TRUE/FALSEPlace 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.

Page 9 of 15 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.