Contract Law - Final Exam Questions with Complete Solutions (Latest 2025) valid - Correct Answers ✅a term used to describe the vast majority of contracts - a legally binding agreement which has all the elements necessary for contract formation void - Correct Answers ✅a contract is illegal or nonbinding from its inception due to one of various factors including, possibly, illegality voidable - Correct Answers ✅a contract that allows a party to undo the agreement (or a part of the agreement) upon the occurrence of a certain condition offeror - Correct Answers ✅one who makes an offer offeree - Correct Answers ✅one who receives an offer auctions with reserve - Correct Answers ✅auctions in which the seller does not have to sell if the bidder does not meet the reserve (minimum) price auctions without reserve - Correct Answers ✅auctions in which the seller must sell to the highest bidder dutch auction - Correct Answers ✅auctioneer begins with a high asking price and works his way down until a bidder agrees to the auctioneer's price 1 / 2
Contract Law - Final Exam Questions with Complete Solutions (Latest 2025) silent auction - Correct Answers ✅many items are sold at one time in which the bidders write their bid offer on paper posted near the item itself - highest bidder wins elements of a contract - Correct Answers ✅offer acceptance consideration legality capacity offer - Correct Answers ✅a promise to do (or not to do) something n the future - indicates the willingness or intent to be bound by an agreement acceptance - Correct Answers ✅occurs when the offeree assents to the terms of the offer and communicates that to the offeror by words or by performance consideration - Correct Answers ✅the "price" of a promise in a bargained-for exchange - something that has legal value and is given in exchange for a return promise personal services contract - Correct Answers ✅a nontransferrable contract in which unique talents, abilities, or
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