Question 1

The doctrine of quasi-contract is intended to prevent unjust enrichment but not unjust detriment.

Accepted Answer

A) True 
 B)False

Question 2

The offeror is the party to whom the offer is made.

Accepted Answer

A) True 
 B)False

Question 3

The Uniform Computer Information Transactions Act was passed by the U.S.Congress and is the exclusive law in the area of electronic contracts and licenses,preempting state law.

Accepted Answer

A) True 
 B)False

Question 4

According to the objective theory of contracts,the intent to enter into an express or implied-in-fact contract is judged by the ________.

Accepted Answer

A)  reasonable person standard 
B)  Supremacy Clause 
C)  doctrine of equity 
D)  common law of contracts 
A)  reasonable person standard 
B)  Supremacy Clause 
C)  doctrine of equity 
D)  common law of contracts

Question 5

One requirement of an express contract is that it has to be in writing.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following classifications of contacts is based on performance?

Accepted Answer

A)  informal contracts 
B)  unilateral contracts 
C)  voidable contracts 
D)  executory contracts 
A)  informal contracts 
B)  unilateral contracts 
C)  voidable contracts 
D)  executory contracts

Question 7

As applied to a contract,the terms "bilateral" and "unilateral" are based on ________.

Accepted Answer

A)  the goods or services involved in the contract 
B)  the number of attempts made to form a contract 
C)  the number of parties who make a promise in the formation of a contract 
D)  the number of attempts it took for a contract to be successfully performed 
A)  the goods or services involved in the contract 
B)  the number of attempts made to form a contract 
C)  the number of parties who make a promise in the formation of a contract 
D)  the number of attempts it took for a contract to be successfully performed

Question 8

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon.Once Sherry starts running the marathon,Alan ________.

Accepted Answer

A)  can revoke the contract as informal verbal agreements are not binding 
B)  cannot revoke the contract 
C)  can reduce the money on offer 
D)  can only increase the money on offer 
A)  can revoke the contract as informal verbal agreements are not binding 
B)  cannot revoke the contract 
C)  can reduce the money on offer 
D)  can only increase the money on offer

Question 9

Equity was resorted to when ________ would not be the proper remedy.

Accepted Answer

A)  the application of natural law 
B)  an award that is morally just 
C)  an award of money damages 
D)  maxims based on fairness 
A)  the application of natural law 
B)  an award that is morally just 
C)  an award of money damages 
D)  maxims based on fairness

Question 10

A unilateral contract is ________.

Accepted Answer

A)  a promise for an act 
B)  a promise for a promise 
C)  an act for an act 
D)  an exchange of money 
A)  a promise for an act 
B)  a promise for a promise 
C)  an act for an act 
D)  an exchange of money

Question 11

What is the distinguishing characteristic that makes a contract a formal contract?

Accepted Answer

A)  it requires a signature by both parties 
B)  it requires the contract to be orally agreed upon 
C)  it requires a special form or method of creation 
D)  it addresses all possible scenarios in the contract 
A)  it requires a signature by both parties 
B)  it requires the contract to be orally agreed upon 
C)  it requires a special form or method of creation 
D)  it addresses all possible scenarios in the contract

Question 12

An actual contract may be either ________.

Accepted Answer

A)  quasi-contractual or implied-in-law 
B)  quasi-contractual or implied-in-equity 
C)  express or implied-in-fact 
D)  express or implied-in-law 
A)  quasi-contractual or implied-in-law 
B)  quasi-contractual or implied-in-equity 
C)  express or implied-in-fact 
D)  express or implied-in-law

Question 13

An offer to form a unilateral contract can be revoked ________.

Accepted Answer

A)  before the offeree begins performance 
B)  after the offeree begins performance, but before the performance is completed 
C)  after completion of performance 
D)  only by the offeree 
A)  before the offeree begins performance 
B)  after the offeree begins performance, but before the performance is completed 
C)  after completion of performance 
D)  only by the offeree

Question 14

A contract is formed only by the performance of the requested act in a(n)________ contract.

