A concurrent condition is a future event that terminates the obligations of the parties when it occurs.

Restitution is the termination of a contract, and rescission is the return of any property given up under the contract.

Which of the following describes a contract as “a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty”?

Which of the following are formal contracts?

Quasi-contracts are also known as implied-in-fact contracts.

A breach occurs whenever a party fails to perform her obligations under the contract.

What type of agreement do contracting parties have when the sale itself is contingent on approval?

Which of the following are recognized exceptions to the statute of frauds?

A relationship in which one party has an unusual degree of ________ in the other can trigger concern about undue influence in gaining the assent of the more dependent party.

Saturday Auction. Barry, an auctioneer, was holding an auction on a Saturday morning. At the beginning of the auction, Barry announced that the auction was being held without reserve. Helen, Mary, and Chris were all in attendance. Helen saw an old cash register with a stuck drawer that she thought would look great in her den. The auctioneer put the cash register up for sale, noting that the drawer was stuck and that no one really knew what was inside. Helen bought it for $20. At the same auction, Mary saw a great deal on a used table. She bid $20 on it. No one else bid anything. Barry announced that $20 was clearly insufficient for the table, that it was worth much more than that, and that he was taking it out of the auction. Chris started bidding on a diamond ring for his girlfriend. He bid $2,000. Just as Barry was getting ready to say “Sold,” Chris looked over at his girlfriend, decided that he was not sure about marriage, and leaped up yelling, “I revoke.” Barry, however, immediately yelled “Sold.” When she got it home and broke into it, Helen discovered that the cash register actually contained $5,000. Unfortunately, Helen had a teenage son named Tad who started bragging to his friends about the family’s good fortune. Barry heard about what had happened and sued Helen for return of the $5,000. Mary sues Barry attempting to obtain possession of the table. Barry sues Chris attempting to enforce a contract for the sale of the engagement ring. What is the likely result in the lawsuit brought by Mary against Barry for the table?