Question 1

A quasi-contract is another name for an oral contract.

Accepted Answer

A) True 
 B)False  False

Question 2

Raul posted signs in his neighborhood offering $50 for the return of his lost dog. Juanita called Raul and said, "I'll look for your dog." A contract has been formed.

Accepted Answer

A) True 
 B)False  False

Question 3

A contract with a minor remains in force unless the minor decides that he or she does not wish to be bound by it.

Accepted Answer

A) True 
 B)False  True

Question 4

The Restatement (Second) of Contracts is a compilation-an anthology-of judges' decisions on contract topics.

Accepted Answer

A) True 
 B)False

Question 5

Under the Uniform Commercial Code, there is no Statute of Frauds, i.e., a requirement that certain contracts be evidenced by a writing.

Accepted Answer

A) True 
 B)False

Question 6

Contracts for the purchase and sale of goods are essentially bilateral and non-executory in nature.

Accepted Answer

A) True 
 B)False

Question 7

Stereotypically, the wife in a marriage does the child care. This assignment of duties by a person's status (here, "wife"), as opposed to assignment and agreement by contract, might be compared to

Accepted Answer

A)  Socialism 
B)  Feudalism 
C)  Capitalism 
D)  Communism 
E)  Economics 
A)  Socialism 
B)  Feudalism 
C)  Capitalism 
D)  Communism 
E)  Economics

Question 8

This is an organized codification of the common laws of contracts.

Accepted Answer

A)  The Restatement of the Law of Contracts 
B)  The Uniform Commercial Code 
C)  Implied in law 
D)  Case law 
E)  International Sale of Goods 
A)  The Restatement of the Law of Contracts 
B)  The Uniform Commercial Code 
C)  Implied in law 
D)  Case law 
E)  International Sale of Goods

Question 9

Which of the following is true about the Convention on Contracts for the International Sale of Goods (CISG)?

Accepted Answer

A)  Under CISG, consideration is not required to form a contract. 
B)  It was approved in 1942 at a diplomatic conference in Vienna. 
C)  CISG includes the Statute of Frauds. 
D)  The CISG applies to contracts for the sale of electricity. 
E)  CISG is mandatory to parties to an international contract for the sale of goods. 
A)  Under CISG, consideration is not required to form a contract. 
B)  It was approved in 1942 at a diplomatic conference in Vienna. 
C)  CISG includes the Statute of Frauds. 
D)  The CISG applies to contracts for the sale of electricity. 
E)  CISG is mandatory to parties to an international contract for the sale of goods.

Question 10

Which of following would be considered an example of a n enforceable contract?

Accepted Answer

A)  Nancy agrees to buy her 15-year-old neighbor's car for $10,000. 
B)  George offers to pay Libber $600 for killing his neighbor's tree-too much shade!-and Libber agrees to it. 
C)  Tim owes Peter money, but the statute of limitations has run out. 
D)  Tom owes Peters money, but before the statute of limitations ends, Tom is declared bankrupt. 
E)  Tom owes Peter money, but Pete has waited too long to collect it and the statute of limitations has run out; however, notwithstanding,Tom promises to repay half the amount. 
A)  Nancy agrees to buy her 15-year-old neighbor's car for $10,000. 
B)  George offers to pay Libber $600 for killing his neighbor's tree-too much shade!-and Libber agrees to it. 
C)  Tim owes Peter money, but the statute of limitations has run out. 
D)  Tom owes Peters money, but before the statute of limitations ends, Tom is declared bankrupt. 
E)  Tom owes Peter money, but Pete has waited too long to collect it and the statute of limitations has run out; however, notwithstanding,Tom promises to repay half the amount.

Question 11

Which of the following is an example of a quasi-contract?

Accepted Answer

A)  Ann agreed to buy her colleague's house for $420,000 and to take title on the subsequent Sunday. 
B)  A pizza delivery boy mistakenly leaves the neighbor's pizza on Ruby's fence and her son eats the pizza. The pizza boy asks Ruby to pay the bill. 
C)  A regular customer asks for a hamburger and is asked to pay $30 for it; it is not listed on the menu. 
D)  Tom buys a cycle from his friend for $50 which Tom's father pays for. 
E)  Cindy offers to buy Nile's bat for $10 and he agrees to it in writing with both their signatures on paper. 
A)  Ann agreed to buy her colleague's house for $420,000 and to take title on the subsequent Sunday. 
B)  A pizza delivery boy mistakenly leaves the neighbor's pizza on Ruby's fence and her son eats the pizza. The pizza boy asks Ruby to pay the bill. 
C)  A regular customer asks for a hamburger and is asked to pay $30 for it; it is not listed on the menu. 
D)  Tom buys a cycle from his friend for $50 which Tom's father pays for. 
E)  Cindy offers to buy Nile's bat for $10 and he agrees to it in writing with both their signatures on paper.

Question 12

In SouthTrust Bank v. Williams, which of the following led to the final decision of the court?

Accepted Answer

A)  The SouthTrust's amendment to the regulations was ineffective. 
B)  The mere failure to object to the addition of a material term can be construed as an acceptance of it. 
C)  The parties in the case took no action that could be considered inconsistent with an assent to the arbitration provision. 
D)  The parties in the case never affirmatively assented to the amended regulations. 
E)  A written confirmation of an acceptance may modify the contract unless it adds a material term, and arbitration clauses are material terms. 
A)  The SouthTrust's amendment to the regulations was ineffective. 
B)  The mere failure to object to the addition of a material term can be construed as an acceptance of it. 
C)  The parties in the case took no action that could be considered inconsistent with an assent to the arbitration provision. 
D)  The parties in the case never affirmatively assented to the amended regulations. 
E)  A written confirmation of an acceptance may modify the contract unless it adds a material term, and arbitration clauses are material terms.

