Question 1

On January 16,Deb offers to sell her waterbed to Colleen for $600.Colleen accepts and agrees to pay Deb $600 on January 27.Which of the following is correct?

Accepted Answer

A) Until January 16, the contract was executory. 
B) On January 16, the contract was executed. 
C) This contract is a unilateral contract. 
D) There is no contract until January 27. 
A) Until January 16, the contract was executory. 
B) On January 16, the contract was executed. 
C) This contract is a unilateral contract. 
D) There is no contract until January 27.

Question 2

Shelly offers to sell Jane goods both parties know are stolen.Jane accepts the offer,and agrees to pay for the goods.Later,Jane refuses to accept or pay for the goods.If Shelly sues Jane for breach of contract,what is the probable result?

Accepted Answer

A) The law would enforce this valid, enforceable contract. 
B) Jane would win as this is a voidable contract. 
C) Shelly would win as this is a unilateral contract. 
D) The law would not enforce Jane's promise, as it does not have a lawful purpose. 
A) The law would enforce this valid, enforceable contract. 
B) Jane would win as this is a voidable contract. 
C) Shelly would win as this is a unilateral contract. 
D) The law would not enforce Jane's promise, as it does not have a lawful purpose.

Question 3

Contracts for the sale of fabric,automobiles,computers,furniture,and paper clips would all be governed by Article 2 of the Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Question 4

Briefly discuss the meaning of bilateral,unilateral,executory,and executed contracts.

Accepted Answer

In a bilateral contract,both parties mak

Question 5

John enters into a contract to paint Chad's house.When Chad decides on a color,John will buy the paint and paint the house for the price of $2,500.Which of the following is true?

Accepted Answer

A) The common law of contracts governs because this is a mixed contract (one for services and goods). 
B) The common law of contracts governs because the predominant factor of the contract is for the sale of services and not goods. 
C) The Uniform Commercial Code governs because a sale of goods is involved. 
D) Both the common law and the Uniform Commercial Code will govern this contract. 
A) The common law of contracts governs because this is a mixed contract (one for services and goods). 
B) The common law of contracts governs because the predominant factor of the contract is for the sale of services and not goods. 
C) The Uniform Commercial Code governs because a sale of goods is involved. 
D) Both the common law and the Uniform Commercial Code will govern this contract.

Exam 11: Introduction to Contracts

On January 16,Deb offers to sell her waterbed to Colleen for $600.Colleen accepts and agrees to pay Deb $600 on January 27.Which of the following is correct?

Shelly offers to sell Jane goods both parties know are stolen.Jane accepts the offer,and agrees to pay for the goods.Later,Jane refuses to accept or pay for the goods.If Shelly sues Jane for breach of contract,what is the probable result?

Contracts for the sale of fabric,automobiles,computers,furniture,and paper clips would all be governed by Article 2 of the Uniform Commercial Code.

Briefly discuss the meaning of bilateral,unilateral,executory,and executed contracts.

John enters into a contract to paint Chad's house.When Chad decides on a color,John will buy the paint and paint the house for the price of $2,500.Which of the following is true?

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