Indicate whether the statement is true or false and give a legal explanation 1. 2. 3. 4. 5. 6. 7. 8. 9. An effective offer requires reasonably definite terms An offeror's subjective intent determines the effectiveness of an offer An offer made in obvious anger is still an effective offer Under the mailbox rule, an acceptance becomes valid when it is dispatched In a bilateral contract, communication of acceptance is necessary No offer can be accepted by silence There are no revocable offers Essentially, adequacy of consideration concerns the fairness of the bargain A promise by one party to pay another for refraining from an action that one has a legal right to 10. 11. 12. 13. 14. 15. undertake is enforceable An illusory promise is a promise that is enforceable without consideration All contracts between adults and minors are void Ordinarily, a minor can disaffirm a contract even though she has misrepresented her age Gambling debts will be enforced even if their enforcement violates a statute A covenant not to compete is enforceable only if it is reasonable in duration and geographic area A contract that exculpates one party for negligence or other wrongdoing will often be viewed as unconscionable 16. If there is a statute that prohibits a certain act, a contract to do it is unenforceable 17. When both parties to a contract are mistaken about the same material fact, the contract cannot be rescinded 18. An innocent party can rescind a fraudulent contract and be a restored to his or her original position 19. Scienter clearly exists if a party knows a fact is not as stated 20. To be enforceable, a contract for a sale of goods priced at $500 or more should be in writing 21. The Stature of Frauds operates as a defense to the enforcement of an oral contract for the sale of land 22. An oral contract for the transfer of an interest in land can sometimes be enforced if partial performance has taken place 23. Because fraud actions necessarily involve wrongful conduct, courts may award punitive damages 24. Words or terms in contracts that are subject to more than one reasonable interpretation can 25. 26. 27. 28. 29. lead to bilateral mistakes A transfer of contract rights to a third party is an assignment An assignee has a right to demand performance from the obligor All rights can be assigned with no exceptions A delegation relieves the party making it of the obligation to perform Both intended and incidental beneficiaries acquire legal rights in a contract 30. A contract comes to an end when both parties fulfill their respective duties by performing the acts they have promised 31. A contract will be discharged if unforeseeable circumstance makes it impossible to attain the contract's purpose. 32. After a contract is made, a supervening event make performance impossible and discharge the contract. 33. A remedy is the relief provided to an innocent contracting party when the other party breaches the contract. 34. The most common remedies available to a nonbreaching party include damages, rescission and restitution, and specific performance. 35. Nominal damages are designed to punish a wrongdoer and set an example to deter similar conduct in the future. 36. Restitution involves one party's recapture of a benefit through which another party has been unjustly enriched. 37. Ordinarily, the remedy for a seller's breach of a contract for a sale of real estate is specific performance. 38. Courts order reformation most often when fraud or mutual mistake is present. 39. A contract may include a clause stating that damages will be limited to a maximum amount. 40. A party seeking to recover in quasi contract must show that the other party has been unjustly enriched