CHAPTER 9 self test - CHAPTER 9 T/F SELF TEST True/False...

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CHAPTER 9 T/F SELF TEST True/False Indicate whether the sentence or statement is true or false. T 1. All promises are legal contracts. ANSWER: T 2. A promise is an assurance that one will or will not do something in the future. ANSWER: T 3. The common law governs all contracts without exception. ANSWER: T 4. A contract is formed by two or more parties who promise to perform or to refrain from performing some act now or in the future. ANSWER: F NOTES: REF: p. 198 T NOTES: REF: p. 198 F NOTES: REF: p. 198
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T 5. A contract is an agreement that can be enforced in court. ANSWER: T 6. Parties who have contractual capacity may form an enforceable contract. ANSWER: T 7. Under the objective theory of contracts, the intention to enter into a contract is judged by outward, objective facts as interpreted by a reasonable person. ANSWER: T 8. Three elements-agreement, consideration, and contractual capacity-are sufficient to form a binding contract. ANSWER: T T NOTES: REF: p. 199 T NOTES: REF: p. 199 T NOTES: REF: p. 199 T NOTES: REF: p. 199 F NOTES: REF: p. 199
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9. An agreement includes an offer and an acceptance. ANSWER:
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CHAPTER 9 self test - CHAPTER 9 T/F SELF TEST True/False...

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