Question 1

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 2

What is the doctrine of promissory estoppel, and when is it used?

Accepted Answer

Promissory estoppel is a doctrine used t

Question 3

James offers to sell his fishing boat to Brenda for $3,000. Brenda says she will apply for a loan and will buy the boat within a week. A contract is formed:

Accepted Answer

A)  when Brenda tells James she will buy the boat. 
B)  when Brenda gets the money from the credit union. 
C)  when Brenda applies for the loan at the credit union. 
D)  only when James gets the $3,000. 
A)  when Brenda tells James she will buy the boat. 
B)  when Brenda gets the money from the credit union. 
C)  when Brenda applies for the loan at the credit union. 
D)  only when James gets the $3,000.

Question 4

Matt says to Lynn, "If you will mow my lawn, I will give you $20." Lynn replies, "O.K." Under these facts, each party is a promisor and each party is a promisee.

Accepted Answer

A) True 
 B)False

Question 5

General contract law governs all contracts outside the scope of the UCC.

Accepted Answer

A) True 
 B)False

Question 6

Sarah offers to pay Allison $150 if Allison will paint her apartment while she is out of town on vacation for two weeks. Allison makes no promise but tells Sarah that she will think about it. While Sarah is out of town, Allison paints the apartment. This is best described as:

Accepted Answer

A)  a unilateral contract. 
B)  a quasi contract. 
C)  an implied in fact contract. 
D)  a bilateral contract. 
A)  a unilateral contract. 
B)  a quasi contract. 
C)  an implied in fact contract. 
D)  a bilateral contract.

Question 7

A contract is a binding agreement that the courts will enforce.

Accepted Answer

A) True 
 B)False

Question 8

Brian makes a material misrepresentation of fact regarding his horse to Rosalind while out riding one day. Later that day, Rosalind makes an offer to buy the horse which Brian accepts, without correcting his earlier misrepresentation of fact. In this case:

Accepted Answer

A)  Brian may avoid the contract. 
B)  Rosalind may avoid the contract. 
C)  either or both Brian or Rosalind may avoid the contract. 
D)  neither Brian nor Rosalind may avoid the contract. 
A)  Brian may avoid the contract. 
B)  Rosalind may avoid the contract. 
C)  either or both Brian or Rosalind may avoid the contract. 
D)  neither Brian nor Rosalind may avoid the contract.

Question 9

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 10

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 11

The difference between an express contract and an implied in fact contract is the manner in which the parties manifest assent.

Accepted Answer

A) True 
 B)False

Question 12

The Weichert Co. Realtors v. Ryan case found that the parties formed an express contract by mutually manifesting assent to the essential terms.

Accepted Answer

A) True 
 B)False

Question 13

Ron says to Mark, "If you design and landscape my front lawn by the time I return from Paris next month, I will pay you $5,000." Mark does not respond but has the landscaping done by the time Ron returns. This is an example of a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 14

The court in the Weichert Co. Realtors v. Ryan case held that the performing party was entitled to recoup the reasonable value of the services rendered under:

Accepted Answer

A)  an express contract. 
B)  quantum meruit. 
C)  promissory estoppel. 
D)  Article 2 of the UCC. 
A)  an express contract. 
B)  quantum meruit. 
C)  promissory estoppel. 
D)  Article 2 of the UCC.

Question 15

In order to be legally binding, a contract must be in writing.

Accepted Answer

A) True 
 B)False

Question 16

The Uniform Commercial Code applies only to sales of goods by manufacturing firms who ship goods to buyers interstate.

Accepted Answer

A) True 
 B)False

Question 17

A quasi contract is another name for an oral contract.

Accepted Answer

A) True 
 B)False

Question 18

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 19

The concept of consideration in contract law includes:

Accepted Answer

A)  that each party to a contract must unintentionally exchange a legal benefit. 
B)  an inducement to each party to make a return exchange. 
C)  that each party takes out an insurance bond if the possibility of damages is above $500. 
D)  All of these. 
A)  that each party to a contract must unintentionally exchange a legal benefit. 
B)  an inducement to each party to make a return exchange. 
C)  that each party takes out an insurance bond if the possibility of damages is above $500. 
D)  All of these.

Question 20

During the twentieth century it became easier to enter into a contract as well as to get out of one.

Accepted Answer

A) True 
 B)False

Exam 9: Introduction to Contracts

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

What is the doctrine of promissory estoppel, and when is it used?

James offers to sell his fishing boat to Brenda for $3,000. Brenda says she will apply for a loan and will buy the boat within a week. A contract is formed:

Matt says to Lynn, "If you will mow my lawn, I will give you $20." Lynn replies, "O.K." Under these facts, each party is a promisor and each party is a promisee.

General contract law governs all contracts outside the scope of the UCC.

Sarah offers to pay Allison $150 if Allison will paint her apartment while she is out of town on vacation for two weeks. Allison makes no promise but tells Sarah that she will think about it. While Sarah is out of town, Allison paints the apartment. This is best described as:

A contract is a binding agreement that the courts will enforce.

Brian makes a material misrepresentation of fact regarding his horse to Rosalind while out riding one day. Later that day, Rosalind makes an offer to buy the horse which Brian accepts, without correcting his earlier misrepresentation of fact. In this case:

The doctrine of promissory estoppel:

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.

The difference between an express contract and an implied in fact contract is the manner in which the parties manifest assent.

The Weichert Co. Realtors v. Ryan case found that the parties formed an express contract by mutually manifesting assent to the essential terms.

Ron says to Mark, "If you design and landscape my front lawn by the time I return from Paris next month, I will pay you $5,000." Mark does not respond but has the landscaping done by the time Ron returns. This is an example of a unilateral contract.

The court in the Weichert Co. Realtors v. Ryan case held that the performing party was entitled to recoup the reasonable value of the services rendered under:

In order to be legally binding, a contract must be in writing.

The Uniform Commercial Code applies only to sales of goods by manufacturing firms who ship goods to buyers interstate.

A quasi contract is another name for an oral 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:

The concept of consideration in contract law includes:

During the twentieth century it became easier to enter into a contract as well as to get out of one.

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

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 Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

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

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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