Question 1

The courts will find an implied contract when:

Accepted Answer

A)  justice demands it. 
B)  conduct of the parties indicates they intended an agreement. 
C)  there is promissory estoppel. 
D)  there is undue influence. 
A)  justice demands it. 
B)  conduct of the parties indicates they intended an agreement. 
C)  there is promissory estoppel. 
D)  there is undue influence.

Question 2

When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.

Accepted Answer

A) True 
 B)False

Question 3

The common law governs contracts for:

Accepted Answer

A)  services. 
B)  real estate. 
C)  employment. 
D)  All of the above. 
A)  services. 
B)  real estate. 
C)  employment. 
D)  All of the above.

Question 4

Which of the following types of property would be goods under the Uniform Commercial Code?

Accepted Answer

A)  A promissory note. 
B)  A stock. 
C)  A patent. 
D)  A computer. 
A)  A promissory note. 
B)  A stock. 
C)  A patent. 
D)  A computer.

Question 5

Strawly Corp.runs an "adult bookstore" in Metro City,leasing the building from MegaCorp.Then,Metro City passes an ordinance prohibiting the sales of the types of merchandise found in "adult bookstores." Strawly is still bound to the contract.

Accepted Answer

A) True 
 B)False

Question 6

One of the factors leading courts away from a laissez-faire approach to contract law was:

Accepted Answer

A)  the movement away from requiring a writing and a seal on contracts. 
B)  a change in relative bargaining power between parties to contracts. 
C)  the assumption that promises are not legally significant. 
D)  the assumption that parties had freedom to contract and would have to live with the consequences. 
A)  the movement away from requiring a writing and a seal on contracts. 
B)  a change in relative bargaining power between parties to contracts. 
C)  the assumption that promises are not legally significant. 
D)  the assumption that parties had freedom to contract and would have to live with the consequences.

Question 7

Shelly offers to sell Jane goods both parties know are stolen.Jane accepts the offer,and agrees to pay for the goods.Later,Jane refuses to accept or pay for the goods.If Shelly sues Jane for breach of contract,what is the probable result?

Accepted Answer

A)  The law would enforce this valid, enforceable contract. 
B)  Jane would win as this is a voidable contract. 
C)  Shelly would win as this is a unilateral contract. 
D)  The law would not enforce Jane's promise, as it does not have a lawful purpose. 
A)  The law would enforce this valid, enforceable contract. 
B)  Jane would win as this is a voidable contract. 
C)  Shelly would win as this is a unilateral contract. 
D)  The law would not enforce Jane's promise, as it does not have a lawful purpose.

Question 8

Which of the following represents a unilateral offer?

Accepted Answer

A)  "I will pay you $50 if you mow my lawn." 
B)  "I will pay you $50 if you promise to trim that tree." 
C)  "I will pay you $50 for your CD player." 
D)  "I will pay you $50 for your backpack." 
A)  "I will pay you $50 if you mow my lawn." 
B)  "I will pay you $50 if you promise to trim that tree." 
C)  "I will pay you $50 for your CD player." 
D)  "I will pay you $50 for your backpack."

Question 9

An express contract:

Accepted Answer

A)  must be in writing. 
B)  may be inferred by the conduct of the parties involved. 
C)  has both parties setting forth their intentions. 
D)  is not valid in many states. 
A)  must be in writing. 
B)  may be inferred by the conduct of the parties involved. 
C)  has both parties setting forth their intentions. 
D)  is not valid in many states.

Question 10

Contracts that do not arise from mutual agreement but are created by courts to avoid unjust enrichment are:

Accepted Answer

A)  express contracts. 
B)  implied contracts. 
C)  quasi-contracts. 
D)  unilateral contracts. 
A)  express contracts. 
B)  implied contracts. 
C)  quasi-contracts. 
D)  unilateral contracts.

Question 11

List and briefly describe the basic elements of a contract.

Accepted Answer

Agreement --a valid offer made by one pa

Question 12

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

Accepted Answer

A) True 
 B)False

Question 13

All oral contracts are quasi-contracts until they are completely executed.

