Question 1

Legal detriment involves the legal ability to make a contract.

Accepted Answer

A) True 
 B)False

Question 2

An unenforceable contract may have all the elements of a complete contract and still be unenforceable.

Accepted Answer

A) True 
 B)False

Question 3

A contract consists of mutual promises between two parties that can be enforced in a court of law.

Accepted Answer

A) True 
 B)False

Question 4

Fair courts,established in 11th century England,were:

Accepted Answer

A) tribunals set up in seaport towns to handle disputes involving maritime law. 
B) composed of judges who applied fair and equitable principles to commercial transactions. 
C) composed of legal scholars who applied common law to all commercial cases. 
D) courts in which juries were composed of merchants who were empowered to hear cases involving commercial disputes. 
A) tribunals set up in seaport towns to handle disputes involving maritime law. 
B) composed of judges who applied fair and equitable principles to commercial transactions. 
C) composed of legal scholars who applied common law to all commercial cases. 
D) courts in which juries were composed of merchants who were empowered to hear cases involving commercial disputes.

Question 5

A breach of contract occurs when both parties fail to keep their respective promises.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Accepted Answer

A) Contracts that can be completed within one year. 
B) Contracts to pay the debt of another. 
C) Contracts involving the sale of all types of goods. 
D) Contracts in consideration of employment. 
A) Contracts that can be completed within one year. 
B) Contracts to pay the debt of another. 
C) Contracts involving the sale of all types of goods. 
D) Contracts in consideration of employment.

Question 7

Beth and Joan,both 15 years of age,enter into a written contract.In the contract,Beth agrees to do Joan's math homework for two weeks for $50,and Joan agrees to pay Beth at the end of the two-week period.This contract is:

Accepted Answer

A) implied-in-law. 
B) void. 
C) unenforceable. 
D) voidable. 
A) implied-in-law. 
B) void. 
C) unenforceable. 
D) voidable.

Question 8

A(n)________ contract cannot be upheld by a court of law,although it may have all of the elements of complete contract.

Accepted Answer

A) unenforceable 
B) valid 
C) voidable 
D) void 
A) unenforceable 
B) valid 
C) voidable 
D) void

Question 9

Shannon offered a $50 reward for the return of a lost kitten.When Mark found the kitten and returned it to Shannon,she refused to give him the reward because he had not promised to find the kitten before he went looking for it.Analyze the case.

Accepted Answer

This is a case of unilateral agreement.S

Question 10

The quasi-contract concept involves the mutual assent of the parties.

Accepted Answer

A) True 
 B)False

Question 11

________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree,and the offer has been accepted properly by the offeree.

Accepted Answer

A) Legality 
B) Capacity 
C) Consideration 
D) Mutual assent 
A) Legality 
B) Capacity 
C) Consideration 
D) Mutual assent

Exam 7: The Essentials of Contract Law

Legal detriment involves the legal ability to make a contract.

An unenforceable contract may have all the elements of a complete contract and still be unenforceable.

A contract consists of mutual promises between two parties that can be enforced in a court of law.

Fair courts,established in 11th century England,were:

A breach of contract occurs when both parties fail to keep their respective promises.

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Beth and Joan,both 15 years of age,enter into a written contract.In the contract,Beth agrees to do Joan's math homework for two weeks for $50,and Joan agrees to pay Beth at the end of the two-week period.This contract is:

A(n)________ contract cannot be upheld by a court of law,although it may have all of the elements of complete contract.

Shannon offered a $50 reward for the return of a lost kitten.When Mark found the kitten and returned it to Shannon,she refused to give him the reward because he had not promised to find the kitten before he went looking for it.Analyze the case.

The quasi-contract concept involves the mutual assent of the parties.

________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree,and the offer has been accepted properly by the offeree.

Ethics,social Responsibility,and the Law

Sources of the Law

The Judicial Process and Cyber-Procedure

Alternative Dispute Resolution and Cyber-Adr

Criminal Law and Cybercrimes

Tort Law and Cybertorts

Offer,acceptance,and Mutual Assent

Consideration and Cyber-Payments

Capacity and Legality: the Final Elements

Written Contracts and Cyber-Commerce

Third Parties,discharge,and Remedies

Sales Contracts: Formation,title,and Risk of Loss

Sales Contracts: Rights,duties,breach,and Warranties

Product Liability and Consumer Protection

The Nature of Negotiable Instruments

Holders in Due Course,defenses,and Liabilities

Bank-Depositor Relationships and Cyber-Banking

Insurance

Mortgages, land Contracts, and the 21st-Century Financial Crisis

Bankruptcy Law: in Theory, in History, and in Practice

Agency Law

Employment Law

Labor Law

The Business Entity: an Introduction

The Corporate Entity

Managing the Corporate Entity

Government Regulation of the Corporate Entity

Personal Property and Bailments

Real Property and Landlord and Tenant Law

Wills, advanced Directives, and Trusts

Professional Liability

Science, technology, and Law in the 21st Century

International Law and the New World Order

Filters

Fair courts,established in 11^th century England,were: