Question 1

In a quasi contract the court seeks to enforce the intentions of the parties contained in the agreement.

Accepted Answer

A) True 
 B)False

Question 2

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Accepted Answer

A) True 
 B)False

Question 3

Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

Accepted Answer

A) True 
 B)False

Question 4

An obligation to pay for the reasonable value of services rendered when there is no contract would be called:

Accepted Answer

A)  quasi-contractual. 
B)  quasi-enforceable. 
C)  semi-lawful. 
D)  valid. 
A)  quasi-contractual. 
B)  quasi-enforceable. 
C)  semi-lawful. 
D)  valid.

Question 5

When a contract is fully performed by one party, it is called a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 6

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

Accepted Answer

A) True 
 B)False

Question 7

A contract can only involve two parties: the promisor and the obligor.

Accepted Answer

A) True 
 B)False

Question 8

An offer of a reward for the arrest and conviction of a criminal is an example of a:

Accepted Answer

A)  unilateral contract. 
B)  bilateral contract. 
C)  quasi contract. 
D)  formal contract. 
A)  unilateral contract. 
B)  bilateral contract. 
C)  quasi contract. 
D)  formal contract.

Question 9

An executory contract is:

Accepted Answer

A)  void if neither party has performed. 
B)  One that has been completely performed. 
C)  entered into but not fully performed. 
D)  always unilateral in nature. 
A)  void if neither party has performed. 
B)  One that has been completely performed. 
C)  entered into but not fully performed. 
D)  always unilateral in nature.

Question 10

A legally binding agreement that can be rejected at the option of one of the parties is called a(n):

Accepted Answer

A)  void agreement. 
B)  revoked contract. 
C)  voidable contract. 
D)  optional agreement. 
A)  void agreement. 
B)  revoked contract. 
C)  voidable contract. 
D)  optional agreement.

Question 11

An express contract is one in which the agreement is shown by the acts and conduct of the parties.

Accepted Answer

A) True 
 B)False

Question 12

An agreement that contemplates the performance of an act prohibited by law is usually void.

Accepted Answer

A) True 
 B)False

Question 13

When Gordon told Hanson that he was considering selling his house, Hanson offered to buy it. Gordon and Hanson entered into a contract in which Hanson paid Gordon $1,000 in cash for the right to buy Gordon's house for $150,000 in the event Gordon decided to sell it. Two weeks later, Jones offered Gordon $200,000 for his house, and Gordon agreed to sell it to her for that amount. Hanson sued Gordon to force Gordon to sell the house to him for $150,000, rather than to Jones for $200,000. Identify the probable result of the action. What type of contract, if any, was entered into between Gordon and Hanson?

Accepted Answer

Judgment would be for Hanson. Gordon and

Question 14

The greatest risk to purchasing online is providing your credit card information to the seller.

Accepted Answer

A) True 
 B)False

Question 15

The principle behind the quasi contract is to prevent unjust enrichment.

Accepted Answer

A) True 
 B)False

Question 16

A contract of record is also referred to as a(n):

Accepted Answer

A)  recognizance. 
B)  reconnaissance. 
C)  recording contract. 
D)  implied contract. 
A)  recognizance. 
B)  reconnaissance. 
C)  recording contract. 
D)  implied contract.

Question 17

A contract requires:

Accepted Answer

A)  an offer. 
B)  an acceptance. 
C)  both an offer and an acceptance. 
D)  an agreement manifested by the written or spoken words of the parties. 
A)  an offer. 
B)  an acceptance. 
C)  both an offer and an acceptance. 
D)  an agreement manifested by the written or spoken words of the parties.

Question 18

The elements for a valid contract do NOT include:

Accepted Answer

A)  a fair price. 
B)  capacity. 
C)  consideration. 
D)  assent. 
A)  a fair price. 
B)  capacity. 
C)  consideration. 
D)  assent.

Question 19

A contract never can be both executory and unilateral.

Accepted Answer

A) True 
 B)False

Question 20

The main thrust of the quasi contract is to:

Accepted Answer

A)  encourage the making of written contracts. 
B)  prevent enrichment. 
C)  compensate those who voluntarily help others. 
D)  prevent unjust enrichment. 
A)  encourage the making of written contracts. 
B)  prevent enrichment. 
C)  compensate those who voluntarily help others. 
D)  prevent unjust enrichment.

Exam 11: Nature and Classes of Contracts: Contracting on the Internet

In a quasi contract the court seeks to enforce the intentions of the parties contained in the agreement.

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

An obligation to pay for the reasonable value of services rendered when there is no contract would be called:

When a contract is fully performed by one party, it is called a unilateral contract.

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

A contract can only involve two parties: the promisor and the obligor.

An offer of a reward for the arrest and conviction of a criminal is an example of a:

An executory contract is:

A legally binding agreement that can be rejected at the option of one of the parties is called a(n):

An express contract is one in which the agreement is shown by the acts and conduct of the parties.

An agreement that contemplates the performance of an act prohibited by law is usually void.

The greatest risk to purchasing online is providing your credit card information to the seller.

The principle behind the quasi contract is to prevent unjust enrichment.

A contract of record is also referred to as a(n):

A contract requires:

The elements for a valid contract do NOT include:

A contract never can be both executory and unilateral.

The main thrust of the quasi contract is to:

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, Social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

Crimes

Torts

Intellectual Property Rights and the Internet

The Legal Environment of International Trade

Formation of Contracts: Offer and Acceptance

Capacity and Genuine Assent

Consideration

Legality and Public Policy

Writing, Electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Nature and Form of Sales

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Negotiable Instruments and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor Creditor Relationship

Consumer Protection

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPs, LLCs, and LLPs

Corporate Formation

Shareholder Rights in Corporations

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

Filters