Question 1

What is an acceptance with varied terms?

Accepted Answer

A)  An acceptance that is not definite or seasonable 
B)  An acceptance after a prior rejection 
C)  An acceptance in the form of silence 
D)  An acceptance that makes changes to the offer 
A)  An acceptance that is not definite or seasonable 
B)  An acceptance after a prior rejection 
C)  An acceptance in the form of silence 
D)  An acceptance that makes changes to the offer

Question 2

The _____ Rule provides that if there is a valid, written, integrated contract between the parties, then evidence of prior or contemporaneous agreements will not be permitted to vary or alter its terms.

Accepted Answer

A)  Parol Evidence 
B)  Mailbox 
C)  Deposited Acceptance 
D)  Main Purpose 
A)  Parol Evidence 
B)  Mailbox 
C)  Deposited Acceptance 
D)  Main Purpose

Question 3

Which of the following statements is true regarding consideration?

Accepted Answer

A)  The law does not deal with the value of consideration unless fraud is involved. 
B)  A valid and binding contract can exist without consideration. 
C)  If you buy a car the seller's consideration is the price of the automobile. 
D)  If you buy a car the buyer's consideration is the title and possession to the car. 
A)  The law does not deal with the value of consideration unless fraud is involved. 
B)  A valid and binding contract can exist without consideration. 
C)  If you buy a car the seller's consideration is the price of the automobile. 
D)  If you buy a car the buyer's consideration is the title and possession to the car.

Question 4

Which of the following requirements of a valid contract best represents the agreement between the parties as to the contract's terms and their intent to actually enter into a contract rather than just inquiring or joking with each other?

Accepted Answer

A)  Consideration 
B)  Capacity to enter into a contract 
C)  Legality 
D)  Mutual assent 
A)  Consideration 
B)  Capacity to enter into a contract 
C)  Legality 
D)  Mutual assent

Question 5

Which of the following will be considered as a valid consideration for a contract?

Accepted Answer

A)  The consideration is not bargained for. 
B)  The party giving the consideration does not suffer a legal detriment. 
C)  The party receiving the consideration receives a legal benefit. 
D)  The consideration is not exchanged between the parties. 
A)  The consideration is not bargained for. 
B)  The party giving the consideration does not suffer a legal detriment. 
C)  The party receiving the consideration receives a legal benefit. 
D)  The consideration is not exchanged between the parties.

Question 6

Under the UCC, a change in the offer by offeree will only be considered a counteroffer if the offeree intends it to be so.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following statements is definitely true regarding an option contract?

Accepted Answer

A)  It is also known as a quasi contract. 
B)  It is created when the parties enter into the agreement by their actions rather than because they have actually discussed the matter. 
C)  It lacks mutual assent. 
D)  An option contract only buys the offeree time to accept or reject the offer. 
A)  It is also known as a quasi contract. 
B)  It is created when the parties enter into the agreement by their actions rather than because they have actually discussed the matter. 
C)  It lacks mutual assent. 
D)  An option contract only buys the offeree time to accept or reject the offer.

Question 8

If the terms of a contract have been fully performed, it is known as a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 9

In contracting to buy a car, you agree to exchange money you otherwise would not have to give the dealer in exchange for title and possession of a car the dealer would not otherwise have to give you. This is an example of the _____ requirement of a valid contract.

Accepted Answer

A)  mutual assent 
B)  legality 
C)  capacity to enter into a contract 
D)  consideration 
A)  mutual assent 
B)  legality 
C)  capacity to enter into a contract 
D)  consideration

Question 10

Discuss briefly, capacity to contract.

Accepted Answer

Capacity addresses whether parties enter

Question 11

What are the different requirements of an offer in order to be sufficient to create a contract?

Accepted Answer

In order to be sufficient to create a co

Question 12

Under the UCC an acceptance that makes changes to the offer is only considered a counteroffer if:

Accepted Answer

A)  the acceptance is expressed after rejection. 
B)  the offeree so intends. 
C)  the acceptance is seasonable. 
D)  the acceptance is expressed in the form of silence. 
A)  the acceptance is expressed after rejection. 
B)  the offeree so intends. 
C)  the acceptance is seasonable. 
D)  the acceptance is expressed in the form of silence.

Question 13

Discuss with an example, the mailbox rule.

Accepted Answer

Unless otherwise agreed, an acceptance i

Question 14

Explain the Parol Evidence Rule.

Accepted Answer

The Parol Evidence Rule provides that if

Question 15

Which of the following statements is most likely to be true regarding a contract implied in fact?

Accepted Answer

A)  It is also known as a quasi contract. 
B)  It is a contract in which one party promises to do an act if the other party does something. 
C)  The terms of the contract have been fully performed. 
D)  It is created when the parties enter into the agreement by their actions rather than because they have actually discussed the matter. 
A)  It is also known as a quasi contract. 
B)  It is a contract in which one party promises to do an act if the other party does something. 
C)  The terms of the contract have been fully performed. 
D)  It is created when the parties enter into the agreement by their actions rather than because they have actually discussed the matter.

Question 16

With reference to mutual assent, which of the following concepts applies when both parties are aware that they do not know all they need to know before contracting, and they contract anyway?

