Question 1

The law of contracts is primarily _______________ law.

Accepted Answer

A)  Comprehensive 
B)  Statutory 
C)  Common 
D)  Restated 
E)  Modified 
A)  Comprehensive 
B)  Statutory 
C)  Common 
D)  Restated 
E)  Modified

Question 2

As a general rule,the ________ intent of the parties is not relevant when determining whether a contract exists; rather,what is relevant is how they represented their intent through their actions and words.

Accepted Answer

A)  Objective 
B)  Subjective 
C)  Unilateral 
D)  Comprehensive 
E)  Considered 
A)  Objective 
B)  Subjective 
C)  Unilateral 
D)  Comprehensive 
E)  Considered

Question 3

What was the status of the agreement between Jackson and Penny as of Tuesday when they agreed upon the price for the job?

Accepted Answer

A)  The contract was executory. 
B)  The contract was executed. 
C)  The contract was novated. 
D)  The contract was formal. 
E)  The contract was a recognizance contract. 
A)  The contract was executory. 
B)  The contract was executed. 
C)  The contract was novated. 
D)  The contract was formal. 
E)  The contract was a recognizance contract.

Question 4

Congress passed the Uniform Electronic Transactions Act (UETA).

Accepted Answer

A) True 
 B)False

Question 5

The person who makes an offer is called a[n] ___________.

Accepted Answer

A)  Offeree 
B)  Offeror 
C)  Agreeor 
D)  Agree 
E)  Inquirer 
A)  Offeree 
B)  Offeror 
C)  Agreeor 
D)  Agree 
E)  Inquirer

Question 6

Contract law is said to be based on a[n] ___________ theory,meaning that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Accepted Answer

A)  Subjective 
B)  Objective 
C)  Interpretive 
D)  Appearing 
E)  Unilateral 
A)  Subjective 
B)  Objective 
C)  Interpretive 
D)  Appearing 
E)  Unilateral

Question 7

An attorney who says that a contract lacks "the proper form" is typically referencing which of the following?

Accepted Answer

A)  The agreement lacked a proper offer. 
B)  The contract lacked a proper acceptance. 
C)  The contract lacked consideration. 
D)  The contract lacked a writing. 
E)  The contract lacked both an appropriate offer and an appropriate acceptance. 
A)  The agreement lacked a proper offer. 
B)  The contract lacked a proper acceptance. 
C)  The contract lacked consideration. 
D)  The contract lacked a writing. 
E)  The contract lacked both an appropriate offer and an appropriate acceptance.

Question 8

In order to recover under quasi-contract,there is no requirement that enrichment be unjust.

Accepted Answer

A) True 
 B)False

Question 9

Quasi-contracts are actual contracts.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following represents the legal ability to enter into a binding agreement?

Accepted Answer

A)  Majority 
B)  Emancipation 
C)  Contractual knowledge 
D)  Contractual capacity 
E)  Informed consent 
A)  Majority 
B)  Emancipation 
C)  Contractual knowledge 
D)  Contractual capacity 
E)  Informed consent

Question 11

The term "consideration" in relation to contracts involves parties acting in an ethical manner.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is the term representing the $50 to be provided by Rick and the book to be provided by Beverly?

Accepted Answer

A)  Encouragement 
B)  Material 
C)  Consideration 
D)  Inducement 
E)  Provisions 
A)  Encouragement 
B)  Material 
C)  Consideration 
D)  Inducement 
E)  Provisions

Question 13

The person who agrees to the terms of an offer made by the other party is called the _________.

Accepted Answer

A)  Offeree 
B)  Offeror 
C)  Agreeor 
D)  Agree 
E)  Inquirer 
A)  Offeree 
B)  Offeror 
C)  Agreeor 
D)  Agree 
E)  Inquirer

Question 14

If a quasi-contract is imposed,the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

Accepted Answer

A)  Legal object 
B)  Agreement 
C)  Coherence 
D)  Alliance 
E)  Concurrence 
A)  Legal object 
B)  Agreement 
C)  Coherence 
D)  Alliance 
E)  Concurrence

Question 16

A[n] _____________ contract is one that contains all the legal elements of a contract.

Accepted Answer

A)  Voidable 
B)  Executed 
C)  Formal 
D)  Valid 
E)  Approved 
A)  Voidable 
B)  Executed 
C)  Formal 
D)  Valid 
E)  Approved

Question 17

Which of the following is an appropriate characterization of the agreement between Debby and Max?

Accepted Answer

A)  They had a bilateral, express agreement. 
B)  They had a bilateral, implied agreement. 
C)  They had a bilateral and unilateral agreement. 
D)  They had a unilateral, express agreement. 
E)  They had a unilateral, implied agreement. 
A)  They had a bilateral, express agreement. 
B)  They had a bilateral, implied agreement. 
C)  They had a bilateral and unilateral agreement. 
D)  They had a unilateral, express agreement. 
E)  They had a unilateral, implied agreement.

Question 18

Which of the following contracts are usually voidable?

