Question 1

What is an exculpatory clause?

Accepted Answer

An exculpatory clause is an express limitation on potential or actual liability arising under the subject matter of the contract.In short,exculpatory clauses are often employed when risk of injury exists.They seek to limit one party's liability to another.

Question 2

What is a mirror image?

Accepted Answer

In common-law contracts,the acceptance must be a mirror image of the offer to constitute valid acceptance.This means that the acceptance must be precisely the same as the offer.

Question 3

Mistake is:

Accepted Answer

A) a false statement of fact. 
B) rarely a successful defense to contract. 
C) when the contract has become essentially worthless to one party. 
D) when one party has used deception to acquire property. 
E) a threat made to compel a person to do something against his/her judgment. 
A) a false statement of fact. 
B) rarely a successful defense to contract. 
C) when the contract has become essentially worthless to one party. 
D) when one party has used deception to acquire property. 
E) a threat made to compel a person to do something against his/her judgment. B

Question 4

Merchants frequently use _____ language in their individual purchase orders and invoices.

Accepted Answer

The answer of Merchants frequently use _____ language in their...

Question 5

Strict performance is a standard of performance in a contract that means that the performance under the contract is scrutinized subjectively.

Accepted Answer

A) True 
 B)False

Question 6

Performance means that parties to a contract have fulfilled their duties under the contract.

Accepted Answer

A) True 
 B)False

Question 7

In contracts governed by the Uniform Commercial Code,_____ can be inserted into a contract when those terms are not definite and certain.

Accepted Answer

A) revocations 
B) gap fillers 
C) boilerplate codes 
D) bookkeeping codes 
E) battle of the forms 
A) revocations 
B) gap fillers 
C) boilerplate codes 
D) bookkeeping codes 
E) battle of the forms

Question 8

A minor who enters into a contract with a party who has capacity may not void the contract.

Accepted Answer

A) True 
 B)False

Question 9

What is the implied covenant of good faith and fair dealing?

Accepted Answer

The implied covenant of good faith and f

Question 10

Article 8 of the Uniform Commercial Code governs contracts between a merchant and the sale of goods.

Accepted Answer

A) True 
 B)False

Question 11

An)_____ is an order by the court to stop all collection activities of prepetition debts owed by a debtor in bankruptcy.

Accepted Answer

The answer of An)_____ is an order by the court...

Question 12

An acceptance is valid when the offeree:

Accepted Answer

A) Deposits the acceptance in the mail 
B) Meets with the other party to confirm final terms 
C) Confirms an appointment with a notary public 
D) Confirms that she or he will not revoke the terms of the agreement,24 hours in advance of the final meeting time. 
E) Agrees to final terms and indicates an intention to sign. 
A) Deposits the acceptance in the mail 
B) Meets with the other party to confirm final terms 
C) Confirms an appointment with a notary public 
D) Confirms that she or he will not revoke the terms of the agreement,24 hours in advance of the final meeting time. 
E) Agrees to final terms and indicates an intention to sign.

Question 13

If a contract concerns an illegal subject matter and a court will not step in to such a contract to enforce its promises,it is an example of _____ as a defense to performance.

Accepted Answer

A) lack of capacity 
B) duress 
C) unconscionability 
D) undue influence 
E) impossibility 
A) lack of capacity 
B) duress 
C) unconscionability 
D) undue influence 
E) impossibility

Question 14

_____ is the name for damages awarded in quasi-contract cases,which means "as much as is deserved."

Accepted Answer

The answer of _____ is the name for damages awarded...

Question 15

In common-law,_____ refers to offer,acceptance,and consideration.

Accepted Answer

The answer of In common-law,_____ refers to offer,acceptance,and consideration....

Question 16

_____ are elements of contracts that specify important matters,such as quantity,price,and time for performance.

Accepted Answer

The answer of _____ are elements of contracts that specify...

Question 17

For common-law contracts,the primary issue is whether the parties intended to enter into a binding agreement.

Accepted Answer

A) True 
 B)False

Question 18

When a party fails to perform under the terms of the contract without a legally justifiable reason,the party is said to be in breach of the contract.