Accepted Answer

A)  Fraud in the execution 
B)  Undue influence 
C)  Duress 
D)  Mutual ignorance 
A)  Fraud in the execution 
B)  Undue influence 
C)  Duress 
D)  Mutual ignorance

Question 17

Discuss undue influence as a challenge to mutual assent.

Accepted Answer

Undue influence is a rebuttable presumpt

Question 18

Shawnee agrees to provide massage therapy to Pam for six months. Shawnee thought the agreement was for Swedish massage. Pam thought it was for deep tissue massage. Deep tissue massage costs twice as much as Swedish massage and Shawnee refuses to honor the agreement. This is most likely to be an example of:

Accepted Answer

A)  duress. 
B)  fraud in the inducement. 
C)  mutual mistake. 
D)  fraud in the execution. 
A)  duress. 
B)  fraud in the inducement. 
C)  mutual mistake. 
D)  fraud in the execution.

Question 19

An executed contract is a contract in which:

Accepted Answer

A)  the terms of a contract have been fully performed. 
B)  one of the parties to the contract does not have the capacity to contract. 
C)  one party promises to do an act if the other party does something. 
D)  all the requirements of a valid contract have been fulfilled. 
A)  the terms of a contract have been fully performed. 
B)  one of the parties to the contract does not have the capacity to contract. 
C)  one party promises to do an act if the other party does something. 
D)  all the requirements of a valid contract have been fulfilled.

Question 20

Discuss the Restatement of Contracts.

Accepted Answer

Each state has its own common law of con

What is an acceptance with varied terms?

The _____ Rule provides that if there is a valid, written, integrated contract between the parties, then evidence of prior or contemporaneous agreements will not be permitted to vary or alter its terms.

Which of the following statements is true regarding consideration?

Which of the following requirements of a valid contract best represents the agreement between the parties as to the contract's terms and their intent to actually enter into a contract rather than just inquiring or joking with each other?

Which of the following will be considered as a valid consideration for a contract?

Under the UCC, a change in the offer by offeree will only be considered a counteroffer if the offeree intends it to be so.

Which of the following statements is definitely true regarding an option contract?

If the terms of a contract have been fully performed, it is known as a unilateral contract.

In contracting to buy a car, you agree to exchange money you otherwise would not have to give the dealer in exchange for title and possession of a car the dealer would not otherwise have to give you. This is an example of the _____ requirement of a valid contract.

Discuss briefly, capacity to contract.

What are the different requirements of an offer in order to be sufficient to create a contract?

Under the UCC an acceptance that makes changes to the offer is only considered a counteroffer if:

Discuss with an example, the mailbox rule.

Explain the Parol Evidence Rule.

Which of the following statements is most likely to be true regarding a contract implied in fact?

With reference to mutual assent, which of the following concepts applies when both parties are aware that they do not know all they need to know before contracting, and they contract anyway?

Discuss undue influence as a challenge to mutual assent.

An executed contract is a contract in which:

Discuss the Restatement of Contracts.

Introduction to the Business and Ethics Environment in a Diverse Society

Alternative Dispute Resolution

The Court System and Legal Process

Administrative Law

Torts

Property, Real and Personal

Business Crimes

Secured Transactions and Bankruptcy

Agency and Business Organizations

The Employment Relationship and Equal Employment Opportunity

Labor and Management Relations

Securities Regulation and Compliance

Antitrust and Trade Regulation

Intellectual Property

Environmental Law and Business

International Law and Business

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Exam 5: Contracts and Sales

What is an acceptance with varied terms?

The _____ Rule provides that if there is a valid, written, integrated contract between the parties, then evidence of prior or contemporaneous agreements will not be permitted to vary or alter its terms.

Which of the following statements is true regarding consideration?

Which of the following requirements of a valid contract best represents the agreement between the parties as to the contract's terms and their intent to actually enter into a contract rather than just inquiring or joking with each other?

Which of the following will be considered as a valid consideration for a contract?

Under the UCC, a change in the offer by offeree will only be considered a counteroffer if the offeree intends it to be so.

Which of the following statements is definitely true regarding an option contract?

If the terms of a contract have been fully performed, it is known as a unilateral contract.

In contracting to buy a car, you agree to exchange money you otherwise would not have to give the dealer in exchange for title and possession of a car the dealer would not otherwise have to give you. This is an example of the _____ requirement of a valid contract.

Discuss briefly, capacity to contract.

What are the different requirements of an offer in order to be sufficient to create a contract?

Under the UCC an acceptance that makes changes to the offer is only considered a counteroffer if:

Discuss with an example, the mailbox rule.

Explain the Parol Evidence Rule.

Which of the following statements is most likely to be true regarding a contract implied in fact?

With reference to mutual assent, which of the following concepts applies when both parties are aware that they do not know all they need to know before contracting, and they contract anyway?

Discuss undue influence as a challenge to mutual assent.

An executed contract is a contract in which:

Discuss the Restatement of Contracts.

Introduction to the Business and Ethics Environment in a Diverse Society

Alternative Dispute Resolution

The Court System and Legal Process

Administrative Law

Torts

Property, Real and Personal

Business Crimes

Secured Transactions and Bankruptcy

Agency and Business Organizations

The Employment Relationship and Equal Employment Opportunity

Labor and Management Relations

Securities Regulation and Compliance

Antitrust and Trade Regulation

Intellectual Property

Environmental Law and Business

International Law and Business

Filters