Exam 9: Introduction to Contracts

Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange.

Brian makes a material misrepresentation of fact regarding his horse to Rosalind while out riding one day.Later that day, Rosalind makes an offer to buy the horse.Brain accepts without correcting his earlier misrepresentation of fact.In this case:

Larry says to Jeff, "If you will mow my lawn, I will give you fifteen dollars." Under these facts, no contract is formed until Jeff finishes mowing the lawn.

What is the difference between a valid contract and a void contract?

Anna by mistake delivers to Bob a plain, unaddressed envelope containing $50 intended for Cora.Bob:

A contract in which both parties exchange promises is a:

Ron says to Matt, "If you design and landscape my front lawn by the time I return from Paris next month, I will pay you $5,000." Matt does not respond but has the landscaping done by the time Ron returns.This is an example of a unilateral contract.

The difference between an express contract and an implied in fact contract is the manner in which assent is manifested.

Common law relating to the formation of contracts has little relevance in the business world today.

Quasi contract is another name for a contract that is implied in fact.

Which of the following is characteristic of contract law during the twentieth century compared with contract law in the nineteenth century?

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

Contracts are primarily governed by the Uniform Commercial Code.

According to the UCC, an enforceable agreement involving the transfer of title of goods from a seller to a buyer for a price is called a(n):

Maria posted several signs in the neighborhood offering $50 for the return of her lost cat.Dave calls to get a description of the cat and tells Maria, "I'll look for your cat." A contract is formed by Dave's call to Maria.

If a contract is not clearly unilateral or bilateral, the courts presume that the parties intended a unilateral contract.

During the twentieth century it became harder to enter into a contract as well as to get out of one.

Tate enters into a contract with Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage, repair a boat, and build a doghouse.If the doghouse has not yet been built, which term describes the type of contract in existence?

Which of the following contracts is covered by Article 2 of the Uniform Commercial Code?

Discuss how the common law of contracts, Article 2 of the Uniform Commercial Code, and the Restatement of the Law of Contracts combine to form the law of contracts.Is there a difference between how a court would regard Article 2 of the UCC and the Restatement of the Law of Contracts? Why? Explain your answer.