Question 1

Greg signed a contract to work as an auto-parts manager for Jones Chevrolet.This contract is governed by:

Accepted Answer

A)  Article 2 of the UCC. 
B)  state common law. 
C)  the doctrine of promissory estoppel. 
D)  the law of quasi-contract. 
A)  Article 2 of the UCC. 
B)  state common law. 
C)  the doctrine of promissory estoppel. 
D)  the law of quasi-contract.

Question 2

Promissory estoppel protects reliance on a promise from one party to another.

Accepted Answer

A) True 
 B)False

Question 3

An oral contract that is covered by the statute of frauds is:

Accepted Answer

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

Question 4

Why do the Restatements of Contracts not have the force of law?

Accepted Answer

A)  It was the product of a private organization. 
B)  It had conflicting perspectives. 
C)  It was deemed significantly inferior to the common law. 
D)  It was deemed significantly inferior to the UCC. 
A)  It was the product of a private organization. 
B)  It had conflicting perspectives. 
C)  It was deemed significantly inferior to the common law. 
D)  It was deemed significantly inferior to the UCC.

Question 5

Dawson entered into a contract with Jensen for the sale of Dawson's boat.Which set of legal rules governs this transaction?

Accepted Answer

A)  Contract rules of the common law 
B)  Contract rules of the Uniform Commercial Code 
C)  Equity rules that ensure fairness in transactions 
D)  Marine law 
A)  Contract rules of the common law 
B)  Contract rules of the Uniform Commercial Code 
C)  Equity rules that ensure fairness in transactions 
D)  Marine law

Question 6

Not every promise is legal enforceable.

Accepted Answer

A) True 
 B)False

Question 7

Contracts are typically between one party and who?

Accepted Answer

A)  The federal government 
B)  The state government 
C)  Another private party 
D)  An international agency on commerce 
A)  The federal government 
B)  The state government 
C)  Another private party 
D)  An international agency on commerce

Question 8

John,a house painter,enters into a contract with Robert under which he promises to paint Robert's house for which Robert promises to pay $1,000 at the completion of work.John mistakenly paints Mary's house next door.Mary returns from vacation,surprised to see her house beautifully painted.John asks Mary to pay for the work.Mary refuses.Under what theory may John attempt to recover from Mary? Will he be successful? Explain.

Accepted Answer

John may try to recover the reasonable v

Question 9

An otherwise valid contract whose enforcement is barred by the applicable contract statute of limitations is an example of a(n):

Accepted Answer

A)  voidable contract. 
B)  quasi-contract. 
C)  bilateral contract. 
D)  unenforceable contract. 
A)  voidable contract. 
B)  quasi-contract. 
C)  bilateral contract. 
D)  unenforceable contract.

Exam 9: Introduction to Contracts

Greg signed a contract to work as an auto-parts manager for Jones Chevrolet.This contract is governed by:

Promissory estoppel protects reliance on a promise from one party to another.

An oral contract that is covered by the statute of frauds is:

Why do the Restatements of Contracts not have the force of law?

Dawson entered into a contract with Jensen for the sale of Dawson's boat.Which set of legal rules governs this transaction?

Not every promise is legal enforceable.

Contracts are typically between one party and who?

An otherwise valid contract whose enforcement is barred by the applicable contract statute of limitations is an example of a(n):

The Nature of Law

The Resolution of Private Disputes

Business and the Constitution

Business Ethics, Corporate Social Responsibility, Corporate Governance, and Critical Thinking

Criminal Law and Procedure

Intentional Torts

Negligence and Strict Liability

Intellectual Property and Unfair Competition

The Agreement: Offer

The Agreement: Acceptance

Consideration

Reality of Consent

Capacity to Contract

Illegality

Writing

Rights of Third Parties

Performance and Remedies

Formation and Terms of Sales Contracts

Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contracts

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance Law

Introduction to Credit and Secured Transactions

Security Interests in Personal Property

Bankruptcy

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Transfers

The Agency Relationship

Third-Party Relations of the Principal and the Agent

Introduction to Forms of Business and Formation of Partnerships

Operation of Partnerships and Related Forms

Partners Dissociation and Partnerships Dissolution and Winding up

Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships

History and Nature of Corporations

Organization and Financial Structure of Corporations

Management of Corporations

Shareholders Rights and Liabilities

Securities Regulation

Legal and Professional Responsibilities of Auditors, Consultants, and Securities Professionals

Administrative Law

The Federal Trade Commission Act and Consumer Protection Laws

Antitrust: the Sherman Act

The Clayton Act, the Robinson-Patman Act, and Antitrust Exemptions and Immunities

Employment Law

Environmental Regulation

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