MS Bar MS Bar Contracts

Question 1

Which of the following elements are required for a valid contract under Mississippi common law?

Accepted Answer

Offer, acceptance, and consideration

Answer

Written agreement and notarization

Answer

Witnesses and a signed document

Answer

Payment of money and delivery of goods

Question 2

Under the mailbox rule, an acceptance sent by mail is effective:

Accepted Answer

At the moment the offeree deposits it in the mail

Answer

When the offeror actually reads it

Answer

When the offeror receives it in their mailbox

Answer

48 hours after the offeree sends it

Question 3

Which of the following constitutes valid consideration for a contract?

Accepted Answer

A bargained-for promise to refrain from exercising a legal right

Answer

A promise based solely on a past act already performed

Answer

A moral obligation to repay a debt discharged in bankruptcy

Answer

A gift made without any conditions attached

Question 4

A 'firm offer' under UCC Article 2 is irrevocable without consideration when:

Accepted Answer

A merchant makes a signed written offer to keep it open

Answer

Any party orally promises to keep it open for 30 days

Answer

The buyer pays a deposit to hold the offer

Answer

The offer is witnessed by a notary public

Question 5

Under the Statute of Frauds, which of the following contracts MUST be in writing to be enforceable?

Accepted Answer

A contract for the sale of goods priced at $500 or more

Answer

A contract for services worth $200 completed in one day

Answer

Any contract where one party is under 21 years old

Answer

An oral contract between two sophisticated business parties

Question 6

An offer is automatically terminated by operation of law when:

Accepted Answer

The offeror dies before the offeree accepts

Answer

The offeree takes more than three days to respond

Answer

The offeror changes their mind privately without telling the offeree

Answer

The offeree requests additional time to consider

Question 7

Under the common law mirror image rule, a purported acceptance that adds new terms is treated as:

Accepted Answer

A counteroffer that rejects the original offer

Answer

A valid acceptance binding both parties

Answer

A conditional acceptance that suspends the original offer

Answer

A modification enforceable if supported by consideration