Question 1

A contract results in an obligation or a duty that can be enforced in a court of law.

Accepted Answer

A) True 
 B)False

Question 2

Mutual assent involves the legal ability to make a contract.

Accepted Answer

A) True 
 B)False

Question 3

When there is a breach of contract, the injured party has the right to ask a court to somehow remedy the situation.

Accepted Answer

A) True 
 B)False

Question 4

To be enforceable under the Statute of Frauds, a:

Accepted Answer

A)  written contract has to be a formal, preprinted agreement. 
B)  written contract cannot be keystroked or scrawled. 
C)  sales slip or a receipt does not qualify as forms of written contracts. 
D)  written contract can be a notation or a memorandum. 
A)  written contract has to be a formal, preprinted agreement. 
B)  written contract cannot be keystroked or scrawled. 
C)  sales slip or a receipt does not qualify as forms of written contracts. 
D)  written contract can be a notation or a memorandum.

Question 5

Eloise made a contract in January that gave her until the end of the year to complete her work on a new computer system for Dexter. In mid-July, Eloise is working on the computer system. The contract in July is considered:

Accepted Answer

A)  executory. 
B)  unenforceable. 
C)  being expressed. 
D)  executed. 
A)  executory. 
B)  unenforceable. 
C)  being expressed. 
D)  executed.

Question 6

The quasi-contract concept involves the mutual assent of the parties.

Accepted Answer

A) True 
 B)False

Question 7

Emerson, a wealthy man, has a special seal made that contains his family crest and motto. Emerson places the seal impression next to his name on every contract that he signs in order to prove that other contracts containing a signature without the impression are forgeries. Discuss the type of contract Emerson makes.

Accepted Answer

Emerson is making formal contracts under

Question 8

In contract law, the non-breaching party is compensated by the payment of ____________ damages to make up for their real financial losses.

Accepted Answer

A)  punitive 
B)  compensatory 
C)  consequential 
D)  incidental 
A)  punitive 
B)  compensatory 
C)  consequential 
D)  incidental

Question 9

The courts have never been inclined to enforce social agreements.

Accepted Answer

A) True 
 B)False

Question 10

In case of an implied-in-law contract, the court will apply reasons of justice and fairness and may obligate one who has unfairly benefited at the innocent expense of another.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Accepted Answer

A)  Contracts that can be completed within one year. 
B)  Contracts to pay the debt of another. 
C)  Contracts involving sale of all types of goods. 
D)  Contracts in consideration to employment. 
A)  Contracts that can be completed within one year. 
B)  Contracts to pay the debt of another. 
C)  Contracts involving sale of all types of goods. 
D)  Contracts in consideration to employment.

Question 12

Webtel Services, Inc. and Acme Co. sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work. This is an example of a:

Accepted Answer

A)  bilateral, voidable contract. 
B)  quasi, unilateral contract. 
C)  bilateral, express contract. 
D)  unilateral, implied-in-law contract. 
A)  bilateral, voidable contract. 
B)  quasi, unilateral contract. 
C)  bilateral, express contract. 
D)  unilateral, implied-in-law contract.

Question 13

When contracting parties accept mutual obligations through oral discussion, they have created an implied contract.

Accepted Answer

A) True 
 B)False

Question 14

The doctrine of ____________ restricts a party from denying that a promise was made under certain conditions, even though consideration has not been exchanged to bind an agreement.

Accepted Answer

A)  enforceability 
B)  privity 
C)  Statute of Frauds 
D)  promissory estoppel 
A)  enforceability 
B)  privity 
C)  Statute of Frauds 
D)  promissory estoppel

Question 15

Article 2 of the ____________ is a model set of laws designed to govern the sale of goods in commercial transactions in the United States.

Accepted Answer

A)  Uniform Contract Law Code 
B)  Uniform Common Code 
C)  Uniform Civil Code 
D)  Uniform Commercial Code 
A)  Uniform Contract Law Code 
B)  Uniform Common Code 
C)  Uniform Civil Code 
D)  Uniform Commercial Code

Question 16

Gregory sells his land to Tim. Under the Statute of Frauds, Gregory and Tim must enter a written contract to be enforceable in the court of law.

Accepted Answer

A) True 
 B)False

Question 17

Not all contracts are agreements.

