Exam 9: Introduction to Contracts

Ann makes a material misrepresentation of fact to Brian, and based upon the misrepresentation, Brian enters into a contract.Ann now thinks that the contract is not fair to her.This contract is voidable at Ann's option.

Steven intentionally makes a material misrepresentation of fact regarding his motorcycle to Thelma who agrees to buy the motorcycle based upon the misrepresentation.This contract is:

Which of the following is NOT always necessary in order for a valid contract to be formed?

Mike, the owner of a yogurt shop, orders 500 quarts of yogurt from his supplier.Nothing, however, is said by either party about the price or method of payment.The supplier ships the yogurt as ordered.Since this is a contract implied in fact, Mike must pay his supplier for the yogurt.

Express contracts and implied contracts are:

Any property other than an interest in real property is:

A negotiable instrument, such as a check, is not a formal contract.

The usual method of showing the mutual assent necessary to create a contract is by offer and acceptance.

Which of the following is not generally required in order to have a valid contract?

An implied in fact contract is formed by conduct.

A contract for the sale of a copyright is governed by Article 2 of the Uniform Commercial Code.

A contract to sell life insurance is covered by Article 2 of the Uniform Commercial Code.