Contracts Assignment
1. What are the six requirements to create a valid contract?
2. Provide an example of an implied-in-fact contract you might encounter in your daily life.
3. Explain the difference between a void contract and an unenforceable contract.
4. When is a contract executory?
5. Give two examples of a formal contract.
6. Are voidable contracts enforceable?
7. What are the elements of every valid offer?
8. What are the four essential terms of a valid offer?
9. What is an output contract?
10. When does the offeror of a unilateral contract lose the ability to revoke the offer?
11. What is the difference between a bilateral contract and a unilateral contract?
12. Peter offers to sell Rob his home in Concord for $300,000, and Rob attempts to accept by saying “I agree to buy your home in Concord for $256,000. Can a contract be formed on off of the original offer by Peter? If yes, why. If no, why not.
13. Rand Plumbing Supply, a subcontractor, submits a bid for a plumbing job, in the amount of $75,000 to the general contractor, Mouse House Construction. Rand’s bid is the lowest bid that Mouse House receives for the work at a new building, FunLand. Mouse House Construction uses the bid from Rand in computing its total bid for the construction of FunLand Building. Due to the rising costs of pipes and supplies, Rand decides it cannot profit on the FunLand job and tries to revoke its bid. Mouse House Construction is awarded the contract and cannot get anyone to do the plumbing job for less than $100,000. What doctrine would be applied to prevent Rand from revoke the offer?
14. What must happen in unilateral contract to accept the offer and form a contract?
15. What is consideration?