Question 1

Implied terms are those terms negotiated specifically by the parties and specified in the contract.

Accepted Answer

A) True 
 B)False

Question 2

Alliston enters into an agreement with Berkley that, for $2,000, gives him the right to agree to purchase Berkley's screen printing business within the next 30 days for $50,000. If Alliston decides to buy, they agree that the $2,000 will be the down payment on the purchase price. This agreement is an option.

Accepted Answer

A) True 
 B)False

Question 3

Susan offered to pay $500 for a ring that Donna has agreed to sell to her. Each woman has given consideration to the other for her promise.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is incorrect with respect to intention to enter into a valid contract?

Accepted Answer

A)  Intention is presumed in family contracts 
B)  Intention is presumed in commercial contracts 
C)  Courts apply the reasonable stated intention of the parties in a contract 
D)  Courts protect reasonable expectations of parties in a contract 
A)  Intention is presumed in family contracts 
B)  Intention is presumed in commercial contracts 
C)  Courts apply the reasonable stated intention of the parties in a contract 
D)  Courts protect reasonable expectations of parties in a contract

Question 5

An offer is when both parties understand and agree to the terms of a contract.

Accepted Answer

A) True 
 B)False

Question 6

Implied terms are those terms not specifically negotiated by the parties but are implied in the contract.

Accepted Answer

A) True 
 B)False

Question 7

Parties to a contract must intend to create legally binding obligations.

Accepted Answer

A) True 
 B)False

Question 8

The person making an offer is the offeree.

Accepted Answer

A) True 
 B)False

Question 9

An invitation to treat is another term for offer.

Accepted Answer

A) True 
 B)False

Question 10

Jeremy agrees not to sue Angela for having crashed into his car if she agrees to pay for his repairs. Since he promised only not to do something that he could have done, he has not given consideration for her promise to pay.

Accepted Answer

A) True 
 B)False

Question 11

Contracts for the purchase and sale of land can be oral.

Accepted Answer

A) True 
 B)False

Question 12

A simple agreement between friends is an enforceable contract.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following will not end an offer?

Accepted Answer

A)  Offeror sells to another 
B)  Offer lapses 
C)  Offeror dies 
D)  Offeree makes counter-offer 
A)  Offeror sells to another 
B)  Offer lapses 
C)  Offeror dies 
D)  Offeree makes counter-offer

Question 14

Which of the following statements regarding online transactions is true?

Accepted Answer

A)  Electronic contracts are unenforceable unless also reduced to writing 
B)  Common law has set precedents for entering into contracts online 
C)  Clicking "I Accept" may constitute valid acceptance of a contract 
D)  Entering into contracts online negates the need to satisfy all elements of a contract 
A)  Electronic contracts are unenforceable unless also reduced to writing 
B)  Common law has set precedents for entering into contracts online 
C)  Clicking "I Accept" may constitute valid acceptance of a contract 
D)  Entering into contracts online negates the need to satisfy all elements of a contract

Question 15

Acceptance is when one party agrees to the terms of the offer.

Accepted Answer

A) True 
 B)False

Question 16

Each province has enacted statute law to govern all business contract disputes.

Accepted Answer

A) True 
 B)False

Question 17

Judge may add implied terms to a contract to give meaning to the words in the contract.

Accepted Answer

A) True 
 B)False

Question 18

If you enter into a valid contract that was not in your best interest, the Court will assist you in getting out of the contract.

Accepted Answer

A) True 
 B)False

Question 19

Which one of the following is an offer as opposed to an "invitation to treat"?

Accepted Answer

A)  A notice posted on Kijiji "I'll pay $100 to whoever finds and returns my lost black lab puppy" 
B)  A notice in an email "15% off the price of all tablets until January" 
C)  A sweater displayed in the window of a shop with the price tag attached and showing 
D)  A display of goods on the shelves of Safeway 
A)  A notice posted on Kijiji "I'll pay $100 to whoever finds and returns my lost black lab puppy" 
B)  A notice in an email "15% off the price of all tablets until January" 
C)  A sweater displayed in the window of a shop with the price tag attached and showing 
D)  A display of goods on the shelves of Safeway

Question 20

You have an agreement with a friend to meet for coffee after class. Your friend does not show up. You had turned down an opportunity to work and as a result lost 8 hours of wages. You decide to sue your friend. Which of the following statements is true?

