The Objective Theory of Contracts Is Based on the Premise

question 46

Multiple Choice

The objective theory of contracts is based on the premise that:

• A) even offers made in obvious jest can be the basis of a contract.
• B) every contract must have a central object to it.
• C) every contract must have consideration given by both parties.
• D) whether the intent is present is based on how a reasonable person would view the parties' actions and is not based on the actual intentions of the parties.
• E) the intent to be bound is determined after the parties have had a chance to perform the contract.

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Definitions:

Motivated

Having a strong desire or willingness to act and achieve goals, driven by internal or external factors.

Extrinsic Rewards

Are provided by someone else.

Externally Administered

Managed or controlled by an outside entity or organization, rather than by the internal staff or resources of the primary organization.

Supervisor

An individual in charge of overseeing and guiding the work of a team or department to ensure productivity and adherence to standards.