Question 1

Discuss the requirements of promissory estoppel.

Accepted Answer

Promissory estoppel is an equitable reme

Question 2

The basic distinction between an executory contract and an executed contract is that

Accepted Answer

A)  one is enforceable, the other is not. 
B)  only one promise is involved in an executory contract. 
C)  one is legal, the other is not. 
D)  all parties have fulfilled their obligations in an executed contract. 
A)  one is enforceable, the other is not. 
B)  only one promise is involved in an executory contract. 
C)  one is legal, the other is not. 
D)  all parties have fulfilled their obligations in an executed contract.

Question 3

Noncompetition agreements are

Accepted Answer

A)  more common today than they were in the past, although policy issues they raised in the 1700s have never gone away. 
B)  now illegal, as they violate antitrust laws. 
C)  infrequently litigated. 
D)  relatively recent developments, first used following the Great Depression in the United States. 
A)  more common today than they were in the past, although policy issues they raised in the 1700s have never gone away. 
B)  now illegal, as they violate antitrust laws. 
C)  infrequently litigated. 
D)  relatively recent developments, first used following the Great Depression in the United States.

Question 4

Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would. At this point, the contract is an

Accepted Answer

A)  executed, bilateral, express contract. 
B)  executory, bilateral, implied-in-law contract. 
C)  executed, unilateral, express contract. 
D)  executory, bilateral, express contract. 
A)  executed, bilateral, express contract. 
B)  executory, bilateral, implied-in-law contract. 
C)  executed, unilateral, express contract. 
D)  executory, bilateral, express contract.

Question 5

What element of a contract refers to both parties receiving some measurable benefit?

Accepted Answer

A)  consideration 
B)  capacity 
C)  consent 
D)  legality 
A)  consideration 
B)  capacity 
C)  consent 
D)  legality

Exam 11: Introduction to Contracts

Discuss the requirements of promissory estoppel.

The basic distinction between an executory contract and an executed contract is that

Noncompetition agreements are

Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would. At this point, the contract is an

What element of a contract refers to both parties receiving some measurable benefit?

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