Question 1

From the point of view of consideration,would there be an issue if an off-duty police officer were hired to provide security services?

Accepted Answer

Such a contract would likely b

Question 2

Sam owed Joe $6000 due January 12,2017.On January 1st,Joe said he'd take $5000 in full satisfaction of the debt if Sam paid him $5000 on January 5th instead.Sam paid on January 5th.A week later,Joe wants to sue Sam for the $1000 he (Joe)was legally owed.Which of the following is true?

Accepted Answer

A) Joe would win because his forgiveness of the loan was gratuitous,(i.e.,unsupported by consideration). 
B) Joe would win because they cannot change the original deal. 
C) Joe would lose because of the doctrine of quantum meruit. 
D) Joe would lose because of the rule that past consideration is no consideration. 
E) Joe would lose because early repayment constituted consideration to support the new arrangement. 
A) Joe would win because his forgiveness of the loan was gratuitous,(i.e.,unsupported by consideration). 
B) Joe would win because they cannot change the original deal. 
C) Joe would lose because of the doctrine of quantum meruit. 
D) Joe would lose because of the rule that past consideration is no consideration. 
E) Joe would lose because early repayment constituted consideration to support the new arrangement.

Question 3

If an agreement is one-sided,and only one of the parties is getting something from the deal,it is called a gratuitous promise and the courts will not enforce it.

Accepted Answer

A) True 
 B)False

Question 4

XYZ company,a distributor of auto parts,is in debt to the bank for $35,000,due on February 25,2017.The company is having difficulties and wants to negotiate with the bank to pay only $33,000 as payment in full.With these facts in mind,which of the following statements is false?

Accepted Answer

A) If the bank agrees to accept the $33,000 as payment in full if paid early,by February 15,and the company does as requested,the bank could not later sue for the remainder because the company gave good consideration for the bank's forgiveness of the debt. 
B) At common law,if the bank accepted the $33,000 as payment in full,even absent additional consideration,it could not later sue for the remainder because such promises are always binding. 
C) If the company obtained from the bank the bank's promise to forgive the $2000 under seal,the bank could not later sue for the remainder. 
D) In some jurisdictions,a statutory provision provides that the creditor who accepts less than full payment as payment in full cannot later sue for the remainder. 
E) So long as they don't take the money,the bank can still sue for the entire amount. 
A) If the bank agrees to accept the $33,000 as payment in full if paid early,by February 15,and the company does as requested,the bank could not later sue for the remainder because the company gave good consideration for the bank's forgiveness of the debt. 
B) At common law,if the bank accepted the $33,000 as payment in full,even absent additional consideration,it could not later sue for the remainder because such promises are always binding. 
C) If the company obtained from the bank the bank's promise to forgive the $2000 under seal,the bank could not later sue for the remainder. 
D) In some jurisdictions,a statutory provision provides that the creditor who accepts less than full payment as payment in full cannot later sue for the remainder. 
E) So long as they don't take the money,the bank can still sue for the entire amount.

Question 5

Discuss the elements of a contract required for electronic commerce transactions.

Accepted Answer

The legal status of an electronic commer

Question 6

A formal contract is one that is signed and sealed.

Accepted Answer

A) True 
 B)False

Question 7

The existence of a seal eliminates the need for the elements of a valid contract.

Accepted Answer

A) True 
 B)False

Question 8

If a business promises to pay all of its employees $500 to quit smoking,such an arrangement is a(n)

Accepted Answer

A) valid,binding contract. 
B) obligation. 
C) commitment. 
D) gratuitous promise. 
E) quantum meruit. 
A) valid,binding contract. 
B) obligation. 
C) commitment. 
D) gratuitous promise. 
E) quantum meruit.

Question 9

If an offer is made by mail and an acceptance by mail is requested,when does a letter revoking the previous offer actually take effect?

Accepted Answer

A) At the time that it is posted 
B) At the time that it is received,if before acceptance 
C) At any time before actual performance of the contract has begun 
D) At any time before a letter of acceptance is received by the offeror 
E) Never.A revocation must be done in person. 
A) At the time that it is posted 
B) At the time that it is received,if before acceptance 
C) At any time before actual performance of the contract has begun 
D) At any time before a letter of acceptance is received by the offeror 
E) Never.A revocation must be done in person.

Question 10

Joe was a contractor and hired subtrades to help build his houses.Sam was a framer and had agreed to frame four houses for Joe for a set price.Joe was to supply the materials.After two houses were completed,Joe's suppliers increased the cost of lumber and Joe told Sam that he could no longer pay him the amount that they'd agreed.Sam agreed to take 15% less for the other two jobs,which were then completed.During this time,regular payments were made from Joe to Sam,but the total amount received was 15% lower than the originally agreed on price for the last two jobs.Sam sued Joe for the original contract price,claiming that he'd received no consideration for his agreement to take less for the last two jobs.Explain what defences may be available to Joe under these circumstances and his likelihood of success.

Accepted Answer

Joe could use promissory estoppel as his

Question 11

Which one of the following is enforceable?

