Question 1

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

Accepted Answer

A) implied in fact contract. 
B) express contract. 
C) void contract. 
D) quasi contract. 
A) implied in fact contract. 
B) express contract. 
C) void contract. 
D) quasi contract.

Question 2

Alice makes a material misrepresentation of fact to Betty,and based upon the misrepresentation,Betty enters into a contract.Alice now thinks that the contract is not fair to her.This contract is voidable at Alice's option.

Accepted Answer

A) True 
 B)False

Question 3

Express contracts and implied in fact contracts:

Accepted Answer

A) are both genuine contracts. 
B) are equally enforceable. 
C) are not really contracts. 
D) Two of the above, (a) and (b). 
A) are both genuine contracts. 
B) are equally enforceable. 
C) are not really contracts. 
D) Two of the above, (a) and (b).

Question 4

A change in contract law between the nineteenth and twentieth centuries was:

Accepted Answer

A) a relaxation of requirements of contract formation. 
B) an increase in technical requirements for contract formation. 
C) a movement toward enforcement of promises only if there was strict compliance with basic contract requirements. 
D) increasing difficulty for parties to get out of a contract. 
A) a relaxation of requirements of contract formation. 
B) an increase in technical requirements for contract formation. 
C) a movement toward enforcement of promises only if there was strict compliance with basic contract requirements. 
D) increasing difficulty for parties to get out of a contract.

Question 5

Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of two years.This contract is governed by:

Accepted Answer

A) Article 2 of the UCC. 
B) state common law. 
C) federal statute. 
D) the law of quasi contract. 
A) Article 2 of the UCC. 
B) state common law. 
C) federal statute. 
D) the law of quasi contract.

Question 6

An implied in fact contract is not as enforceable as an express contract.

Accepted Answer

A) True 
 B)False

Question 7

General contract law governs all contracts outside the scope of the UCC.

Accepted Answer

A) True 
 B)False

Question 8

The court in the Weichert Co.Realtors v.Ryan case held that the performing party was entitled to recoup the reasonable value of the services rendered under:

Accepted Answer

A) an express contract. 
B) quantum meruit. 
C) promissory estoppel. 
D) Article 2 of the UCC. 
A) an express contract. 
B) quantum meruit. 
C) promissory estoppel. 
D) Article 2 of the UCC.

Question 9

Which of the following is NOT always necessary in order for a valid contract to be formed?

Accepted Answer

A) Mutual assent. 
B) Legality of purpose. 
C) A writing. 
D) Competent parties. 
A) Mutual assent. 
B) Legality of purpose. 
C) A writing. 
D) Competent parties.

Question 10

A promisee is the person making a promise.

Accepted Answer

A) True 
 B)False

Question 11

Samuel Tate enters into a contract with Bill Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage,repair a boat,and build a doghouse.If the doghouse has not yet been built,which term describes the type of contract in existence?

Accepted Answer

A) Quasi contract. 
B) Executed contract. 
C) Illusory contract. 
D) Executory contract. 
A) Quasi contract. 
B) Executed contract. 
C) Illusory contract. 
D) Executory contract.

Question 12

Contracts that are implied in law:

Accepted Answer

A) are obligations imposed by law on grounds of justice and equity. 
B) are intended to prevent unjust enrichment. 
C) do not rest upon the assent of the contracting parties. 
D) All of the above. 
A) are obligations imposed by law on grounds of justice and equity. 
B) are intended to prevent unjust enrichment. 
C) do not rest upon the assent of the contracting parties. 
D) All of the above.

Question 13

Which of the following contracts is covered by Article 2 of the Uniform Commercial Code?

Accepted Answer

A) The sale of a house. 
B) The sale of a new car. 
C) An employment agreement. 
D) A sale of automobile insurance. 
A) The sale of a house. 
B) The sale of a new car. 
C) An employment agreement. 
D) A sale of automobile insurance.

Question 14

A contract in which both parties exchange promises is a:

Accepted Answer

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

Question 15

A contract to sell five acres of land is governed by Article 2 of the UCC.

Accepted Answer

A) True 
 B)False

Question 16

Allannah has entered into a contract to buy a new Steinway piano.The law governing the contract is Article 3 of the UCC.

Accepted Answer

A) True 
 B)False

Question 17

A valid contract is one that meets all of the requirements of a binding contract.

Accepted Answer

A) True 
 B)False

Question 18

Ron says to Mark,"If you design and landscape my front lawn by the time I return from Paris next month,I will pay you $5,000." Mark does not respond but has the landscaping done by the time Ron returns.This is an example of a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 19

A(n)__________ contract is one in which the terms have been definitely and specifically stated and agreed upon.

Accepted Answer

A) express 
B) implied 
C) written 
D) formal 
A) express 
B) implied 
C) written 
D) formal

Question 20

Steven makes a material misrepresentation of fact regarding his motorcycle to Thelma who agrees to buy the motorcycle based upon the misrepresentation.This contract is:

Accepted Answer

A) void. 
B) voidable. 
C) executed. 
D) unenforceable. 
A) void. 
B) voidable. 
C) executed. 
D) unenforceable.

Exam 9: Introduction to Contracts

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

Alice makes a material misrepresentation of fact to Betty,and based upon the misrepresentation,Betty enters into a contract.Alice now thinks that the contract is not fair to her.This contract is voidable at Alice's option.

Express contracts and implied in fact contracts:

A change in contract law between the nineteenth and twentieth centuries was:

Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of two years.This contract is governed by:

An implied in fact contract is not as enforceable as an express contract.

General contract law governs all contracts outside the scope of the UCC.

The court in the Weichert Co.Realtors v.Ryan case held that the performing party was entitled to recoup the reasonable value of the services rendered under:

Which of the following is NOT always necessary in order for a valid contract to be formed?

A promisee is the person making a promise.

Samuel Tate enters into a contract with Bill Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage,repair a boat,and build a doghouse.If the doghouse has not yet been built,which term describes the type of contract in existence?

Contracts that are implied in law:

Which of the following contracts is covered by Article 2 of the Uniform Commercial Code?

A contract in which both parties exchange promises is a:

A contract to sell five acres of land is governed by Article 2 of the UCC.

Allannah has entered into a contract to buy a new Steinway piano.The law governing the contract is Article 3 of the UCC.

A valid contract is one that meets all of the requirements of a binding contract.

Ron says to Mark,"If you design and landscape my front lawn by the time I return from Paris next month,I will pay you $5,000." Mark does not respond but has the landscaping done by the time Ron returns.This is an example of a unilateral contract.

A(n)__________ contract is one in which the terms have been definitely and specifically stated and agreed upon.

Steven makes a material misrepresentation of fact regarding his motorcycle to Thelma who agrees to buy the motorcycle based upon the misrepresentation.This contract is:

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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