Accepted Answer

A)  bilateral 
B)  unilateral 
C)  void 
D)  unconscionable 
A)  bilateral 
B)  unilateral 
C)  void 
D)  unconscionable

Question 15

A(n)________ contract is inferred from the conduct of the parties.

Accepted Answer

A)  express 
B)  action-oriented 
C)  implied-in-fact 
D)  implied-in-law 
A)  express 
B)  action-oriented 
C)  implied-in-fact 
D)  implied-in-law

Question 16

Common law of contracts refers to contract law developed primarily by state courts.

Accepted Answer

A) True 
 B)False

Question 17

A contract is an agreement that is enforceable by a court of law or equity.

Accepted Answer

A) True 
 B)False

Question 18

Ross makes an offer to Elizabeth to sell his automobile to her for $10,000.In this case,Ross is the offeree and Elizabeth is the offeror.

Accepted Answer

A) True 
 B)False

Question 19

Mike is a painter who makes a verbal offer to paint Betty's house for $2,000 by May 1??.Betty verbally promises to pay Mike $2,000 for the paint job if he completes it by May 1??.This is an example of a(n)________.

Accepted Answer

A)  void contract 
B)  quasi-contract 
C)  executed contract 
D)  bilateral contract 
A)  void contract 
B)  quasi-contract 
C)  executed contract 
D)  bilateral contract

Question 20

Which of the following is true of contracts?

Accepted Answer

A)  A void contract is one where a party has the option to avoid his or her contractual liability. 
B)  A voidable contract is one in which a party has the option to nullify his or her obligation under the contract. 
C)  A voidable contract is one that has no legal effect because one of the essential elements is missing. 
D)  An executory contract is considered unenforceable. 
A)  A void contract is one where a party has the option to avoid his or her contractual liability. 
B)  A voidable contract is one in which a party has the option to nullify his or her obligation under the contract. 
C)  A voidable contract is one that has no legal effect because one of the essential elements is missing. 
D)  An executory contract is considered unenforceable.

Exam 9: Nature of Traditional and E-Contracts

The doctrine of quasi-contract is intended to prevent unjust enrichment but not unjust detriment.

The offeror is the party to whom the offer is made.

The Uniform Computer Information Transactions Act was passed by the U.S.Congress and is the exclusive law in the area of electronic contracts and licenses,preempting state law.

According to the objective theory of contracts,the intent to enter into an express or implied-in-fact contract is judged by the ________.

One requirement of an express contract is that it has to be in writing.

Which of the following classifications of contacts is based on performance?

As applied to a contract,the terms "bilateral" and "unilateral" are based on ________.

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon.Once Sherry starts running the marathon,Alan ________.

Equity was resorted to when ________ would not be the proper remedy.

A unilateral contract is ________.

What is the distinguishing characteristic that makes a contract a formal contract?

An actual contract may be either ________.

An offer to form a unilateral contract can be revoked ________.

A contract is formed only by the performance of the requested act in a(n)________ contract.

A(n)________ contract is inferred from the conduct of the parties.

Common law of contracts refers to contract law developed primarily by state courts.

A contract is an agreement that is enforceable by a court of law or equity.

Ross makes an offer to Elizabeth to sell his automobile to her for $10,000.In this case,Ross is the offeree and Elizabeth is the offeror.

Mike is a painter who makes a verbal offer to paint Betty's house for $2,000 by May 1??.Betty verbally promises to pay Mike $2,000 for the paint job if he completes it by May 1??.This is an example of a(n)________.

Which of the following is true of contracts?

Legal Heritage and the Digital Age

Constitutional Law for Business and E-commerce

Courts and Jurisdiction

Judicial Alternative Administrative and E-Dispute Resolution

Intentional Torts and Negligence

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System and Electronic Financial Transactions

Credit, Real Property Financing, and Secured Transactions

Bankruptcy and Reorganization

Agency law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchise and Special Forms of Business

Investor Protection, E-Securities, and Wall Street Reform

Antitrust Law and Unfair Trade Practices

Consumer Safety and Environmental Protection

Labor, Worker Protection, and Immigration Laws

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

Real Property, Landlord-Tenant Law, and Land Use Regulation

Family Law, Wills, and Trusts

Accountants' Duties and Liability

International and World Trade Law

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