Accepted Answer

A)  Contracts entered into as a result of fraud, but not duress or undue influence. 
B)  Contracts entered into as a result of duress or undue influence, but not fraud. 
C)  Contracts entered into as a result of undue influence or fraud, but not duress. 
D)  Contracts entered into as a result of fraud or duress, but not undue influence. 
E)  Contracts entered into as a result of fraud, duress, or undue influence. 
A)  Contracts entered into as a result of fraud, but not duress or undue influence. 
B)  Contracts entered into as a result of duress or undue influence, but not fraud. 
C)  Contracts entered into as a result of undue influence or fraud, but not duress. 
D)  Contracts entered into as a result of fraud or duress, but not undue influence. 
E)  Contracts entered into as a result of fraud, duress, or undue influence.

Question 19

Which of the following was the result on appeal in Reisenfeld & Co.v.The Network Group Inc.; Builders Square Inc.; Kmart Corp.,the case in the text involving whether the plaintiff could recover from BSI in the situation in which BSI contracted with Network Group to lease property,and Network Group contracted with the plaintiff agreeing to pay a certain commission for his work but then defaulted on the contract?

Accepted Answer

A)  The court ruled that because it was a third-party beneficiary, BSI was required to pay the plaintiff the full amount of the commissions claimed. 
B)  The court ruled that because it was a third-party beneficiary, BSI was required to pay the plaintiff the reasonable value of the services rendered, not necessarily the contractual amount promised for commissions. 
C)  The court ruled that because a quasi-contract was involved, BSI was required to pay the plaintiff the full amount of the commissions claimed. 
D)  The court ruled that because a quasi-contract was involved, BSI was required to pay the plaintiff the reasonable value of the services rendered, not necessarily the contractual amount promised for commissions. 
E)  The court ruled that because the plaintiff did not have a contract with BSI, the plaintiff was entitled to no recovery from BSI. 
A)  The court ruled that because it was a third-party beneficiary, BSI was required to pay the plaintiff the full amount of the commissions claimed. 
B)  The court ruled that because it was a third-party beneficiary, BSI was required to pay the plaintiff the reasonable value of the services rendered, not necessarily the contractual amount promised for commissions. 
C)  The court ruled that because a quasi-contract was involved, BSI was required to pay the plaintiff the full amount of the commissions claimed. 
D)  The court ruled that because a quasi-contract was involved, BSI was required to pay the plaintiff the reasonable value of the services rendered, not necessarily the contractual amount promised for commissions. 
E)  The court ruled that because the plaintiff did not have a contract with BSI, the plaintiff was entitled to no recovery from BSI.

Question 20

Which of the following is true regarding Jackson's assertion that Penny must pay him at this point if the neighbor fails to do so?

Accepted Answer

A)  He is correct because an express contract existed, and he made an honest mistake for which Penny must accept the risk. 
B)  He is correct because an implied contract existed, and he made an honest mistake for which Penny must accept the risk. 
C)  He is correct because an implied-in-law contract existed. 
D)  He is correct because a valid contract existed; and, after his performance, it is considered executed. 
E)  He is incorrect unless he can somehow establish that Penny gave him poor directions or was otherwise at fault in informing him which deck to paint, and the contract remains executory. 
A)  He is correct because an express contract existed, and he made an honest mistake for which Penny must accept the risk. 
B)  He is correct because an implied contract existed, and he made an honest mistake for which Penny must accept the risk. 
C)  He is correct because an implied-in-law contract existed. 
D)  He is correct because a valid contract existed; and, after his performance, it is considered executed. 
E)  He is incorrect unless he can somehow establish that Penny gave him poor directions or was otherwise at fault in informing him which deck to paint, and the contract remains executory.

Exam 13: Introduction to Contracts

The law of contracts is primarily _______________ law.

As a general rule,the ________ intent of the parties is not relevant when determining whether a contract exists; rather,what is relevant is how they represented their intent through their actions and words.

What was the status of the agreement between Jackson and Penny as of Tuesday when they agreed upon the price for the job?

Congress passed the Uniform Electronic Transactions Act (UETA).

The person who makes an offer is called a[n] ___________.

Contract law is said to be based on a[n] ___________ theory,meaning that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

An attorney who says that a contract lacks "the proper form" is typically referencing which of the following?

In order to recover under quasi-contract,there is no requirement that enrichment be unjust.

Quasi-contracts are actual contracts.

Which of the following represents the legal ability to enter into a binding agreement?

The term "consideration" in relation to contracts involves parties acting in an ethical manner.

Which of the following is the term representing the $50 to be provided by Rick and the book to be provided by Beverly?

The person who agrees to the terms of an offer made by the other party is called the _________.

If a quasi-contract is imposed,the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

A[n] _____________ contract is one that contains all the legal elements of a contract.

Which of the following is an appropriate characterization of the agreement between Debby and Max?

Which of the following contracts are usually voidable?

Which of the following is true regarding Jackson's assertion that Penny must pay him at this point if the neighbor fails to do so?

An Introduction to Dynamic Business Law

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Agreement

Consideration

Capacity and Illegality

Reality of Assent

Contracts in Writing

Third Party Rights to Contracts

Performance,Breach of Contract,discharge,and Remedies

Introduction to Sales and Lease Contracts

Title,Risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Lease Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability,defenses,and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organizations

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, and Termination

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Wills and Trusts

Filters