True/False
Indicate whether the sentence or statement is true
or false.
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1.
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All
promises are legal contracts.
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2.
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The
common law governs all contracts without exception.
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3.
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A
contract is an agreement that can be enforced in court.
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4.
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Under
the objective theory of contracts, the intention to enter into a contract is judged by outward,
objective facts as interpreted by a reasonable person.
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5.
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An
agreement includes an offer and an acceptance.
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6.
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An
offeree is a person who makes an offer.
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7.
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A
contract can be created only when an offer is accepted by the offeree's performance.
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8.
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A
unilateral contract is formed when the one receiving the offer completes the requested act or
performance.
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9.
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Offers may not be revoked before they are accepted.
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10.
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An
express contract must be in writing.
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11.
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Parties can form a contract without putting the terms in writing.
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12.
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Except for certain types of contracts that must in writing, no special form is
required for informal contracts.
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13.
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Informal contracts are usually based on their substance rather than their
form.
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14.
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An
executed contract is one that has been fully performed.
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15.
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A
voidable contract is a valid contract that can be avoided at the option of at least one of the
parties to it.
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16.
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A
quasi contract is not an actual contract.
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17.
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The
doctrine of quasi contract applies only if there is an actual contract that covers the area in
controversy.
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18.
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A
void contract is enforceable if it is in writing.
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19.
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Under
the plain meaning rule, a court will enforce a contract, in which the writing is clear and
unequivocal, according to its plain terms.
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20.
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When
the words in a contract have more than one meaning, they are generally interpreted in favor of the
party who drafted the contract.
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