Question 1

In the U.S.,which of the following are the two most important sources of contract law?

Accepted Answer

A)  Case law and the Restatement of Law, Contracts. 
B)  Case law and the Uniform Commercial Code. 
C)  The Uniform Commercial Code and the Convention on Contracts for International Sales of Goods. 
D)  Case law and the Convention on Contracts for International Sales of Goods. 
E)  The Convention on Contracts for International Sales of Goods and the Restatement of the Law, Contracts. 
A)  Case law and the Restatement of Law, Contracts. 
B)  Case law and the Uniform Commercial Code. 
C)  The Uniform Commercial Code and the Convention on Contracts for International Sales of Goods. 
D)  Case law and the Convention on Contracts for International Sales of Goods. 
E)  The Convention on Contracts for International Sales of Goods and the Restatement of the Law, Contracts.

Question 2

As long as some of the duties under a contract have not yet been performed,the contract is considered ________________.

Accepted Answer

A)  Executory 
B)  Executed 
C)  Anticipatory 
D)  Ended 
E)  Stopped 
A)  Executory 
B)  Executed 
C)  Anticipatory 
D)  Ended 
E)  Stopped

Question 3

Discuss the meaning of a void contract and a voidable contract,and the effect of a determination that a contract is either void or voidable.

Accepted Answer

A void contract is in effect not a contr

Question 4

Which of the following is in effect not a contract at all?

Accepted Answer

A)  A voidable contract 
B)  An executory contract 
C)  An implied contract 
D)  An executed contract 
E)  A void contract 
A)  A voidable contract 
B)  An executory contract 
C)  An implied contract 
D)  An executed contract 
E)  A void contract

Question 5

Millie mows her own yard to save money.Her neighbor Paul,however,hires a lawn service to mow his yard.One day Millie is looking out of the window and sees Paul's lawn service drive up.Surprisingly,they begin to mow her yard,not Paul's yard.Millie thinks that is great and keeps her mouth shut while they mow the yard.Later,she gets a bill.She calls the owner of the lawn service and says that she does not have to pay because there was no contract where she agreed to have her yard mowed.The lawn service says that she is liable for the full amount of its contract.Discuss whether the lawn service is entitled to any recovery and why or why not.

Accepted Answer

The lawn service will be entitled to rec

Question 6

A[n] ___________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Accepted Answer

A)  Contract 
B)  Offer 
C)  Consideration 
D)  Acceptance 
E)  Legal object 
A)  Contract 
B)  Offer 
C)  Consideration 
D)  Acceptance 
E)  Legal object

Question 7

Which of the following is the part of the Uniform Commercial code governing contracts for the sale of goods?

Accepted Answer

A)  Article 2 
B)  Article 3 
C)  Article 4 
D)  Article 5 
E)  Article 7 
A)  Article 2 
B)  Article 3 
C)  Article 4 
D)  Article 5 
E)  Article 7

Question 8

Once all the terms of the contract have been fully performed,the contract is said to be ___________.

Accepted Answer

A)  Executory 
B)  Executed 
C)  Anticipatory 
D)  Ended 
E)  Stopped 
A)  Executory 
B)  Executed 
C)  Anticipatory 
D)  Ended 
E)  Stopped

Question 9

How many states still allow a contract without consideration to be enforced if it is under seal?

Accepted Answer

A)  Five 
B)  Eight 
C)  Ten 
D)  Twenty 
E)  Thirty 
A)  Five 
B)  Eight 
C)  Ten 
D)  Twenty 
E)  Thirty

Question 10

Which of the following references the requirement that a contract not be either illegal or against public policy?

Accepted Answer

A)  Consideration 
B)  Capacity 
C)  Legal object 
D)  Illegal prohibition 
E)  Ethical requirement 
A)  Consideration 
B)  Capacity 
C)  Legal object 
D)  Illegal prohibition 
E)  Ethical requirement

Question 11

Which of the following would describe Beverly's role in the transaction?

Accepted Answer

A)  She was the offeror. 
B)  She was the offeree. 
C)  She was the assentor. 
D)  She was the assentee. 
E)  She was the offeree and the assentee. 
A)  She was the offeror. 
B)  She was the offeree. 
C)  She was the assentor. 
D)  She was the assentee. 
E)  She was the offeree and the assentee.

Exam 13: Introduction to Contracts

In the U.S.,which of the following are the two most important sources of contract law?

As long as some of the duties under a contract have not yet been performed,the contract is considered ________________.

Discuss the meaning of a void contract and a voidable contract,and the effect of a determination that a contract is either void or voidable.

Which of the following is in effect not a contract at all?

A[n] ___________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Which of the following is the part of the Uniform Commercial code governing contracts for the sale of goods?

Once all the terms of the contract have been fully performed,the contract is said to be ___________.

How many states still allow a contract without consideration to be enforced if it is under seal?

Which of the following references the requirement that a contract not be either illegal or against public policy?

Which of the following would describe Beverly's role in the transaction?

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

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