Exam 6: Contracts: Overview, Definition, Categories, and Source of Law

Valerie promised to mow Laura's yard for Laura's promise to pay her $50.00 to mow it. This is an example of what type of contract?

Corey, a strategically qualified attorney for Adams Corporate Concepts, negotiates all of their contracts. He routinely uses a form or template to create any contract. Which one of the following statements is true?

How many states have adopted the Uniform Commercial Code?

A(n) __________ in a contract contains supplementary information such as compensation schedules, incentive programs and confidentiality agreements.

Explain the significance of the United States tradition of upholding and enforcing contracts because of the freedom to contract.

Kailen is a huge fan of Justin Bieber. She pays him $140.00 to purchase his hair clippings from a recent haircut. Which statement is correct according to contract law?

This rule requires that some agreements must be in writing to be a contract.

In the United States, the law presumes that every contract is entered into with

Evan promises to pay Joseph $100.00 if he does not swear for the entire weekend. This is an example of a __________ contract.

__________ is a medieval European law established a uniform and unbiased system for deciding commercial disputes across borders and political boundaries.

Emily is an attorney for Claxton Corporation that hired her to negotiate contracts for them. Emily should do all the following during the negotiating process except,

The Schalaefer Law Firm promises to pay $4000.00 a month for office space from Waymeier Properties for their promise to provide the space and all utilities. This is an example of a _____________ contract.

The best business practice for those tasked with creating a contract is to

Bill is a very skilled attorney with a very strong background in Latin. Therefore, when he writes contracts for his clients, he uses as much legalese and Latin legal terminology as possible. Which statement below is correct?

Cell phone contracts are an example of which type of contract?

"Honesty in fact and the observance of reasonable commercial standards of fair dealing" is the definition of good faith according to

Explain why it is important for legally astute businesspeople to work with strategically qualified attorneys when drafting a contract.

__________ is a model law that most states have adopted to govern service contracts and real estate contracts.

Karla is a CEO of Brinkman Corporation which designs, builds and markets slot machines for casinos. Karla's professional career has focused on marketing and employee relations but she is not really knowledgeable about the intellectual property law and protections in the United States that heavily dominates this industry. Which statement is correct?

Purchasing a soda from a soda machine is an example of a __________ contract.