Accepted Answer

A) True 
 B)False

Question 14

Zena enters into a contract with Steeley Company to purchase a washer and dryer.She doesn't understand the financing terms,but signs the agreement anyway because she needs the appliances.The financing terms are very unfavorable to Zena,and she is unable to make all of her payments when they are due.Steeley sues.The court would:

Accepted Answer

A)  be exercising judicial restraint if it requires Zena to pay as she promised, even if the agreement was unfair and unwise. 
B)  have to rewrite the contract to be fair to both parties. 
C)  have to declare the contract void since it contained terms unfavorable to the weaker party to the transaction. 
D)  use the theory of promissory estoppel to remedy any unfavorable terms in the contract. 
A)  be exercising judicial restraint if it requires Zena to pay as she promised, even if the agreement was unfair and unwise. 
B)  have to rewrite the contract to be fair to both parties. 
C)  have to declare the contract void since it contained terms unfavorable to the weaker party to the transaction. 
D)  use the theory of promissory estoppel to remedy any unfavorable terms in the contract.

Question 15

Courts may award damages called "quantum meruit":

Accepted Answer

A)  which means "as much as he deserved." 
B)  which is money the court believes the plaintiff morally ought to have. 
C)  even though there was no valid contract entitling the plaintiff to it. 
D)  All of the above. 
A)  which means "as much as he deserved." 
B)  which is money the court believes the plaintiff morally ought to have. 
C)  even though there was no valid contract entitling the plaintiff to it. 
D)  All of the above.

Question 16

ACME,Inc.is a software producer that entered into a verbal agreement with XYZ Corporation wherein XYZ agreed to buy ACME's newly developed software.The agreement also provided that ACME would supply training personnel,as well as technical personnel,to work with XYZ employees in installing and learning the software.What law governs this agreement?

Accepted Answer

You must first determine whether the con

Question 17

Discuss the requirements of promissory estoppel.

Accepted Answer

Promissory estoppel is an equitable reme

Question 18

Rameriz and Cox enter a contract obligating Cox to supply Rameriz with 2,000 bushels of corn by the end of September.Weather conditions are poor and Cox is unable to grow that much corn himself,but could obtain enough to make up the required difference at a financial loss.Discuss the general purpose of contracts and the result of seeking enforcement of this contract both in a court exercising judicial restraint and in a court practicing judicial activism.

Accepted Answer

The general purpose of contracts is to m

Question 19

Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.

Accepted Answer

A) True 
 B)False

Question 20

As English judges were developing the common law of contracts in the twelfth and thirteenth centuries:

Accepted Answer

A)  most promises were found to be enforceable. 
B)  promises were found not binding unless written and sealed. 
C)  the term "contract" became common. 
D)  changes in the law occurred rapidly. 
A)  most promises were found to be enforceable. 
B)  promises were found not binding unless written and sealed. 
C)  the term "contract" became common. 
D)  changes in the law occurred rapidly.

Exam 10: Introduction To Contracts

The courts will find an implied contract when:

When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.

The common law governs contracts for:

Which of the following types of property would be goods under the Uniform Commercial Code?

Strawly Corp.runs an "adult bookstore" in Metro City,leasing the building from MegaCorp.Then,Metro City passes an ordinance prohibiting the sales of the types of merchandise found in "adult bookstores." Strawly is still bound to the contract.

One of the factors leading courts away from a laissez-faire approach to contract law was:

Shelly offers to sell Jane goods both parties know are stolen.Jane accepts the offer,and agrees to pay for the goods.Later,Jane refuses to accept or pay for the goods.If Shelly sues Jane for breach of contract,what is the probable result?

Which of the following represents a unilateral offer?

An express contract:

Contracts that do not arise from mutual agreement but are created by courts to avoid unjust enrichment are:

List and briefly describe the basic elements of a contract.

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

All oral contracts are quasi-contracts until they are completely executed.

Courts may award damages called "quantum meruit":

Discuss the requirements of promissory estoppel.

Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.

As English judges were developing the common law of contracts in the twelfth and thirteenth centuries:

Introduction To Law

Business Ethics And Social Responsibility

Dispute Resolution

Common Law,Statutory Law,And Administrative Law

Constitutional Law

Intentional Torts And Business Torts

Negligence And Strict Liability

Crime

International Law

Agreement

Consideration

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Written Contracts

Third Parties

Performance And Discharge

Remedies

Practical Contracts

Introduction To Sales

Ownership And Risk

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Performance And Remedies

Secured Transactions

Creating A Negotiable Instrument

Liability For Negotiable Instruments

Accountants' Liability

Agency Law

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Starting A Business

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Shareholders

Securities Regulation

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Planning For The Future: Wills,Trusts,And Insurance

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