to avoid an unjust result.
19. _____ If I give my wife a card to sign telling her that it is a note to our family and on the back of the card is a power of attorney allowing me to sell all of her assets; this is an example of Fraud in the Inception.
20. _____ In general if there is a written contract; the Parol Evidence Rule will not allow additional documentation to interpret the written contract.
21. _____ Personal services contracts may be delegated at any time.
22. _____ The named beneficiary of a life insurance policy is called an intended beneficiary.
23. _____ Liquidated damages are determined by the court in order to compensate a Plaintiff for actual damages.
24. _____ A writ of garnishment is a court order that directs that bank accounts or wages of a defendant are paid over to the Plaintiff after a judgment has been issued.
25. _____ The right to use a patented device, or program is typically granted through a license.