Question 1

A distinguishing characteristic of bilateral and unilateral contracts is the method of exchange between the parties.

Accepted Answer

A) True 
 B)False  False

Question 2

The statute that requires contracts to be in writing is which of the following?

Accepted Answer

A) The statute of limitations 
B) The statute of frauds 
C) UCITA 
D) None of the above 
A) The statute of limitations 
B) The statute of frauds 
C) UCITA 
D) None of the above B

Question 3

A contract that has no legal effect is ​

Accepted Answer

A) Formal. 
B) Voidable. 
C) Valid. 
D) Void. 
A) Formal. 
B) Voidable. 
C) Valid. 
D) Void. D

Question 4

A contract where there is an exchange of promises between the parties is ​

Accepted Answer

A) unilateral. 
B) bilateral. 
C) all of the above. 
D) none of the above. 
A) unilateral. 
B) bilateral. 
C) all of the above. 
D) none of the above.

Question 5

An executory contract is a fully performed contract.

Accepted Answer

A) True 
 B)False

Question 6

All contracts must be

Accepted Answer

A) archaic. 
B) legal. 
C) in writing. 
D) signed by the parties. 
A) archaic. 
B) legal. 
C) in writing. 
D) signed by the parties.

Question 7

Consideration can be

Accepted Answer

A) money. 
B) property. 
C) services. 
D) all of the above. 
A) money. 
B) property. 
C) services. 
D) all of the above.

Question 8

Implied in fact contracts are inferred from the facts and circumstances surrounding the contract.

Accepted Answer

A) True 
 B)False

Question 9

An informal contract may be oral or written.

Accepted Answer

A) True 
 B)False

Question 10

The person who makes the promise is the promisee.

Accepted Answer

A) True 
 B)False

Question 11

A quasi contract is an ____________ contract. ​

Accepted Answer

A) implied in law 
B) implied in fact 
C) illegal 
D) informal 
A) implied in law 
B) implied in fact 
C) illegal 
D) informal

Question 12

All contracts must be express and executed to be valid and binding on the parties.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is not an element of a contract?

Accepted Answer

A) Signature 
B) Legality 
C) Offer 
D) Consideration 
A) Signature 
B) Legality 
C) Offer 
D) Consideration

Question 14

All contracts must have a formal seal to be legal and binding.

Accepted Answer

A) True 
 B)False

Question 15

Match between columns
                        Premises: The legal ability to enter into a contract. 
The person making the promise in a contract. 
A contract where the act of performing is the acceptance. 
A contract that promotes fairness and justice. 
A contract that has no legal effect. 
A fully performed contract. 
A contract that is specifically stated. 
The person to whom the promise is made. 
An agreement between parties for value that is legally enforceable. 
A contract that has all the necessary elements.

Accepted Answer

The Answer of Capacity and valid contract and contract and is...

Question 16

A void contract is one that may be avoided by one of the parties to the contract.

Accepted Answer

A) True 
 B)False

Question 17

To have a binding contract, which of the following is a necessary element?

Accepted Answer

A) Mutual assent 
B) Capacity 
C) Both a and b 
D) None of the above 
A) Mutual assent 
B) Capacity 
C) Both a and b 
D) None of the above

Question 18

An express contract is one that is specifically stated.

Accepted Answer

A) True 
 B)False

Question 19

Consideration is a necessary element in a contract.

Accepted Answer

A) True 
 B)False

Question 20

The person that makes the offer is called the

Accepted Answer

A) offeree. 
B) offeror. 
C) promisee. 
D) acceptor. 
A) offeree. 
B) offeror. 
C) promisee. 
D) acceptor.

A distinguishing characteristic of bilateral and unilateral contracts is the method of exchange between the parties.

The statute that requires contracts to be in writing is which of the following?

A contract that has no legal effect is

A contract where there is an exchange of promises between the parties is

An executory contract is a fully performed contract.

All contracts must be

Consideration can be

Implied in fact contracts are inferred from the facts and circumstances surrounding the contract.

An informal contract may be oral or written.

The person who makes the promise is the promisee.

A quasi contract is an ____________ contract.

All contracts must be express and executed to be valid and binding on the parties.

Which of the following is not an element of a contract?

All contracts must have a formal seal to be legal and binding.

A void contract is one that may be avoided by one of the parties to the contract.

To have a binding contract, which of the following is a necessary element?

An express contract is one that is specifically stated.

Consideration is a necessary element in a contract.

The person that makes the offer is called the

Contract Law: a General Introduction

Formation of a Contraction: Offer and Acceptance

Consideration: the Value for the Promise

Mutual Assent of the Parties

Capacity: The Ability to Contract

Legality in Contracts

Proper Form of the Contract: the Writing

Performance and Discharge of the Contract

Remedies in Contract Law

Third Party Contracts

Sales: Article 2 of the Uniform Commercial Code

Performance Under Article 2: Seller and Buyer Duties

Title, Risk of Loss, and Warranties

Seller and Buyer Remedies

Contracts and the Internet: Something Borrowed, Something New

Drafting a Contract: The Essentials

Drafting a Contract: Specific Provisions

Analyzing a Contracts Problem: Putting Theory Into Practice

Filters

Exam 2: Contract Basics: an Overview

A distinguishing characteristic of bilateral and unilateral contracts is the method of exchange between the parties.

The statute that requires contracts to be in writing is which of the following?

A contract that has no legal effect is ​

A contract where there is an exchange of promises between the parties is ​

An executory contract is a fully performed contract.

All contracts must be

Consideration can be

Implied in fact contracts are inferred from the facts and circumstances surrounding the contract.

An informal contract may be oral or written.

The person who makes the promise is the promisee.

A quasi contract is an ____________ contract. ​

All contracts must be express and executed to be valid and binding on the parties.

Which of the following is not an element of a contract?

All contracts must have a formal seal to be legal and binding.

A void contract is one that may be avoided by one of the parties to the contract.

To have a binding contract, which of the following is a necessary element?

An express contract is one that is specifically stated.

Consideration is a necessary element in a contract.

The person that makes the offer is called the

Contract Law: a General Introduction

Formation of a Contraction: Offer and Acceptance

Consideration: the Value for the Promise

Mutual Assent of the Parties

Capacity: The Ability to Contract

Legality in Contracts

Proper Form of the Contract: the Writing

Performance and Discharge of the Contract

Remedies in Contract Law

Third Party Contracts

Sales: Article 2 of the Uniform Commercial Code

Performance Under Article 2: Seller and Buyer Duties

Title, Risk of Loss, and Warranties

Seller and Buyer Remedies

Contracts and the Internet: Something Borrowed, Something New

Drafting a Contract: The Essentials

Drafting a Contract: Specific Provisions

Analyzing a Contracts Problem: Putting Theory Into Practice

Filters

A contract that has no legal effect is

A contract where there is an exchange of promises between the parties is

A quasi contract is an ____________ contract.