Question 1

In a bilateral contract, each party will be a promisor and, therefore, each party will:

Accepted Answer

A) be an obligor. 
B) be able to avoid the contract. 
C) not be in privity of contract. 
D) be an agent for the other side. 
A) be an obligor. 
B) be able to avoid the contract. 
C) not be in privity of contract. 
D) be an agent for the other side.

Question 2

Quasi contracts are contracts.

Accepted Answer

A) True 
 B)False

Question 3

An implied contract is shown by:

Accepted Answer

A) a writing. 
B) the acts and conduct of the parties. 
C) statements made in open court. 
D) an exchange of oral promises. 
A) a writing. 
B) the acts and conduct of the parties. 
C) statements made in open court. 
D) an exchange of oral promises.

Question 4

The effect of an implied contract is not the same as the effect of an express contract.

Accepted Answer

A) True 
 B)False

Question 5

A party to a contract may be:

Accepted Answer

A) an individual. 
B) a partnership. 
C) a corporation. 
D) all of the above. 
A) an individual. 
B) a partnership. 
C) a corporation. 
D) all of the above.

Question 6

A contract of record arises when the accountant of one of the parties has made an entry of the contract in the business record of that party.

Accepted Answer

A) True 
 B)False

Question 7

A contract under which one or both parties have not yet fully performed is termed a(n):

Accepted Answer

A) void agreement. 
B) executory contract. 
C) executive contract. 
D) executed contract. 
A) void agreement. 
B) executory contract. 
C) executive contract. 
D) executed contract.

Question 8

The main thrust of the quasi contract is to:

Accepted Answer

A) encourage the making of written contracts. 
B) prevent enrichment. 
C) compensate those who voluntarily help others. 
D) prevent unjust enrichment. 
A) encourage the making of written contracts. 
B) prevent enrichment. 
C) compensate those who voluntarily help others. 
D) prevent unjust enrichment.

Question 9

The elements of a contract include all of the following except:

Accepted Answer

A) an agreement. 
B) two or more competent parties. 
C) consideration. 
D) an illegal purpose. 
A) an agreement. 
B) two or more competent parties. 
C) consideration. 
D) an illegal purpose.

Question 10

A contract is essentially an agreement that creates an obligation.

Accepted Answer

A) True 
 B)False

Question 11

Negotiable instruments are examples of formal contracts.

Accepted Answer

A) True 
 B)False

Question 12

A contract can only involve two parties.

Accepted Answer

A) True 
 B)False

Question 13

Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

Accepted Answer

A) True 
 B)False

Exam 12: Nature and Classes of Contracts: Contracting on the Internet

In a bilateral contract, each party will be a promisor and, therefore, each party will:

Quasi contracts are contracts.

An implied contract is shown by:

The effect of an implied contract is not the same as the effect of an express contract.

A party to a contract may be:

A contract of record arises when the accountant of one of the parties has made an entry of the contract in the business record of that party.

A contract under which one or both parties have not yet fully performed is termed a(n):

The main thrust of the quasi contract is to:

The elements of a contract include all of the following except:

A contract is essentially an agreement that creates an obligation.

Negotiable instruments are examples of formal contracts.

A contract can only involve two parties.

Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, Social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

The Legal Environment of International Trade

Crimes

Torts

Intellectual Property Rights

Cyberlaw

Formation of Contracts: Offer and Acceptance

Capacity and Genuine Assent

Consideration

Legality and Public Policy

Writing, Electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Nature and Form of Sales

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Instruments, Parties, and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor-Creditor Relationship

Consumer Protection

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPS, LlCS, and LlPS

Corporate Formation

Shareholder Rights in Corporations

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

Filters