Legal Environment of Business A

Managerial Approach Theory to

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 Chapter 07

Contract Formation

Fill in the Blank Questions

1. For the formation of a valid contract, the broad underlying requirement that the parties must
reach an agreement using a combination of offer and acceptance and that the assent must
be genuine is known as ___________ assent.

________________________________________

2. Consideration in a small or minimal amount that is written into a contract but never actually
paid is called ________ consideration.

________________________________________

3. If a 17-year-old enters into a contract to purchase a car, that contract is ________ at the
minor's option until he or she reaches the age of 18.

________________________________________

4. A basic fact or assumption in a contract is said to be ________ to the contract.

________________________________________

5. Use of unfair coercion to force a party into a contract constitutes _______.

________________________________________

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McGraw-Hill Education.
6. A contract that is so blatantly unfair that it shocks the objective conscience would be
rendered unenforceable and subject to the defense of _______.

________________________________________

7. The legal term for guilty knowledge that is an element of fraudulent misrepresentation is
_______.

________________________________________

8. For a binding contract to exist, not only must there be agreement but the agreement must be
supported by ___________.

________________________________________

9. For a contract to be enforceable, it must meet the requirement of __________; that is, both the
subject matter and the performance of the contract must be legal.

________________________________________

10. In many states, if a person has been declared incompetent, contracts that person enters into
are classified as void ________ or not valid from the onset.

________________________________________

True / False Questions

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McGraw-Hill Education.
11. The mailbox rule determines when a contract is considered to be deemed accepted by the
offeree, thus depriving the offeror of the right to revoke the offer.

True False

12. Boris skydives from a plane and gets tangled in a tree, hopelessly suspended and swinging
precariously in his parachute from the branches of the tree. Natasha sees that he is in
trouble and comes to his rescue. Once Boris is safely on the ground, he gratefully promises to
give Natasha half of his life savings account. When he changes his mind, Natasha will
probably be unsuccessful in enforcing his promise.

True False

13. If Bill Gates goes into a car dealership and buys every car on the lot at the sticker price, the
dealer has suffered no contractual detriment because he's in the business of selling cars and
got full price.

True False

14. The mailbox rule provides that the acceptance of an offer is generally effective upon receipt
of the acceptance when sent in a commercially reasonable manner.

True False

15. According to the mailbox rule, a revocation is valid the moment that it is mailed.

True False

16. If an offer does not specify a required type or form of acceptance, the offeree is required to
provide a written acceptance for valid mutual assent to be proved.

True False

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McGraw-Hill Education.
17. Under most circumstances, acceptance cannot be imposed or inferred from an offeree's
silence after receiving an offer.

True False

18. Uncle Buck has lent you $10,000 for tuition and living expenses. The agreement was oral.
This contract violates the statute of frauds, so it is unenforceable and you need not repay the
loan.

True False

19. Jeff goes to a car dealership and the salesperson tells him that the car he's looking at is a
great car and an excellent value. The statements made by the salesperson, if untrue, will not
be adequate to create either an innocent misrepresentation or a fraudulent
misrepresentation.

True False

20. An option contract is a contract that gives one of the parties a choice of consideration to
accept.

True False

21. Jon owns two cars. He says to Rachel, "I'll sell you either car for $8,000." This is a valid offer.

True False

22. A minor's contract for actual necessities does not require that the minor be mentally
competent for the contract to be valid.

True False

7-4
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McGraw-Hill Education.
23. Duress must be based on a physical threat and not an economic one.

True False

24. Reasonableness of an offer requires that the offeror have an objective intent to contract
when making the offer.

True False

25. The term option contract refers to the choices that one has when entering into a contract.

True False

26. Larry has had a few beers and is starting to get a bit drunk. He isn't acting strange, and in
conducting conversations with others he's slurring only an occasional word or two. Larry,
should he enter into a contract in this condition, would be considered mentally incompetent
and his contract would be void.

True False

27. Ronald is 17 years old and contracts to purchase a car and make monthly payments for three
years. He may disaffirm the contract at any time prior to his 18 th birthday.