Question 13

The Uniform Commercial Code is not a federal law but uniform state law.

Accepted Answer

A) True 
 B)False

Question 14

In Roger's Backhoe Service, Inc. v. Nichols, which of the following led to the final decision by the court?

Accepted Answer

A)  The examination of the brick wall indicated that it was unfeasible to use that source of drainage. 
B)  The drainage into the underground creek was fully explored and rejected. 
C)  The services were beneficial to the recipient. 
D)  The charges submitted on the invoices for the three-day work was unfair and unreasonable. 
E)  There was no contract between the plaintiff and the defendant regarding the three-day work. 
A)  The examination of the brick wall indicated that it was unfeasible to use that source of drainage. 
B)  The drainage into the underground creek was fully explored and rejected. 
C)  The services were beneficial to the recipient. 
D)  The charges submitted on the invoices for the three-day work was unfair and unreasonable. 
E)  There was no contract between the plaintiff and the defendant regarding the three-day work.

Question 15

If Debra makes an agreement to deliver a car to Denny, and does so, the contract is called an executory contract until Denny makes the payment.

Accepted Answer

A) True 
 B)False

Question 16

Under the Convention on Contracts for the International Sale of Goods, consideration is not required to form a contract.

Accepted Answer

A) True 
 B)False

Question 17

Contract law did not develop according to a conscious plan.

Accepted Answer

A) True 
 B)False

Question 18

What are the four different dimensions that contracts are classified on?

Accepted Answer

Contracts are classified along four diff

Question 19

What are the economic functions performed by contract law?

Accepted Answer

Contract law performs three significant

Question 20

The contracts and agreements covered by Article 2 relate to the sale of goods.

Accepted Answer

A) True 
 B)False

Exam 8: Introduction to Contract Law

A quasi-contract is another name for an oral contract.

Raul posted signs in his neighborhood offering $50 for the return of his lost dog. Juanita called Raul and said, "I'll look for your dog." A contract has been formed.

A contract with a minor remains in force unless the minor decides that he or she does not wish to be bound by it.

The Restatement (Second) of Contracts is a compilation-an anthology-of judges' decisions on contract topics.

Under the Uniform Commercial Code, there is no Statute of Frauds, i.e., a requirement that certain contracts be evidenced by a writing.

Contracts for the purchase and sale of goods are essentially bilateral and non-executory in nature.

Stereotypically, the wife in a marriage does the child care. This assignment of duties by a person's status (here, "wife"), as opposed to assignment and agreement by contract, might be compared to

This is an organized codification of the common laws of contracts.

Which of the following is true about the Convention on Contracts for the International Sale of Goods (CISG)?

Which of following would be considered an example of a n enforceable contract?

Which of the following is an example of a quasi-contract?

In SouthTrust Bank v. Williams, which of the following led to the final decision of the court?

The Uniform Commercial Code is not a federal law but uniform state law.

In Roger's Backhoe Service, Inc. v. Nichols, which of the following led to the final decision by the court?

If Debra makes an agreement to deliver a car to Denny, and does so, the contract is called an executory contract until Denny makes the payment.

Under the Convention on Contracts for the International Sale of Goods, consideration is not required to form a contract.

Contract law did not develop according to a conscious plan.

What are the four different dimensions that contracts are classified on?

What are the economic functions performed by contract law?

The contracts and agreements covered by Article 2 relate to the sale of goods.

Introduction to Law and Legal Systems

Corporate Social Responsibility and Business Ethics

Courts and the Legal Process

Constitutional Law and Us Commerce

Administrative Law

Criminal Law

Introduction to Tort Law

The Agreement

Real Assent

Consideration

Legality

Form and Meaning

Third-Party Rights

Discharge of Obligations

Remedies

Introduction to Sales and Leases

Title and Risk of Loss

Performance and Remedies

Products Liability

Bailments and the Storage, Shipment, and Leasing of Goods

Nature and Form of Commercial Paper

Negotiation of Commercial Paper

Holder in Due Course and Defenses

Liability and Discharge

Legal Aspects of Banking

Consumer Credit Transactions

Secured Transactions and Suretyship

Mortgages and Nonconsensual Liens

Bankruptcy

Introduction to Property: Personal Property and Fixtures

Intellectual Property

The Nature and Regulation of Real Estate and the Environment

The Transfer of Real Estate by Sale

Landlord and Tenant Law

Estate Planning: Wills, Estates, and Trusts

Insurance

Relationships Between Principal and Agent

Liability of Principal and Agent; Termination of Agency

Partnerships: General Characteristics and Formation

Partnership Operation and Termination

Hybrid Business Forms

Corporation: General Characteristics and Formation

Legal Aspects of Corporate Finance

Corporate Powers and Management

Securities Regulation

Corporate Expansion, State and Federal Regulation of Foreign Corporations, and Corporate Dissolution

Antitrust Law

Unfair Trade Practices and the Federal Trade Commission

Employment Law

International Law

Liability and Regulation of Accountants

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