Question 1

According to the Restatement, manifesting an intention to act or an intention to refrain from acting in a specified manner is considered to be:

Accepted Answer

A) an implied in fact contract. 
B) an express contract. 
C) a promise. 
D) a quasi contract. 
A) an implied in fact contract. 
B) an express contract. 
C) a promise. 
D) a quasi contract.

Question 2

Promissory estoppel is a contractual doctrine that includes the following considerations:

Accepted Answer

A) The courts use the doctrine of promissory estoppel to enforce unilateral promises. 
B) Under this doctrine the promisor reasonably expects that the promisee, in reliance on the promise, will be induced by the nature of the promise to take action or refrain from taking action and the promisee does so. 
C) The courts will not, under any circumstance, enforce promises that do not include all four of the elements of contract. 
D) None of these apply to promissory estoppel. 
A) The courts use the doctrine of promissory estoppel to enforce unilateral promises. 
B) Under this doctrine the promisor reasonably expects that the promisee, in reliance on the promise, will be induced by the nature of the promise to take action or refrain from taking action and the promisee does so. 
C) The courts will not, under any circumstance, enforce promises that do not include all four of the elements of contract. 
D) None of these apply to promissory estoppel.

Question 3

A contract to sell five acres of land is governed by Article 2 of the UCC.

Accepted Answer

A) True 
 B)False

Question 4

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

Accepted Answer

A) contractual liability, once assumed, can rarely be escaped. 
B) contract damages are viewed more narrowly and equitable remedies are no longer available. 
C) privity of contract is required. 
D) intended third-party beneficiaries may sue in their own right. 
A) contractual liability, once assumed, can rarely be escaped. 
B) contract damages are viewed more narrowly and equitable remedies are no longer available. 
C) privity of contract is required. 
D) intended third-party beneficiaries may sue in their own right.

Question 5

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 6

Lance has a contract with Smith to resurface a driveway at the Smith residence.Lance by mistake stops at the Jones residence and resurfaces Jones' driveway.Jones lives next door to Smith and knows that Lance is at the wrong residence.Jones, however, says nothing and watches while Lance resurfaces his driveway.Is Jones under any contractual obligation to pay Lance for resurfacing his driveway? Explain your answer.

Accepted Answer

Yes.In addition to express and implied i

Question 7

Sarah offers to pay Allison $150 if Allison will paint her apartment while she is out of town on vacation for two weeks.Allison makes no promise but tells Sarah that she will think about it.While Sarah is out of town, Allison paints the apartment.This is best described as a(n):

Accepted Answer

A) unilateral contract. 
B) quasi contract. 
C) implied in fact contract. 
D) bilateral contract. 
A) unilateral contract. 
B) quasi contract. 
C) implied in fact contract. 
D) bilateral contract.

Question 8

A valid contract may be unenforceable for which reason(s)?

Accepted Answer

A) Failure to satisfy the Statute of Frauds 
B) Running of the Statute of Limitations 
C) Lack of capacity 
D) All of these reasons 
A) Failure to satisfy the Statute of Frauds 
B) Running of the Statute of Limitations 
C) Lack of capacity 
D) All of these reasons

Question 9

Sales of personal property are governed by Article of the Uniform Commercial Code (UCC).

Accepted Answer

A) 1 
B) 2 
C) 3 
D) None of these. 
A) 1 
B) 2 
C) 3 
D) None of these.

Question 10

What is a formal contract? How does a formal contract differ from an informal contract?

Accepted Answer

A formal contract is legally binding bec

Question 11

List and discuss the essential elements of a contract.

Accepted Answer

Contractual elements are: (1) mutual ass

Question 12

Alice makes a material misrepresentation of fact to Betty, and based upon the misrepresentation, Betty enters into a contract.Betty now realizes she was deceived and wants to get out of the contract.This contract is voidable at Betty's option.

Accepted Answer

A) True 
 B)False

Question 13

Ken promises not to foreclose on a mortgage that he holds on an office complex that Christopher owns.In reliance on this promise, Christopher expends $200,000 to remodel the complex.Which of the following is correct with regard to Ken's promise?