True False

28. Generally, mutual mistakes will often lead to the court allowing an avoidance of a contract;
however, a unilateral mistake is not usually grounds to cancel a contract.

True False

7-5
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29. Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda
secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's
promise is enforceable as long as he goes to the bank, declares his promise to guarantee
Amanda's loan in front of witnesses, and shakes hands on the deal, giving his word.

True False

30. It is not possible for a total stranger with no ties to the alleged victim to commit undue
influence over another.

True False

31. An agreement to purchase $499 worth of land does not have to be in writing to be
enforceable.

True False

32. In Harley-Davidson Motor Co. v. PowerSports Inc., the court permitted PowerSports to retain
its Harley-Davidson franchise because PowerSports' decision to become a publicly owned
corporation had nothing to do with its commitment to sales and service and thus was deemed
not material to the negotiations, so no fraud occurred.

True False

33. If Peter owns two different cars and says to Amy, "I'll sell you my car for $5,000," this offer is
unclear.

True False

34. Contractual consideration is defined as the thought process a party uses to decide whether
or not to accept the offer and enter into a contract.

True False

7-6
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McGraw-Hill Education.
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of Elegy in Autumn
 This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.

Title: Elegy in Autumn

In memory of Frank Dempster Sherman

Author: Clinton Scollard

Release date: August 22, 2023 [eBook #71471]

Language: English

Original publication: New York: Frederick Fairchild Sherman,

1917

Credits: Charlene Taylor, David E. Brown, and the Online

Distributed Proofreading Team at https://www.pgdp.net
(This file was produced from images generously made
available by The Internet Archive/American Libraries.)