Accepted Answer

A) Mr.Ho promised to give his needy friend Mr.Jahn $100. 
B) Ms.Jones promised to pay an additional $100 to Mr.Wood if Wood finished the existing contract on time,according to the terms of the contract. 
C) Mr.Baker was so sick of an old chair that,when Mr.Venson offered him $10 for it,he agreed (i.e.,promised to sell it to him),although the market value of the chair was $80. 
D) Ms.Goode promised to send $10 to Mr.Paul,who kindly came and warned her when he saw a tow truck approach her car. 
E) An ad in the paper promises to pay $5 for the return of a lost ring,but the person who finds and returns the ring never saw the offer in the newspaper. 
A) Mr.Ho promised to give his needy friend Mr.Jahn $100. 
B) Ms.Jones promised to pay an additional $100 to Mr.Wood if Wood finished the existing contract on time,according to the terms of the contract. 
C) Mr.Baker was so sick of an old chair that,when Mr.Venson offered him $10 for it,he agreed (i.e.,promised to sell it to him),although the market value of the chair was $80. 
D) Ms.Goode promised to send $10 to Mr.Paul,who kindly came and warned her when he saw a tow truck approach her car. 
E) An ad in the paper promises to pay $5 for the return of a lost ring,but the person who finds and returns the ring never saw the offer in the newspaper.

Question 12

Which of the following statements is correct with respect to the law of consideration?

Accepted Answer

A) The amount of consideration to be paid in a contract must be reasonable (that is,fair)from the point of view of each party. 
B) Without consideration or a seal,there can be no contract. 
C) Consideration must have some value but need not be specific. 
D) For a contract to be binding,something valuable must have changed hands.This consideration may have been paid before the agreement (past consideration)or at the time of the agreement (present consideration),but future consideration is no consideration. 
E) Consideration need not be specific,just so both parties get something out of the deal. 
A) The amount of consideration to be paid in a contract must be reasonable (that is,fair)from the point of view of each party. 
B) Without consideration or a seal,there can be no contract. 
C) Consideration must have some value but need not be specific. 
D) For a contract to be binding,something valuable must have changed hands.This consideration may have been paid before the agreement (past consideration)or at the time of the agreement (present consideration),but future consideration is no consideration. 
E) Consideration need not be specific,just so both parties get something out of the deal.

Question 13

Consideration is restricted to the exchange of money.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following shows accurate use of the doctrine of promissory (equitable)estoppel?

Accepted Answer

A) Val told Jim that she would give him her printer.If she doesn't,Jim could use the doctrine to force her to do so. 
B) George rented a video and watched it with Elaine.She thought the movie was great and said she'd pay half the rental price.George could use the doctrine to force her to pay as she promised. 
C) This doctrine can be used by a plaintiff to enforce a written promise that has been signed and sealed (i.e.,a seal has been affixed next to the signature of the promisor). 
D) Bruce,a defendant,can use this doctrine as a defence against a plaintiff insisting on his full legal right when he had promised to forgive Bruce some of Bruce's legal obligation and Bruce relied on that promise. 
E) Lam contracted to supply Jones with steel.Before the steel was delivered,Lam's supplier increased the price.Lam could use the doctrine to force Jones to pay more to Lam. 
A) Val told Jim that she would give him her printer.If she doesn't,Jim could use the doctrine to force her to do so. 
B) George rented a video and watched it with Elaine.She thought the movie was great and said she'd pay half the rental price.George could use the doctrine to force her to pay as she promised. 
C) This doctrine can be used by a plaintiff to enforce a written promise that has been signed and sealed (i.e.,a seal has been affixed next to the signature of the promisor). 
D) Bruce,a defendant,can use this doctrine as a defence against a plaintiff insisting on his full legal right when he had promised to forgive Bruce some of Bruce's legal obligation and Bruce relied on that promise. 
E) Lam contracted to supply Jones with steel.Before the steel was delivered,Lam's supplier increased the price.Lam could use the doctrine to force Jones to pay more to Lam.

Question 15

Indicate how consumers are protected in standard form contract situations.

Accepted Answer

These contractual terms are strictly int

Question 16

With regards to Internet transactions,an offer will be accepted and a contract formed as soon as a message is sent,and it is received as soon as it arrives on the recipient's computer,even if it is never read.

Accepted Answer

A) True 
 B)False

Question 17

George contracted with Bob to have a racing bike modified for him and delivered on February 20,for a race on February 22.A price of $100 for the modification was agreed on.On February 10,George became nervous about the bike being finished on time and went to see Bob.Bob said that he was very busy,but if he really wanted to be sure that it would be finished on time,George would have to pay him an extra $25 so he could pay his employees overtime.George agreed and Bob completed the modifications as requested,on time.How much does George legally owe?

Accepted Answer

A) Only $100 because Bob had an existing duty to modify the bike and the price was settled. 
B) $125 because Bob gave consideration for George's promise to pay the additional $25. 
C) $25 because past consideration is no consideration. 
D) A reasonable amount only. 
E) $100 plus whatever it cost for the overtime. 
A) Only $100 because Bob had an existing duty to modify the bike and the price was settled. 
B) $125 because Bob gave consideration for George's promise to pay the additional $25. 
C) $25 because past consideration is no consideration. 
D) A reasonable amount only. 
E) $100 plus whatever it cost for the overtime.