Accepted Answer

A) True 
 B)False

Question 18

Fair courts, established in 11th century England, were:

Accepted Answer

A)  tribunals set up in seaport towns to handle disputes involving maritime law. 
B)  composed of judges who applied fair and equitable principles to commercial transactions. 
C)  composed of legal scholars who applied common law to all commercial cases. 
D)  courts in which juries were composed of merchants who were empowered to hear cases involving commercial disputes. 
A)  tribunals set up in seaport towns to handle disputes involving maritime law. 
B)  composed of judges who applied fair and equitable principles to commercial transactions. 
C)  composed of legal scholars who applied common law to all commercial cases. 
D)  courts in which juries were composed of merchants who were empowered to hear cases involving commercial disputes.

Question 19

____________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree, and the offer has been accepted properly by the offeree.

Accepted Answer

A)  Legality 
B)  Capacity 
C)  Consideration 
D)  Mutual assent 
A)  Legality 
B)  Capacity 
C)  Consideration 
D)  Mutual assent

Question 20

Beth and Joan, both 15 years of age, enter into a written contract. In the contract, Beth agrees to do Joan's math homework for two weeks for $50, and Joan agrees to pay Beth at the end of the two-week period. This contract is:

Accepted Answer

A)  implied-in-law. 
B)  void. 
C)  unenforceable. 
D)  voidable. 
A)  implied-in-law. 
B)  void. 
C)  unenforceable. 
D)  voidable.

Exam 7: The Essentials of Contract Law

A contract results in an obligation or a duty that can be enforced in a court of law.

Mutual assent involves the legal ability to make a contract.

When there is a breach of contract, the injured party has the right to ask a court to somehow remedy the situation.

To be enforceable under the Statute of Frauds, a:

Eloise made a contract in January that gave her until the end of the year to complete her work on a new computer system for Dexter. In mid-July, Eloise is working on the computer system. The contract in July is considered:

The quasi-contract concept involves the mutual assent of the parties.

In contract law, the non-breaching party is compensated by the payment of ____________ damages to make up for their real financial losses.

The courts have never been inclined to enforce social agreements.

In case of an implied-in-law contract, the court will apply reasons of justice and fairness and may obligate one who has unfairly benefited at the innocent expense of another.

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Webtel Services, Inc. and Acme Co. sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work. This is an example of a:

When contracting parties accept mutual obligations through oral discussion, they have created an implied contract.

The doctrine of ____________ restricts a party from denying that a promise was made under certain conditions, even though consideration has not been exchanged to bind an agreement.

Article 2 of the ____________ is a model set of laws designed to govern the sale of goods in commercial transactions in the United States.

Gregory sells his land to Tim. Under the Statute of Frauds, Gregory and Tim must enter a written contract to be enforceable in the court of law.

Not all contracts are agreements.

Fair courts, established in 11th century England, were:

____________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree, and the offer has been accepted properly by the offeree.

Beth and Joan, both 15 years of age, enter into a written contract. In the contract, Beth agrees to do Joan's math homework for two weeks for $50, and Joan agrees to pay Beth at the end of the two-week period. This contract is:

Ethics, Social Responsibility, and the Law

Sources of the Law

The Judicial Process and Cyber-Procedure

Alternate Dispute Resolution

Criminal Law and Cybercrimes

Tort Law and Cybertorts

Offer, Acceptance, and Mutual Assent

Consideration and Cyber-Payments

Capacity and Legality: The Final Elements

Written Contracts and Cyber-Commerce

Third Parties, Discharge, and Remedies

Sales Contracts: Formation, Title, and Risk of Loss

Sales Contracts Rights, Duties, Breach, and Warranties

Product Liability and Consumer Protection

The Nature of Negotiable Instruments

Holders in Due Course Defenses and Liabilities

Bank-Depositor Relationships and Cyber-Banking

Insurance

Mortgages and Security Interests

Bankruptcy and Debt Adjustment

Agency Law

Employment Law

Labor Law

Sole Proprietorships and Partnerships

The Corporate Entity

Corporate Governance

Government Regulation of Corporate Business

Personal Property and Bailments

Real Property and Landlord and Tenant Law

Wills, Trusts, and Advanced Directives

Professional Liability

The Intersection of Law and Science

International Law

Filters

Fair courts, established in 11^th century England, were: