Question 1

A(n) ____________________ is a legally binding agreement between two or more competent parties.

Accepted Answer

contract

Question 2

A check is an example of a

Accepted Answer

A)  contract implied in law. 
B)  contract implied in fact. 
C)  quasi contract. 
D)  formal contract. 
A)  contract implied in law. 
B)  contract implied in fact. 
C)  quasi contract. 
D)  formal contract. D

Question 3

A voidable contract

Accepted Answer

A)  is enforceable against all parties unless a party has a right to back out of it. 
B)  lacks one of the essential elements of a contract. 
C)  is required to be in writing. 
D)  is limited to simple transactions. 
A)  is enforceable against all parties unless a party has a right to back out of it. 
B)  lacks one of the essential elements of a contract. 
C)  is required to be in writing. 
D)  is limited to simple transactions. A

Question 4

A contract whose terms are expressed orally or in writing is legally referred to as a(n) ____________________ contract.

Accepted Answer

The answer of A contract whose terms are expressed orally...

Question 5

A voidable contract is completely enforceable against all parties unless and until the party legally entitled to avoid it does so.

Accepted Answer

A) True 
 B)False

Question 6

When a party to a contract fails to perform as agreed, a breach of contract occurs.

Accepted Answer

A) True 
 B)False

Question 7

What is the underlying purpose of the law of quasi contracts?

Accepted Answer

To ensure that one party is no

Question 8

An implied contract in fact is one that is formed from the actions of the parties.

Accepted Answer

A) True 
 B)False

Question 9

You go to your favorite restaurant and select a complete dinner from the menu presented to you. The waiter does not discuss price and you do not ask. Has a contract been formed?

Accepted Answer

Yes. When you ordered the food

Question 10

McManus promises to pay Gooding $150 if Gooding repairs his car. A day later Gooding repairs the car to McManus's satisfaction. This is an example of a

Accepted Answer

A)  bilateral contract. 
B)  quasi contract. 
C)  void contract. 
D)  unilateral contract. 
A)  bilateral contract. 
B)  quasi contract. 
C)  void contract. 
D)  unilateral contract.

Question 11

Oral contracts are

Accepted Answer

A)  unenforceable in court. 
B)  easier to prove than written contracts. 
C)  harder to prove than written contracts. 
D)  illegal in some states. 
A)  unenforceable in court. 
B)  easier to prove than written contracts. 
C)  harder to prove than written contracts. 
D)  illegal in some states.

Question 12

An executory contract is one that

Accepted Answer

A)  is missing some requirement of the law. 
B)  has not been completely performed by all parties. 
C)  will not be enforced by a court of law. 
D)  has been prepared in written form. 
A)  is missing some requirement of the law. 
B)  has not been completely performed by all parties. 
C)  will not be enforced by a court of law. 
D)  has been prepared in written form.

Question 13

Offering to take someone to dinner is an example of a(n) ____________________.

Accepted Answer

The answer of Offering to take someone to dinner is...

Question 14

When a client accepts the services of his or her attorney without an agreement concerning fees to be paid, the agreement to pay the attorney's bill is

Accepted Answer

A)  implied in law. 
B)  implied in fact. 
C)  a voidable contract. 
D)  no contract at all. 
A)  implied in law. 
B)  implied in fact. 
C)  a voidable contract. 
D)  no contract at all.

Question 15

____________________ may be money, property, not doing something, or doing something you don't have to do.

Accepted Answer

The answer of ____________________ may be money, property, not doing...

Question 16

Johnson entered into a contract to sell his computer to Madison for $950. Johnson then changed his mind and refused to deliver the computer to Madison as agreed. Johnson's failure to deliver the computer is considered to be

Accepted Answer

A)  an acceptance. 
B)  a breach of contract. 
C)  a quasi agreement. 
D)  a performed contract. 
A)  an acceptance. 
B)  a breach of contract. 
C)  a quasi agreement. 
D)  a performed contract.

Question 17

Those people who do not have the legal and mental ability to enter into binding contracts are said to be ____________________.

Accepted Answer

The answer of Those people who do not have the...

Question 18

Martin promised Bellis $50 if Bellis found and returned Martin's cocker spaniel. This contract is

Accepted Answer

A)  bilateral. 
B)  unenforceable. 
C)  unilateral. 
D)  executed. 
A)  bilateral. 
B)  unenforceable. 
C)  unilateral. 
D)  executed.

Question 19

If it is hard to determine whether a contract is unilateral or bilateral, what does the law presume?

Accepted Answer

The law presumes the

Question 20

A contract is a mere promise between two or more persons who have the capacity to contract.

Accepted Answer

A) True 
 B)False

Exam 6: Contract Law: a Beginning

A(n) ____________________ is a legally binding agreement between two or more competent parties.

A check is an example of a

A voidable contract

A contract whose terms are expressed orally or in writing is legally referred to as a(n) ____________________ contract.

A voidable contract is completely enforceable against all parties unless and until the party legally entitled to avoid it does so.

When a party to a contract fails to perform as agreed, a breach of contract occurs.

What is the underlying purpose of the law of quasi contracts?

An implied contract in fact is one that is formed from the actions of the parties.

You go to your favorite restaurant and select a complete dinner from the menu presented to you. The waiter does not discuss price and you do not ask. Has a contract been formed?

McManus promises to pay Gooding $150 if Gooding repairs his car. A day later Gooding repairs the car to McManus's satisfaction. This is an example of a

Oral contracts are

An executory contract is one that

Offering to take someone to dinner is an example of a(n) ____________________.

When a client accepts the services of his or her attorney without an agreement concerning fees to be paid, the agreement to pay the attorney's bill is

____________________ may be money, property, not doing something, or doing something you don't have to do.

Johnson entered into a contract to sell his computer to Madison for $950. Johnson then changed his mind and refused to deliver the computer to Madison as agreed. Johnson's failure to deliver the computer is considered to be

Those people who do not have the legal and mental ability to enter into binding contracts are said to be ____________________.

Martin promised Bellis $50 if Bellis found and returned Martin's cocker spaniel. This contract is

If it is hard to determine whether a contract is unilateral or bilateral, what does the law presume?

A contract is a mere promise between two or more persons who have the capacity to contract.

Foundations of Law and the Role of Ethics in Business

The Legal System in the United States and Its Constitutional Foundation

Personal, Business, and Cyber Crimes and the American Criminal Justice System

Tort Law: Traditional Torts and Cyber Torts

Litigation and Alternatives for Settling Civil Disputes

Agreement: Offer and Acceptance

Consideration

Capacity

Legality

Memorialize Contracts in Writingstatute of Frauds

Transfer of Contract Rights and Duties

The Termination of Contracts: Discharge

The Termination of Contracts: Breach of Contract

Formation of Sales and Lease Contracts

The Sales Contract: Transfer of Title and Risk of Loss

The Sales Contract: Performance, Breach, and Remedies for Breach

Product Liability Law

Nature and Types of Negotiable Instruments

Issue, Transfer, Indorsement, and Discharge of Negotiable Instruments

Rights and Duties of Parties

Checks and the Banking System in the Twenty-First Century

Employer-Employee Relationship

Principal-Agent Relationship

Principal-Agent, Employer-Employee, and Third-Party Relationships

Sole Proprietorships, Partnerships, and Limited Liability Organizations

Corporations and Franchising

Government Regulation of Business

Basic Legal Concepts of Property

Renting Real Property

Buying and Selling Real Property

Nature and Types of Bailments

Wills, Intestacy, and Estate Planning

Protecting the Consumer and the Taxpayer

Protecting the Borrower

Protecting the Creditor

Property, Casualty and Automobile Insurance

Personal Insurance

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