Contracts 1L EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Elements of a Contract - Correct Answers ✅Agreement (offer made and accepted) Competent parties (legal age & mentally competent) Consideration (something of value exchanged) Legality (for product or service that can be legally sold; no fraud or deception) Mutual Assent - Correct Answers ✅An offer and acceptance which together form the terms of a contract.Offer - Correct Answers ✅A proposal by one party to another intended to create a legally binding agreement.Acceptance - Correct Answers ✅(contract law) words signifying consent to the terms of an offer (thereby creating a contract) Consideration - Correct Answers ✅legal term for the bargain that occurs when one party gives something up and another party receives something in return Bilateral Contract - Correct Answers ✅A type of contract that arises when a promise is given in exchange for a return promise. (a promise for a promise) 1 / 4
Contracts 1L EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Unilateral Contract - Correct Answers ✅a one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise)
Adams v Lindsell - Correct Answers ✅Postal rule:
Acceptance is always valid as soon as the letter is posted.D wrote to P offering to sell wool fleeces and asking for a reply 'in course of post'. The letter was misdirected but as soon as P received it he posted acceptance. When D had not received an acceptance by the expected date he sold the
fleeces to a third party. Held: As acceptance had been posted
on time, it was valid.Option - Correct Answers ✅When an offeree gives consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specified period of time Firm Offer - Correct Answers ✅binding offer stating in writing how long it is to be held open Caldwell v Cline - Correct Answers ✅Under Caldwell v.Cline, if an offer states that it will be open for a certain number of days, the first day is the day the offeree receives the offer.Revocation - Correct Answers ✅In contract law, the withdrawal of an offer by an offeror. Unless an offer is 2 / 4
Contracts 1L EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) irrevocable, it can be revoked at any time prior to acceptance without liability.Revocation Effective upon receipt by offeree - Correct Answers ✅A revocation is effective upon receipt by the offeree. (majority) A minority view holds that the revocation becomes effective when sent by the offeror.Unilateral Contract Revocation of Offer Rule - Correct Answers ✅The offeror in a unilateral contract may not revoke the offer for the time stated in the offer If no time is stated in the offer, then for a reasonable length of time if the offeree begins performance.Rejection - Correct Answers ✅a refusal of an offer by the offeree, which brings the offer to an end Rejection Effective when received - Correct Answers ✅A rejection becomes effective upon receipt by the offeror.Counteroffer - Correct Answers ✅An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer. 3 / 4
Contracts 1L EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Counteroffer as an implied rejection - Correct Answers ✅A counteroffer is an implied rejection of the original offer. It is, in effect, a new offer available for acceptance.Illusory Promise - Correct Answers ✅A contract into which both parties enter but one or both of the parties can choose not to perform their contractual obligations.Thus the contract lacks consideration.Promissory Estoppel - Correct Answers ✅A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies such a promise is binding if justice will be better served by the enforcement of the promise.Moral Obligation Rule - Correct Answers ✅Under the Moral Obligation Rule, consideration may be found if the promisor has received something of value from the promisee under such circumstances as to create a moral obligation for the promisor to pay for what he or she has received, and if the promisor has later promised to pay.The rule most often applies in situations involving promises to pay for previously provided gratuitous services, promises to pay debts barred by the statute of limitations, or promises to pay debts discharged in bankruptcy.
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