Question 1

Which of the following is a correct description of the agreement between Allison and Brendan?

Accepted Answer

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

Question 2

Which of the following is true about void and voidable contracts?

Accepted Answer

A) A void contract is not a contract at all;a voidable contract can be terminated by one party. 
B) Both parties must agree to terminate a void or a voidable contract because otherwise there would be no privity. 
C) Either party can terminate the contract at any time. 
D) Both contracts are illegal. 
E) Both contracts must contain an illegal object. 
A) A void contract is not a contract at all;a voidable contract can be terminated by one party. 
B) Both parties must agree to terminate a void or a voidable contract because otherwise there would be no privity. 
C) Either party can terminate the contract at any time. 
D) Both contracts are illegal. 
E) Both contracts must contain an illegal object.

Question 3

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

Accepted Answer

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

Question 4

Which of the following terms refers to the $50 to be provided by Dylan and the book to be provided by Yasmeen?

Accepted Answer

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

Question 5

Which of the following is not a negotiable instrument?

Accepted Answer

A) Check 
B) Draft 
C) Note 
D) Certificate of deposit 
E) Letter of credit 
A) Check 
B) Draft 
C) Note 
D) Certificate of deposit 
E) Letter of credit

Question 6

If a contract is valid,then it is enforceable.

Accepted Answer

A) True 
 B)False

Question 7

Today's law of contracts originated from judicial decisions in ________.

Accepted Answer

A) England 
B) Switzerland 
C) France 
D) Spain 
E) Italy 
A) England 
B) Switzerland 
C) France 
D) Spain 
E) Italy

Question 8

Any contract that is not a formal contract is an informal contract,also called a simple contract.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

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

Question 10

Serena claims Flo breached the contract by arriving at 5:00 p.m. ,rather than 3:00.Is she correct?

Accepted Answer

A) No,although Serena could change the terms of the contract,she could not do so via e-mail. 
B) No,because Serena could not change the terms of the contract. 
C) Yes,because where there is conflict between preprinted and handwritten terms,the handwritten ones prevail. 
D) No,because where there is a conflict between preprinted and handwritten terms,the preprinted ones prevail unless ambiguous. 
E) Yes,but only if the contract provision is ambiguous. 
A) No,although Serena could change the terms of the contract,she could not do so via e-mail. 
B) No,because Serena could not change the terms of the contract. 
C) Yes,because where there is conflict between preprinted and handwritten terms,the handwritten ones prevail. 
D) No,because where there is a conflict between preprinted and handwritten terms,the preprinted ones prevail unless ambiguous. 
E) Yes,but only if the contract provision is ambiguous.

Question 11

In a[n] contract,the offeror wants a performance to form the contract.

Accepted Answer

A) Anticipatory 
B) Unilateral 
C) Complete 
D) Trilateral 
E) Bilateral 
A) Anticipatory 
B) Unilateral 
C) Complete 
D) Trilateral 
E) Bilateral

Question 12

Which of the following states that if a writing,or term in question,appears to be plain and unambiguous on its face,its meaning must be determined from the four corners of the instrument without resort to outside evidence,with the words being given their ordinary meaning?

Accepted Answer

A) The Simple Rule 
B) The Plain Meaning Rule 
C) The Understandable Rule 
D) The Interpretation Rule 
E) The Comprehensive Rule 
A) The Simple Rule 
B) The Plain Meaning Rule 
C) The Understandable Rule 
D) The Interpretation Rule 
E) The Comprehensive Rule

Question 13

The response that the offeror expects from the offeree determines whether a contract is bilateral or unilateral.

Accepted Answer

A) True 
 B)False

Question 14

What was the court's holding in Wrench,LLC,Shields,and Rinks,LLC v.Taco Bell,the case in the text in which the plaintiff contended that,for an implied contract claim,it was only required to prove that Taco Bell understood that Wrench expected to be compensated if Taco Bell used its Psycho Chihuahua character and/or related ideas?

Accepted Answer

A) The court found that the only relevant question was whether the parties knew compensation was expected,and there was evidence to support an implied in fact contract. 
B) The court found that the only relevant question was whether the parties knew compensation was expected,however,there was evidence to support an implied in fact contract 
C) The court found that the plaintiff must establish all elements of an implied in fact contract,but failed to do so. 
D) The court found that the plaintiff must prove the parties agreed on all essential terms of whatever contract plaintiff alleges was entered into by the parties,and that the plaintiff met this burden of proof. 
E) The court found there was no evidence to infer an implied in fact contract. 
A) The court found that the only relevant question was whether the parties knew compensation was expected,and there was evidence to support an implied in fact contract. 
B) The court found that the only relevant question was whether the parties knew compensation was expected,however,there was evidence to support an implied in fact contract 
C) The court found that the plaintiff must establish all elements of an implied in fact contract,but failed to do so. 
D) The court found that the plaintiff must prove the parties agreed on all essential terms of whatever contract plaintiff alleges was entered into by the parties,and that the plaintiff met this burden of proof. 
E) The court found there was no evidence to infer an implied in fact contract.

Question 15

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

Accepted Answer

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

Question 16

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 a quasi-contract was involved,BSI was required to pay the plaintiff the full amount of the commissions claimed. 
B) The court ruled that because the plaintiff did not have a contract with BSI,the plaintiff was entitled to no recovery from BSI. 
C) 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. 
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 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. 
A) The court ruled that because a quasi-contract was involved,BSI was required to pay the plaintiff the full amount of the commissions claimed. 
B) The court ruled that because the plaintiff did not have a contract with BSI,the plaintiff was entitled to no recovery from BSI. 
C) 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. 
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 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.

Question 17

Define a bilateral contract and a unilateral contract,and give an example of each.

Accepted Answer

A bilateral contract is commonly defined

Question 18

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

Accepted Answer

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

Question 19

A contract for the sale of a good falls under Article 2 of the UCC.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following contracts are usually voidable?

Accepted Answer

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

Exam 13: Introduction to Contracts

Which of the following is a correct description of the agreement between Allison and Brendan?

Which of the following is true about void and voidable contracts?

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

Which of the following terms refers to the $50 to be provided by Dylan and the book to be provided by Yasmeen?

Which of the following is not a negotiable instrument?

If a contract is valid,then it is enforceable.

Today's law of contracts originated from judicial decisions in ________.

Any contract that is not a formal contract is an informal contract,also called a simple contract.

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

Serena claims Flo breached the contract by arriving at 5:00 p.m. ,rather than 3:00.Is she correct?

In a[n] contract,the offeror wants a performance to form the contract.

Which of the following states that if a writing,or term in question,appears to be plain and unambiguous on its face,its meaning must be determined from the four corners of the instrument without resort to outside evidence,with the words being given their ordinary meaning?

The response that the offeror expects from the offeree determines whether a contract is bilateral or unilateral.

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

Define a bilateral contract and a unilateral contract,and give an example of each.

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

A contract for the sale of a good falls under Article 2 of the UCC.

Which of the following contracts are usually voidable?

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 Legality

Legal Assent

Contracts in Writing

Third-Party Rights to Contracts

Discharge and Remedies

Introduction to Sales and Lease Contracts

Title,risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Leases

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 Organization

Partnerships: Nature, formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, officers, and Shareholders

Corporations: Mergers, consolidations, terminations

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