Accepted Answer

A) Ken's promise not to foreclose is unsupported by consideration. 
B) Ken's promise is noncontractual. 
C) Ken's promise will be enforced against him based upon the doctrine of promissory estoppel. 
D) All of these. 
A) Ken's promise not to foreclose is unsupported by consideration. 
B) Ken's promise is noncontractual. 
C) Ken's promise will be enforced against him based upon the doctrine of promissory estoppel. 
D) All of these.

Question 14

Contract law:

Accepted Answer

A) has seen little change during the nineteenth and twentieth centuries. 
B) has experienced an expansion of the absolute freedom of contract during the twentieth century. 
C) today usually recognizes contractual obligations whenever the parties manifest an intent to be bound. 
D) requires privity between parties seeking to enforce contractual rights. 
A) has seen little change during the nineteenth and twentieth centuries. 
B) has experienced an expansion of the absolute freedom of contract during the twentieth century. 
C) today usually recognizes contractual obligations whenever the parties manifest an intent to be bound. 
D) requires privity between parties seeking to enforce contractual rights.

Question 15

A quasi contract is another name for an oral contract.

Accepted Answer

A) True 
 B)False

Question 16

At common law a promise under a seal to authenticate it was effective without anything more.

Accepted Answer

A) True 
 B)False

Question 17

Article 2 of the Uniform Commercial Code does not apply to the sale of services.

Accepted Answer

A) True 
 B)False

Question 18

Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of two years.This contract is governed by:

Accepted Answer

A) Article 2 of the UCC. 
B) state common law. 
C) federal statute. 
D) the law of quasi contract. 
A) Article 2 of the UCC. 
B) state common law. 
C) federal statute. 
D) the law of quasi contract.

Question 19

If a person who has been declared incompetent by the courts enters into an agreement, that agreement is void, because it does not meet all the requirements of a binding contract.

Accepted Answer

A) True 
 B)False

Question 20

What is the doctrine of promissory estoppel and when is it used?

Accepted Answer

Promissory estoppel is a doctrine used t

Exam 9: Introduction to Contracts

According to the Restatement, manifesting an intention to act or an intention to refrain from acting in a specified manner is considered to be:

Promissory estoppel is a contractual doctrine that includes the following considerations:

A contract to sell five acres of land is governed by Article 2 of the UCC.

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

Sarah offers to pay Allison $150 if Allison will paint her apartment while she is out of town on vacation for two weeks.Allison makes no promise but tells Sarah that she will think about it.While Sarah is out of town, Allison paints the apartment.This is best described as a(n):

A valid contract may be unenforceable for which reason(s)?

Sales of personal property are governed by Article of the Uniform Commercial Code (UCC).

What is a formal contract? How does a formal contract differ from an informal contract?

List and discuss the essential elements of a contract.

Alice makes a material misrepresentation of fact to Betty, and based upon the misrepresentation, Betty enters into a contract.Betty now realizes she was deceived and wants to get out of the contract.This contract is voidable at Betty's option.

Ken promises not to foreclose on a mortgage that he holds on an office complex that Christopher owns.In reliance on this promise, Christopher expends $200,000 to remodel the complex.Which of the following is correct with regard to Ken's promise?

Contract law:

A quasi contract is another name for an oral contract.

At common law a promise under a seal to authenticate it was effective without anything more.

Article 2 of the Uniform Commercial Code does not apply to the sale of services.

Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of two years.This contract is governed by:

If a person who has been declared incompetent by the courts enters into an agreement, that agreement is void, because it does not meet all the requirements of a binding contract.

What is the doctrine of promissory estoppel and when is it used?

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature, Formation, and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

51: The Legal Environment Of Business

52: Contracts.

53: Agency.

54: Sales

55: Negotiable Instruments

56: Unincorporated Business Association

57: Corporations

58: Debtor and Creditor Relation

59: Regulation of Business

60: Property.

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