Question 1

A valid offer to contract is terminated before acceptance​

Accepted Answer

A) after a reasonable lapse of time, if no specific time is stated. 
B) by destruction of the subject matter of the offer. 
C) by death or incompetence of the offeror or offeree. 
D) any of the above 
A) after a reasonable lapse of time, if no specific time is stated. 
B) by destruction of the subject matter of the offer. 
C) by death or incompetence of the offeror or offeree. 
D) any of the above

Question 2

Assume that there is a contract for the sale of the hat for $10. DB refuses to perform the agreement and deliver the hat. If similar hats are selling on eBay for $100, what would be Dan's remedy?​

Accepted Answer

A) Specific performance, a court order to make DB give Dan the hat 
B) Injunctive relief, a court order to stop DB from selling the hat to anyone else. 
C) Compensatory damages of $90 
D) Nominal damages of $1 
E) Punitive damages of $100 
A) Specific performance, a court order to make DB give Dan the hat 
B) Injunctive relief, a court order to stop DB from selling the hat to anyone else. 
C) Compensatory damages of $90 
D) Nominal damages of $1 
E) Punitive damages of $100

Question 3

An executory contract is one that has been performed by both parties. ​

Accepted Answer

A) True 
 B)False

Question 4

After ten years of marriage and months of searching, Jan and Jon find what they think is their "dream house." Actually, they want to confirm the availability of required financing. What should they do?​

Accepted Answer

A) "Bite the bullet," and sign the purchase contract immediately. 
B) Tell the seller "We'll be back; please hold this house for us and for our twins." 
C) Offer to purchase the home contingent upon their ability to obtain reasonable financing within a couple of weeks. 
D) Keep on looking; there's always a "better deal" somewhere, if you shop long enough. 
A) "Bite the bullet," and sign the purchase contract immediately. 
B) Tell the seller "We'll be back; please hold this house for us and for our twins." 
C) Offer to purchase the home contingent upon their ability to obtain reasonable financing within a couple of weeks. 
D) Keep on looking; there's always a "better deal" somewhere, if you shop long enough.

Question 5

The end of chapter case of Lucy v. Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract​

Accepted Answer

A) True 
 B)False

Question 6

Sean and Janine sign an agreement that provides for the payment of $3,000 by the party that commits a material breach of the contract. It appears at the time the clause is signed that a breach by either party will create substantial damages. This clause is a​

Accepted Answer

A) rescission clause. 
B) liquidated damage clause. 
C) penalty clause. 
D) nominal damage clause. 
A) rescission clause. 
B) liquidated damage clause. 
C) penalty clause. 
D) nominal damage clause.

Question 7

An express contract is always in writing.

Accepted Answer

A) True 
 B)False

Question 8

An executory contract between a minor and an adult is​

Accepted Answer

A) absolute. 
B) voidable by the adult. 
C) voidable by the minor only. 
D) a void agreement. 
A) absolute. 
B) voidable by the adult. 
C) voidable by the minor only. 
D) a void agreement.

Question 9

A(n)______________ mistake about a(n) ____________________ fact will enable either party  to rescind the contract.

Accepted Answer

mutual OR

Question 10

Rosemary and Ronald were engaged in dispute over a contract. Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary. Rosemary agreed  to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract. Assuming the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?​

Accepted Answer

​From the book: "An accord is an agreeme

Question 11

_________________ exists when one vulnerable party is convinced to enter into a contract by  someone who because of his or her relationship as trusted individual deprives the party of freedom  of will in making a contract.

Accepted Answer

The answer of _________________ exists when one vulnerable party is...

Question 12

A ( n ) _ _ _ _ _ _ _ _ _ is a legally enforceable agreement to do or not do a specified act.​

Accepted Answer

The answer of A ( n ) _ _ _...

Question 13

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player, Sara's subsequent transfer of her right to receive payment for the new digital player is known as:​

Accepted Answer

A) a delegation. 
B) an assignment. 
C) a novation. 
D) a quasi-contract. 
A) a delegation. 
B) an assignment. 
C) a novation. 
D) a quasi-contract.

