IL Bar Contracts

Question 1

Under common law contract principles, which of the following is required for a valid contract?

Accepted Answer

Offer, acceptance, consideration, and mutual assent

Answer

Offer, acceptance, and a writing

Answer

A signed document and two witnesses

Answer

An exchange of money

Question 2

The mailbox rule provides that an acceptance is effective:

Accepted Answer

When the offeree deposits it in the mail

Answer

When the offeror receives it

Answer

When it is read by the offeror

Answer

Only if sent by certified mail

Question 3

Under Article 2 of the UCC, a merchant's written offer to buy or sell goods stating it will be held open is irrevocable for the stated period (up to three months) without consideration. This is called a:

Accepted Answer

Firm offer

Answer

Option contract

Answer

Irrevocable offer

Answer

Standing offer

Question 4

Which of the following contracts is within the Illinois Statute of Frauds and must be in writing to be enforceable?

Accepted Answer

A two-year employment contract

Answer

A contract for the sale of goods worth $200

Answer

A contract to be performed within one year

Answer

A month-to-month lease

Question 5

Promissory estoppel allows enforcement of a promise without consideration when:

Accepted Answer

The promisee reasonably and foreseeably relied on the promise to their detriment

Answer

The promise is in writing

Answer

Both parties are merchants

Answer

The promisor is a government entity

Question 6

Under the common law perfect tender rule for services contracts, substantial performance doctrine allows recovery if:

Accepted Answer

The breaching party performed in good faith and the defect is minor

Answer

The contract was fully performed in every detail

Answer

The other party was also in breach

Answer

Performance was rendered within a reasonable time