Question 1

Distinguish between: 
a.express and implied contracts 
b.executed and executory contracts 
c.bilateral and unilateral contracts.

Accepted Answer

(a) A contract in which the parties mani

Question 2

Ronald says to Evan, "If you design and build my back deck according to these specifications by the time I return from California in 6 weeks, I will pay you $5,000." Evan does not respond but has the landscaping done by the time Ronald returns.This is an example of a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 3

Morris interviewed for a job as plant manager at Northland Bearings and was offered a two-year contract if she could relocate and start the new job within three weeks.Morris agreed.Northland promised to follow up the oral agreement with a written contract setting forth all the agreed terms, but the contract had not arrived within several days.Morris wanted to give two-weeks' notice to her present employer, so she called Northland to check on the written contract and was told it was ready to be sent to her and assured her the job was hers.She gave notice of her intention to quit her present job and moved two states away to the Northland location.When Morris arrived for her first day of work, she was told someone else with better qualifications had been found and hired for the position.Morris:

Accepted Answer

A)  has no recourse since she never received a written contract, as required by the statute of frauds for a contract that cannot be performed within one year of its making. 
B)  has no recourse because promises are not enforceable if they do not meet all the requirements of a contract, and here Morris lacked capacity. 
C)  may be entitled to good-faith reliance damages under the doctrine of promissory estoppel to avoid injustice. 
D)  cannot enforce the contract since she had not actually started working at Northland. 
A)  has no recourse since she never received a written contract, as required by the statute of frauds for a contract that cannot be performed within one year of its making. 
B)  has no recourse because promises are not enforceable if they do not meet all the requirements of a contract, and here Morris lacked capacity. 
C)  may be entitled to good-faith reliance damages under the doctrine of promissory estoppel to avoid injustice. 
D)  cannot enforce the contract since she had not actually started working at Northland.

Question 4

George has been declared incompetent by the court and is under the care of his sister.Unknown to his sister, George rents the 10,000-seat civic center for his birthday party.George's contract to rent the civic center is best described as:

Accepted Answer

A)  a void contract. 
B)  a quasi contract. 
C)  a voidable contract. 
D)  an enforceable contract. 
A)  a void contract. 
B)  a quasi contract. 
C)  a voidable contract. 
D)  an enforceable contract.

Question 5

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):

Accepted Answer

A)  implied in fact contract. 
B)  express contract. 
C)  void contract. 
D)  quasi contract. 
A)  implied in fact contract. 
B)  express contract. 
C)  void contract. 
D)  quasi contract.

Question 6

If a person who has been declared incompetent by the courts enters into an agreement, that agreement is void, because it does not meet all the requirements of a binding contract.

Accepted Answer

A) True 
 B)False

Question 7

Article 2 of the UCC lacks relevance in modern society because it, including its amendments, does not provide rules related to electronic commerce.

Accepted Answer

A) True 
 B)False

Question 8

A contract to sell five acres of land is governed by Article 2 of the UCC.

Accepted Answer

A) True 
 B)False

Question 9

Justin breaches a contract with Megan in a state where the statute of limitations is six years.Five years later Megan wants to sue.The contract is unenforceable.

Accepted Answer

A) True 
 B)False

Question 10

The doctrine of promissory estoppel:

Accepted Answer

A)  is a doctrine enforcing noncontractual promises. 
B)  includes as a requirement within the doctrine that there has been justifiable reliance on the promise. 
C)  a doctrine relying on justice and not contractual rights. 
D)  All of these 
A)  is a doctrine enforcing noncontractual promises. 
B)  includes as a requirement within the doctrine that there has been justifiable reliance on the promise. 
C)  a doctrine relying on justice and not contractual rights. 
D)  All of these

Question 11

It is common for transactions to involve multiple contracts.Identify at least four contracts that might be involved in Costello's sale of land to Johnston.

Accepted Answer

Possible contracts include: (a) Costello

Question 12

A noncontractual promise may be enforceable where there has been justifiable reliance on the promise.

Accepted Answer

A) True 
 B)False

Question 13

The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs  contracts  for the international sales of goods between parties 
​

Accepted Answer

A)  l ocated in any nations. 
B)  who have specified in their agreement that they will be bound by the CISG. 
C)  located in different nations that have ratified the CISG. 
D)  where at least one party is a sovereign nation. 
A)  l ocated in any nations. 
B)  who have specified in their agreement that they will be bound by the CISG. 
C)  located in different nations that have ratified the CISG. 
D)  where at least one party is a sovereign nation.

Question 14

The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs all contracts for the international sales of goods between parties located in different nations that have ratified the CISG.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)  The sale of a house. 
B)  The sale of a new car. 
C)  An employment agreement. 
D)  A sale of automobile insurance. 
A)  The sale of a house. 
B)  The sale of a new car. 
C)  An employment agreement. 
D)  A sale of automobile insurance.

Exam 9: Introduction to Contracts

Distinguish between: a.express and implied contracts b.executed and executory contracts c.bilateral and unilateral contracts.

Ronald says to Evan, "If you design and build my back deck according to these specifications by the time I return from California in 6 weeks, I will pay you $5,000." Evan does not respond but has the landscaping done by the time Ronald returns.This is an example of a unilateral contract.

George has been declared incompetent by the court and is under the care of his sister.Unknown to his sister, George rents the 10,000-seat civic center for his birthday party.George's contract to rent the civic center is best described as:

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):

If a person who has been declared incompetent by the courts enters into an agreement, that agreement is void, because it does not meet all the requirements of a binding contract.

Article 2 of the UCC lacks relevance in modern society because it, including its amendments, does not provide rules related to electronic commerce.

A contract to sell five acres of land is governed by Article 2 of the UCC.

Justin breaches a contract with Megan in a state where the statute of limitations is six years.Five years later Megan wants to sue.The contract is unenforceable.

The doctrine of promissory estoppel:

It is common for transactions to involve multiple contracts.Identify at least four contracts that might be involved in Costello's sale of land to Johnston.

A noncontractual promise may be enforceable where there has been justifiable reliance on the promise.

The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs contracts for the international sales of goods between parties ​

The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs all contracts for the international sales of goods between parties located in different nations that have ratified the CISG.

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

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

Introduction to Law

Business Ethicspart Ii: the Legal Environment of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remediespart Iv: Sales

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

Filters

The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs contracts for the international sales of goods between parties