Question 14

Bill owns a rare vintage Ford Mustang automobile. Jack, one of Bill's closest friends and a physician, has persuaded Bill to sell the car to Jack at a price substantially less than market value. At the time Bill sold the car, he was resting in a nursing home recovering from a serious illness. If Bill desires to set aside the sale, what arguments might he make?​

Accepted Answer

​Bill's best argument is that true assen

Question 15

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..." ​

Accepted Answer

A) True 
 B)False

Question 16

A ( n ) _ _ _ _ _ _ _ _ _ is a rejection of the original offer, which is also a new offer.​

Accepted Answer

The answer of A ( n ) _ _ _...

Question 17

Early one morning at New York's Kennedy airport, Professor Kevin Calandry, an economist and frequent flyer to Dallas (for consultations) is afraid he will miss his plane. As he races past a newsstand he grabs a copy of the New York Times from a stack, and waves it at a clerk. The clerk smiles, mouths the words "Late again?" and waves him on. This three-second drama illustrates​

Accepted Answer

A) shoplifting. 
B) an implied in fact contract, on credit. 
C) a bilateral contract. 
D) a quasi-contract. 
A) shoplifting. 
B) an implied in fact contract, on credit. 
C) a bilateral contract. 
D) a quasi-contract.

Question 18

________________ exists when one party is prevented from exercising judgment and free will by some wrongful act or threat of the other party.​

Accepted Answer

The answer of ________________ exists when one party is prevented...

Question 19

Ruby's laundry room needed cleaning. She promised her seventeen year-old daughter Pearl that if she cleaned the laundry room, she would pay her $50. Which statement is TRUE?​

Accepted Answer

A) Pearl is obligated to perform under an express bilateral agreement and Ruby is obligated to pay. 
B) This is an example of a unilateral contract and Pearl is under no obligation to perform, but if she does, she is entitled to $50. 
C) This is an example of a quasi contract, and if Pearl cleans, she would be entitled to the value of her services, which may or may not be $50. 
D) There is no consideration so no contract. 
A) Pearl is obligated to perform under an express bilateral agreement and Ruby is obligated to pay. 
B) This is an example of a unilateral contract and Pearl is under no obligation to perform, but if she does, she is entitled to $50. 
C) This is an example of a quasi contract, and if Pearl cleans, she would be entitled to the value of her services, which may or may not be $50. 
D) There is no consideration so no contract.

Question 20

The law recognizes all of the following as fiduciary relationships except that of​

Accepted Answer

A) lawyer or doctor, with client or patient. 
B) spouse with other spouse, regardless of the duration of the marriage. 
C) dating couples in a happy monogamous relationship. 
D) members of a general partnership in their dealings with each other related to the business of the firm. 
A) lawyer or doctor, with client or patient. 
B) spouse with other spouse, regardless of the duration of the marriage. 
C) dating couples in a happy monogamous relationship. 
D) members of a general partnership in their dealings with each other related to the business of the firm.

A valid offer to contract is terminated before acceptance

Assume that there is a contract for the sale of the hat for $10. DB refuses to perform the agreement and deliver the hat. If similar hats are selling on eBay for $100, what would be Dan's remedy?

An executory contract is one that has been performed by both parties.

After ten years of marriage and months of searching, Jan and Jon find what they think is their "dream house." Actually, they want to confirm the availability of required financing. What should they do?

The end of chapter case of Lucy v. Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract

Sean and Janine sign an agreement that provides for the payment of $3,000 by the party that commits a material breach of the contract. It appears at the time the clause is signed that a breach by either party will create substantial damages. This clause is a

An express contract is always in writing.

An executory contract between a minor and an adult is

A(n) mistake about a(n) ______ fact will enable either party to rescind the contract.

_________________ exists when one vulnerable party is convinced to enter into a contract by someone who because of his or her relationship as trusted individual deprives the party of freedom of will in making a contract.

A ( n ) _ _ _ _ _ _ _ _ _ is a legally enforceable agreement to do or not do a specified act.

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player, Sara's subsequent transfer of her right to receive payment for the new digital player is known as:

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..."

A ( n ) _ _ _ _ _ _ _ _ _ is a rejection of the original offer, which is also a new offer.

________________ exists when one party is prevented from exercising judgment and free will by some wrongful act or threat of the other party.