*** START OF THE PROJECT GUTENBERG EBOOK ELEGY IN

AUTUMN ***
ELEGY IN AUTUMN

IN MEMORY OF
Frank Dempster Sherman

BY
Clinton Scollard

new york
Frederic Fairchild Sherman
mcmxvii
Copyright, 1917, by
Clinton Scollard
ELEGY IN AUTUMN
 I
Brother in song, you who have gone before
Along far incommunicable ways,
Leaving me here upon this mortal shore,
A bondman to the tyrant nights and days,
Across the distance, hail!
Though Time may sever, and we meet no more,
Yet what shall Time avail!
 II
’Twas Autumn when we first set hand to hand,
And eye to eye, in loyal comradeship;
Drowsed with a draught of Beauty seemed the land,
As it had raised a golden cup to lip;
But you embodied Spring,
Its harvest hopes, its deeds in joyance planned,
Its brave adventuring.
 III
I can recall your buoyance,—can recall
The star-sown hours beneath the Cambridge trees,
When o’er us wheeled the bright processional
Of bold Orion and the Pleiades,
And how we strolled along
Laughterful, and oblivious to all
Save the sweet thrall of Song.
 IV
Youth has its visions and its fervors; yours
Were lovingly enlinked with Poesy;
You dreamed the dream that many an one allures,
The vernal dream where life is harmony.
And though the years estranged
Your full allegiance, something still assures
My heart you never changed.
 V
What merriment was ours those shut-in nights
When Winter, clamorous at the casement, cried!
What dear association, what delights
As we in friendly emulation vied,
While Aspiration’s cruse
Was brimmed for us, beholding on dim heights
The presence of the Muse!
 VI
And then there opened wider paths to tread
When Love, with Song, beguiled you on and on,
While Art around your feet unfaltering shed
Its luminous light, irradiant as the dawn;
Though you saw many part
From deities long worshipped, you were wed
Inalienably to Art.
 VII
What though the rigid chains of circumstance
Oft held you in the trammels of the town,
Your heart went woodward where the fairies dance
What time the moon its silvery sheen sifts down.
You loved the reeds and rills,
The sea, the shore, their glamour and romance,
And all the climbing hills.
 VIII
And when you made escape, and sensed the wild
Aromas beat about you, when you fared
By tracks unwonted, like an unleashed child
You gleefully your gay abandon shared.
Care from your shoulders thrown,
You seemed an Ariel spirit, long exiled,
Come back unto its own.
 IX
With gracious Memory again I go
To tread with you where meads are green and gold,
Where upland slopes are strewn with daisy-snow,
And bee-balm torches light the flocks to fold,
And willow branches wave
Above Oriskany, singing far below
Its liquid summer stave.
 X
Now south we sail where stormy currents meet
Round the wind-harassed cape of Hatteras,
Beyond whose beacons, when the tides retreat,
The wide sea-mirror is like burnished glass;
There, ’mid the drowsy calms,
As Ponce de Leon did of yore, we greet
The tall Floridian palms.
 XI
Here down the live-oak aisles ’tis ours to stray
With wraiths of many a stern conquistador,
Those vanished warriors of an elder day
When gray San Marco bore the brunt of war;
Here we in revery lean
Upon the ramparts beetling o’er the bay,
And watch the shifting scene;—
 XII
The boats that dip and dart like living things,
Seeking the open sea beyond the bar;
The graceful gulls with sunlight on their wings
Up the Matanzas soaring fleet and far
Where inlets deep beguile;
And o’er the waters undulant shimmerings
The low coquina isle.
 XIII
Then, at the drooping of the twilight hour,
We wander in the ancient plaza where
We breathe the attar of the jasmine flower
Like incense on the altar of the air;
And list, as music swells
Down drifting from the old cathedral tower,
The arpeggio of the bells.
 XIV
We linger by the sea-wall while the tide
Below us murmurs like a sad refrain,
Bearing from outer ocean reaches wide
The lore and legend of the Spanish main,
Nor leave that spot serene
Till Sleep, as with the mantle of the bride,
Wraps fair Saint Augustine.
 XV
Days dedicate to rapturous things were these;
It was as though Youth came again, and brought
Past aims, past ardors and past ecstasies,
And toward the shrine of Beauty turned our thought.
And there were after times
Of exultation, prismic harmonies,
When hours ran by in rhymes.
 XVI
Once, ’mid cathedral Carolinian pines,
We saw the Springtide, at its radiant birth,
Kindle to fragrant gold the coiling vines,
And make a garden of the wakened earth;
And every morning heard
Within the treetops, melody linked with mirth,
The hidden mocking-bird.
 XVII
And while the cardinal through the waving bredes
Of pendulous moss swift flitted like a flame,
Back flooded to our minds the illustrious deeds,
Emblazoned on the honor-scroll of Fame,
When Liberty was won,
Hearkening the Ashley whisper to its reeds
The name of Marion.
 XVIII
From Gloucester cliffs and brown Nantucket dunes
The mountains lured you, and the mountain star;
For us the Woodland sang its lyric runes
Where’er we followed it, or near or far,
In sun or shadow cool,
Or loitered through long languorous afternoons
By Dian’s darkling pool.
 XIX
Far up the valley Wittenberg’s vast form,
Its summit beckoning, with you I view,
And above sweeping slopes where wild bees swarm
Glimpse timid deer at dawn and fall of dew;
Through Panther Kill we roam,
And mark the purple streamers of the storm
Ascend behind the Dome.
 XX
And, too, in bookmen’s mines of dusty ore
Ever shall I remember how we delved,
Plucking from out the musty treasure-store
Rich rarities within the darkness shelved,
Elated if we found
Leaves that some name we long had honored bore
In frayed morocco bound.
 XXI
Thus, step by step, we trod adown the years,
Thus, side by side, with ne’er a break between;
We shared our laughter and we shared our tears,
Nor deemed inexorable Fate might intervene
To sever the strong cord
That bound us, Fate with its “abhorrèd shears,”
That is man’s over-lord.
 XXII
You that in Autumn came, in Autumn went;
How vain to say the mourning word! how vain
To beat the bars of that arbitrament
That metes to mortals pleasurement or pain!
How vain!—how vain!—and yet
We beat upon them, and we only gain
The poignance of regret!