Question 1

An implied contract is not an actual contract.

Accepted Answer

A) True 
 B)False  False

Question 2

Home & Barn Construction,Inc.,contracts with Idyll Farms to build a new dairy barn on Idyll's property for which Idyll agrees to pay.The elements of this,and any other,contract include

Accepted Answer

A) the parties' capability. 
B) consideration. 
C) necessity of purpose. 
D) theprice. 
A) the parties' capability. 
B) consideration. 
C) necessity of purpose. 
D) theprice. B

Question 3

GR8 Marketing Company and Brainfreeze Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Brainfreeze,which agrees to pay GR8 for the service. GR8 and Brainfreeze have

Accepted Answer

A) an executed contract. 
B) an express contract. 
C) an implied contract. 
D) a quasi contract. 
A) an executed contract. 
B) an express contract. 
C) an implied contract. 
D) a quasi contract. B

Question 4

Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule,if the contract's writing is clear and unequivocal,the meaning of the terms must be determined from

Accepted Answer

A) only evidence not contained in the document. 
B) any relevant extrinsic evidence. 
C) only the face of the instrument. 
D) the later testimony of the parties. 
A) only evidence not contained in the document. 
B) any relevant extrinsic evidence. 
C) only the face of the instrument. 
D) the later testimony of the parties.

Question 5

A quasi contract is not enforceable by a court.

Accepted Answer

A) True 
 B)False

Question 6

On Monday,Neil tells Outdoor Landscaping,Inc.,that he will pay Outdoor $500 if a variety of tasks are completed by Friday. On Wednesday,when Outdoor is more than half done with the work,Neil says that he has changed his mind. These parties had

Accepted Answer

A) an expired contract when Neil said that he had changed his mind. 
B) aquasi contract when Neil said that he would pay for certain work. 
C) aunilateral contract as soon as Outdoor began to perform. 
D) no contract. 
A) an expired contract when Neil said that he had changed his mind. 
B) aquasi contract when Neil said that he would pay for certain work. 
C) aunilateral contract as soon as Outdoor began to perform. 
D) no contract.

Question 7

Jessie,a nurse practitioner,renders aid to Kruz,who is injured and unconscious. Jessie can recover the cost of the aid from Kruz

Accepted Answer

A) on a quasi contract theory. 
B) only if Kruz recovers because of the aid. 
C) only if Kruz was aware of the aid. 
D) under no circumstances. 
A) on a quasi contract theory. 
B) only if Kruz recovers because of the aid. 
C) only if Kruz was aware of the aid. 
D) under no circumstances.

Question 8

An offer may not be revoked before it is accepted.

Accepted Answer

A) True 
 B)False

Question 9

In an express contract,the terms are fully and explicitly stated in words.

Accepted Answer

A) True 
 B)False

Question 10

A quasi contract is a fictional contract.

Accepted Answer

A) True 
 B)False

Question 11

Clay offers to pay Dot $50 for a golf lesson for Eula. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have

Accepted Answer

A) a bilateral contract. 
B) a trilateral contract. 
C) a unilateral contract. 
D) no contract. 
A) a bilateral contract. 
B) a trilateral contract. 
C) a unilateral contract. 
D) no contract.

Question 12

A unilateral contract is formed at the moment when the contract is performed.

Accepted Answer

A) True 
 B)False

Question 13

One of the requirements of a valid contract is an adequate price.

Accepted Answer

A) True 
 B)False

Question 14

Omar asserts that a deal he entered into with Patty to sponsor and host a motivational conference for independent sales representatives is an unenforce-able contract. Defenses to the enforcement of a contract include

Accepted Answer

A) a desire not to perform. 
B) insufficient capital. 
C) preliminary indications of unsatisfactory results. 
D) the lack of a party's voluntary consent. 
A) a desire not to perform. 
B) insufficient capital. 
C) preliminary indications of unsatisfactory results. 
D) the lack of a party's voluntary consent.

Question 15

The term consideration refers to the legality of the subject matter of a contract.

Accepted Answer

A) True 
 B)False

Question 16

A promise is a declaration that something will or will not happen in the future.

Accepted Answer

A) True 
 B)False

Question 17

Contract law assures the parties to private agreements that the promises they make will be enforceable.

Accepted Answer

A) True 
 B)False

Question 18

Smith & Jones,Accountants,agrees to perform an audit for Brick & Mortar Stores,Inc. Whether or not this agreement meets all of the requirements of a contract,the parties are likely to follow the rules of contract law because they

Accepted Answer

A) want to avoid potential disputes. 
B) are conscious of those rules. 
C) arenot conscious of those rules. 
D) have a moral obligation to do so. 
A) want to avoid potential disputes. 
B) are conscious of those rules. 
C) arenot conscious of those rules. 
D) have a moral obligation to do so.

Question 19

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have

Accepted Answer

A) no contract. 
B) an express contract. 
C) an implied contract. 
D) a quasi contract. 
A) no contract. 
B) an express contract. 
C) an implied contract. 
D) a quasi contract.

Question 20

An unenforceable contract is one that cannot be enforced because of cer-tain legal defenses against it.

Accepted Answer

A) True 
 B)False

Exam 10: Nature and Classification

An implied contract is not an actual contract.

Home & Barn Construction,Inc.,contracts with Idyll Farms to build a new dairy barn on Idyll's property for which Idyll agrees to pay.The elements of this,and any other,contract include

GR8 Marketing Company and Brainfreeze Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Brainfreeze,which agrees to pay GR8 for the service. GR8 and Brainfreeze have

Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule,if the contract's writing is clear and unequivocal,the meaning of the terms must be determined from

A quasi contract is not enforceable by a court.

On Monday,Neil tells Outdoor Landscaping,Inc.,that he will pay Outdoor $500 if a variety of tasks are completed by Friday. On Wednesday,when Outdoor is more than half done with the work,Neil says that he has changed his mind. These parties had

Jessie,a nurse practitioner,renders aid to Kruz,who is injured and unconscious. Jessie can recover the cost of the aid from Kruz

An offer may not be revoked before it is accepted.

In an express contract,the terms are fully and explicitly stated in words.

A quasi contract is a fictional contract.

Clay offers to pay Dot $50 for a golf lesson for Eula. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have

A unilateral contract is formed at the moment when the contract is performed.

One of the requirements of a valid contract is an adequate price.

Omar asserts that a deal he entered into with Patty to sponsor and host a motivational conference for independent sales representatives is an unenforce-able contract. Defenses to the enforcement of a contract include

The term consideration refers to the legality of the subject matter of a contract.

A promise is a declaration that something will or will not happen in the future.

Contract law assures the parties to private agreements that the promises they make will be enforceable.

Smith & Jones,Accountants,agrees to perform an audit for Brick & Mortar Stores,Inc. Whether or not this agreement meets all of the requirements of a contract,the parties are likely to follow the rules of contract law because they

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have

An unenforceable contract is one that cannot be enforced because of cer-tain legal defenses against it.

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