Ruby's laundry room needed cleaning. She promised her seventeen year-old daughter Pearl that if she cleaned the laundry room, she would pay her $50. Which statement is TRUE?

The law recognizes all of the following as fiduciary relationships except that of

Introduction to Law

The Constitution

The Court System

Attorney-Client Relationship and Dispute Resolution

Administrative Law

Crimes: Public Wrongs

Torts: Private Wrongs

Real Property and Home Ownership

Intellectual and Personal Property Including Motor Vehicles

Renters and Landlords

Employee and Employer Rights and Duties

Consumer Rights, Privacy, and Protection

Family Law

Wills, Trusts, and Probate

Filters

Exam 8: Contracts: Enforceable Agreements

A valid offer to contract is terminated before acceptance​

Assume that there is a contract for the sale of the hat for $10. DB refuses to perform the agreement and deliver the hat. If similar hats are selling on eBay for $100, what would be Dan's remedy?​

An executory contract is one that has been performed by both parties. ​

After ten years of marriage and months of searching, Jan and Jon find what they think is their "dream house." Actually, they want to confirm the availability of required financing. What should they do?​

The end of chapter case of Lucy v. Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract​

Sean and Janine sign an agreement that provides for the payment of $3,000 by the party that commits a material breach of the contract. It appears at the time the clause is signed that a breach by either party will create substantial damages. This clause is a​

An express contract is always in writing.

An executory contract between a minor and an adult is​

A(n)______________ mistake about a(n) ____________________ fact will enable either party to rescind the contract.

_________________ exists when one vulnerable party is convinced to enter into a contract by someone who because of his or her relationship as trusted individual deprives the party of freedom of will in making a contract.

A ( n ) _ _ _ _ _ _ _ _ _ is a legally enforceable agreement to do or not do a specified act.​

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player, Sara's subsequent transfer of her right to receive payment for the new digital player is known as:​

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..." ​

A ( n ) _ _ _ _ _ _ _ _ _ is a rejection of the original offer, which is also a new offer.​

________________ exists when one party is prevented from exercising judgment and free will by some wrongful act or threat of the other party.​

Ruby's laundry room needed cleaning. She promised her seventeen year-old daughter Pearl that if she cleaned the laundry room, she would pay her $50. Which statement is TRUE?​

The law recognizes all of the following as fiduciary relationships except that of​

Introduction to Law

The Constitution

The Court System

Attorney-Client Relationship and Dispute Resolution

Administrative Law

Crimes: Public Wrongs

Torts: Private Wrongs

Real Property and Home Ownership

Intellectual and Personal Property Including Motor Vehicles

Renters and Landlords

Employee and Employer Rights and Duties

Consumer Rights, Privacy, and Protection

Family Law

Wills, Trusts, and Probate

Filters

A valid offer to contract is terminated before acceptance

Assume that there is a contract for the sale of the hat for $10. DB refuses to perform the agreement and deliver the hat. If similar hats are selling on eBay for $100, what would be Dan's remedy?

An executory contract is one that has been performed by both parties.

After ten years of marriage and months of searching, Jan and Jon find what they think is their "dream house." Actually, they want to confirm the availability of required financing. What should they do?

The end of chapter case of Lucy v. Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract

Sean and Janine sign an agreement that provides for the payment of $3,000 by the party that commits a material breach of the contract. It appears at the time the clause is signed that a breach by either party will create substantial damages. This clause is a

An executory contract between a minor and an adult is

A(n) mistake about a(n) ______ fact will enable either party to rescind the contract.

A ( n ) _ _ _ _ _ _ _ _ _ is a legally enforceable agreement to do or not do a specified act.

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player, Sara's subsequent transfer of her right to receive payment for the new digital player is known as:

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..."

A ( n ) _ _ _ _ _ _ _ _ _ is a rejection of the original offer, which is also a new offer.

________________ exists when one party is prevented from exercising judgment and free will by some wrongful act or threat of the other party.

Ruby's laundry room needed cleaning. She promised her seventeen year-old daughter Pearl that if she cleaned the laundry room, she would pay her $50. Which statement is TRUE?

The law recognizes all of the following as fiduciary relationships except that of