Accepted Answer

A)  You and your friend have a simple agreement that the court would enforce 
B)  You and your friend have a simple agreement that the court would not enforce 
C)  You and your friend have a valid contract that the courts would not enforce 
D)  You and your friend have a valid contract that the courts would enforce 
A)  You and your friend have a simple agreement that the court would enforce 
B)  You and your friend have a simple agreement that the court would not enforce 
C)  You and your friend have a valid contract that the courts would not enforce 
D)  You and your friend have a valid contract that the courts would enforce

Implied terms are those terms negotiated specifically by the parties and specified in the contract.

Susan offered to pay $500 for a ring that Donna has agreed to sell to her. Each woman has given consideration to the other for her promise.

Which of the following is incorrect with respect to intention to enter into a valid contract?

An offer is when both parties understand and agree to the terms of a contract.

Implied terms are those terms not specifically negotiated by the parties but are implied in the contract.

Parties to a contract must intend to create legally binding obligations.

The person making an offer is the offeree.

An invitation to treat is another term for offer.

Jeremy agrees not to sue Angela for having crashed into his car if she agrees to pay for his repairs. Since he promised only not to do something that he could have done, he has not given consideration for her promise to pay.

Contracts for the purchase and sale of land can be oral.

A simple agreement between friends is an enforceable contract.

Which of the following will not end an offer?

Which of the following statements regarding online transactions is true?

Acceptance is when one party agrees to the terms of the offer.

Each province has enacted statute law to govern all business contract disputes.

Judge may add implied terms to a contract to give meaning to the words in the contract.

If you enter into a valid contract that was not in your best interest, the Court will assist you in getting out of the contract.

Which one of the following is an offer as opposed to an "invitation to treat"?

You have an agreement with a friend to meet for coffee after class. Your friend does not show up. You had turned down an opportunity to work and as a result lost 8 hours of wages. You decide to sue your friend. Which of the following statements is true?

Business Law

Resolution of Disputes

Tort Law

Specific Issues in Tort Law

Contracts: Problems With Formation

Contracts: Ending Contracts

Employment Law

Property Law

Business Organization

Banking, Creditors Rights, and Bankruptcy

Filters

Exam 5: Elements of Contracts, E-Commerce and Technology

Implied terms are those terms negotiated specifically by the parties and specified in the contract.

Susan offered to pay $500 for a ring that Donna has agreed to sell to her. Each woman has given consideration to the other for her promise.

Which of the following is incorrect with respect to intention to enter into a valid contract?

An offer is when both parties understand and agree to the terms of a contract.

Implied terms are those terms not specifically negotiated by the parties but are implied in the contract.

Parties to a contract must intend to create legally binding obligations.

The person making an offer is the offeree.

An invitation to treat is another term for offer.

Jeremy agrees not to sue Angela for having crashed into his car if she agrees to pay for his repairs. Since he promised only not to do something that he could have done, he has not given consideration for her promise to pay.

Contracts for the purchase and sale of land can be oral.

A simple agreement between friends is an enforceable contract.

Which of the following will not end an offer?

Which of the following statements regarding online transactions is true?

Acceptance is when one party agrees to the terms of the offer.

Each province has enacted statute law to govern all business contract disputes.

Judge may add implied terms to a contract to give meaning to the words in the contract.

If you enter into a valid contract that was not in your best interest, the Court will assist you in getting out of the contract.

Which one of the following is an offer as opposed to an "invitation to treat"?

You have an agreement with a friend to meet for coffee after class. Your friend does not show up. You had turned down an opportunity to work and as a result lost 8 hours of wages. You decide to sue your friend. Which of the following statements is true?

Business Law

Resolution of Disputes

Tort Law

Specific Issues in Tort Law

Contracts: Problems With Formation

Contracts: Ending Contracts

Employment Law

Property Law

Business Organization

Banking, Creditors Rights, and Bankruptcy

Filters