The standard for determining the parties intent when entering into a contract is looks at a persons state of mind to determine what a person was thinking is which of the following:

a. What the person was actually thinking at the time (subjective standard)

b. What a reasonable person in a similar situation would believe the parties intent to be (reasonable person standard)

c. What the two parties agree they were thinking at the time (mutual agreement)

d. How similar cases were treated in the past to determine intent (past precedent)

2. True/False: Every contract must be in writing to be enforceable.

Trure: _____ False: _____

3. The Latin term meaning as much as he/she deserves, that describes paying to a party a fair amount for work done or labor performed is:

a. Prima Facie

b. Quantum Meruit

c. Nunc Pro Tunc

d. Respondeat Superior

4. A counteroffer results in:

a. An agreement

b. A final offer terminating further negotiations

c. A rejection by offeree of the original offer made by offeror

d. An offer by the original offeree to the original offeror, which can be accepted or rejected by the original offeror

e. a and b

f. c and d

5. True/False: In order for a promise to do or refrain from doing some specified thing in the future, one of the elements necessary for an offer to be effective is that it is communicated to the offeree.

True:____ False: _____