Question 18

Acceptance of an offer by email or web-based communication can create certain difficulties.What can be done to minimize the impact of such problems?

Accepted Answer

Certain problems can be avoided by the b

Question 19

Joe made an offer to sell his car to Harry,promising to keep the offer open for a week.However,he changed his mind,sold the car to someone else,and phoned Harry to inform him that he was withdrawing his offer because he had sold the car to someone else.Harry was angry and said that he wanted the car and was going to hold him to his promise to hold the offer open for a week.He sued for breach of contract.Will he win? Explain.

Accepted Answer

No,he won't.The offer was effe

Question 20

Which of the following is false with regard to contract law?

Accepted Answer

A) A counter-offer ends an offer. 
B) A newspaper notice offering to pay a reward for the return of lost kittens is an invitation to treat. 
C) An important criterion for determining the place of the contract is the place where the acceptance is effective. 
D) An option is a contract in which one person is buying a period of time within which he may accept the offer contained within the option. 
E) A revocation is effective only when received. 
A) A counter-offer ends an offer. 
B) A newspaper notice offering to pay a reward for the return of lost kittens is an invitation to treat. 
C) An important criterion for determining the place of the contract is the place where the acceptance is effective. 
D) An option is a contract in which one person is buying a period of time within which he may accept the offer contained within the option. 
E) A revocation is effective only when received.

From the point of view of consideration,would there be an issue if an off-duty police officer were hired to provide security services?

Sam owed Joe $6000 due January 12,2017.On January 1st,Joe said he'd take $5000 in full satisfaction of the debt if Sam paid him $5000 on January 5th instead.Sam paid on January 5th.A week later,Joe wants to sue Sam for the $1000 he (Joe)was legally owed.Which of the following is true?

If an agreement is one-sided,and only one of the parties is getting something from the deal,it is called a gratuitous promise and the courts will not enforce it.

XYZ company,a distributor of auto parts,is in debt to the bank for $35,000,due on February 25,2017.The company is having difficulties and wants to negotiate with the bank to pay only $33,000 as payment in full.With these facts in mind,which of the following statements is false?

Discuss the elements of a contract required for electronic commerce transactions.

A formal contract is one that is signed and sealed.

The existence of a seal eliminates the need for the elements of a valid contract.

If a business promises to pay all of its employees $500 to quit smoking,such an arrangement is a(n)

If an offer is made by mail and an acceptance by mail is requested,when does a letter revoking the previous offer actually take effect?

Which one of the following is enforceable?

Which of the following statements is correct with respect to the law of consideration?

Consideration is restricted to the exchange of money.

Which of the following shows accurate use of the doctrine of promissory (equitable)estoppel?

Indicate how consumers are protected in standard form contract situations.

With regards to Internet transactions,an offer will be accepted and a contract formed as soon as a message is sent,and it is received as soon as it arrives on the recipient's computer,even if it is never read.

Acceptance of an offer by email or web-based communication can create certain difficulties.What can be done to minimize the impact of such problems?

Which of the following is false with regard to contract law?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: The Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence,Professional Liability,and Insurance

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Agency and Partnership

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Priority of Creditors

Sales and Consumer Protection

Filters

Exam 6: The Elements of a Contract: Consensus and Consideration

From the point of view of consideration,would there be an issue if an off-duty police officer were hired to provide security services?

Sam owed Joe $6000 due January 12,2017.On January 1st,Joe said he'd take $5000 in full satisfaction of the debt if Sam paid him $5000 on January 5th instead.Sam paid on January 5th.A week later,Joe wants to sue Sam for the $1000 he (Joe)was legally owed.Which of the following is true?

If an agreement is one-sided,and only one of the parties is getting something from the deal,it is called a gratuitous promise and the courts will not enforce it.

XYZ company,a distributor of auto parts,is in debt to the bank for $35,000,due on February 25,2017.The company is having difficulties and wants to negotiate with the bank to pay only $33,000 as payment in full.With these facts in mind,which of the following statements is false?

Discuss the elements of a contract required for electronic commerce transactions.

A formal contract is one that is signed and sealed.

The existence of a seal eliminates the need for the elements of a valid contract.

If a business promises to pay all of its employees $500 to quit smoking,such an arrangement is a(n)

If an offer is made by mail and an acceptance by mail is requested,when does a letter revoking the previous offer actually take effect?

Which one of the following is enforceable?

Which of the following statements is correct with respect to the law of consideration?

Consideration is restricted to the exchange of money.

Which of the following shows accurate use of the doctrine of promissory (equitable)estoppel?

Indicate how consumers are protected in standard form contract situations.

With regards to Internet transactions,an offer will be accepted and a contract formed as soon as a message is sent,and it is received as soon as it arrives on the recipient's computer,even if it is never read.

Acceptance of an offer by email or web-based communication can create certain difficulties.What can be done to minimize the impact of such problems?

Which of the following is false with regard to contract law?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: The Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence,Professional Liability,and Insurance

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Agency and Partnership

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Priority of Creditors

Sales and Consumer Protection

Filters