Accepted Answer

A) True 
 B)False

Question 19

An)_____ clause is an express limitation on potential or actual liability arising under the subject matter of the contract.

Accepted Answer

A) noncompete 
B) mandatory arbitration 
C) acceleration 
D) liquidated damages 
E) exculpatory 
A) noncompete 
B) mandatory arbitration 
C) acceleration 
D) liquidated damages 
E) exculpatory

Question 20

When a party invites others to make offers to buy,it is an):

Accepted Answer

A) binding offer. 
B) invitation to bargain. 
C) actual offer. 
D) intention to be legally bound. 
E) irrevocable offer. 
A) binding offer. 
B) invitation to bargain. 
C) actual offer. 
D) intention to be legally bound. 
E) irrevocable offer.

What is an exculpatory clause?

What is a mirror image?

Mistake is:

Merchants frequently use _____ language in their individual purchase orders and invoices.

Strict performance is a standard of performance in a contract that means that the performance under the contract is scrutinized subjectively.

Performance means that parties to a contract have fulfilled their duties under the contract.

In contracts governed by the Uniform Commercial Code,_____ can be inserted into a contract when those terms are not definite and certain.

A minor who enters into a contract with a party who has capacity may not void the contract.

What is the implied covenant of good faith and fair dealing?

Article 8 of the Uniform Commercial Code governs contracts between a merchant and the sale of goods.

An)_____ is an order by the court to stop all collection activities of prepetition debts owed by a debtor in bankruptcy.

An acceptance is valid when the offeree:

If a contract concerns an illegal subject matter and a court will not step in to such a contract to enforce its promises,it is an example of _____ as a defense to performance.

_____ is the name for damages awarded in quasi-contract cases,which means "as much as is deserved."

In common-law,_____ refers to offer,acceptance,and consideration.

_____ are elements of contracts that specify important matters,such as quantity,price,and time for performance.

For common-law contracts,the primary issue is whether the parties intended to enter into a binding agreement.

When a party fails to perform under the terms of the contract without a legally justifiable reason,the party is said to be in breach of the contract.

An)_____ clause is an express limitation on potential or actual liability arising under the subject matter of the contract.

When a party invites others to make offers to buy,it is an):

Introduction to Law

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

Torts

The Property System

Intellectual Property

Criminal Law

Business Organizations

Employment Discrimination

Business in the Global Legal Environment

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Exam 6: Contracts

What is an exculpatory clause?

What is a mirror image?

Mistake is:

Merchants frequently use _____ language in their individual purchase orders and invoices.

Strict performance is a standard of performance in a contract that means that the performance under the contract is scrutinized subjectively.

Performance means that parties to a contract have fulfilled their duties under the contract.

In contracts governed by the Uniform Commercial Code,_____ can be inserted into a contract when those terms are not definite and certain.

A minor who enters into a contract with a party who has capacity may not void the contract.

What is the implied covenant of good faith and fair dealing?

Article 8 of the Uniform Commercial Code governs contracts between a merchant and the sale of goods.

An)_____ is an order by the court to stop all collection activities of prepetition debts owed by a debtor in bankruptcy.

An acceptance is valid when the offeree:

If a contract concerns an illegal subject matter and a court will not step in to such a contract to enforce its promises,it is an example of _____ as a defense to performance.

_____ is the name for damages awarded in quasi-contract cases,which means "as much as is deserved."

In common-law,_____ refers to offer,acceptance,and consideration.

_____ are elements of contracts that specify important matters,such as quantity,price,and time for performance.

For common-law contracts,the primary issue is whether the parties intended to enter into a binding agreement.

When a party fails to perform under the terms of the contract without a legally justifiable reason,the party is said to be in breach of the contract.

An)_____ clause is an express limitation on potential or actual liability arising under the subject matter of the contract.

When a party invites others to make offers to buy,it is an):

Introduction to Law

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

Torts

The Property System

Intellectual Property

Criminal Law

Business Organizations

Employment Discrimination

Business in the Global Legal Environment

Filters