Question 1

An executed contract is one in which all terms of the agreement have been fully performed by at least one party.

Accepted Answer

A) True 
 B)False  False

Question 2

The requirement that the form of a contract be correct for the terms of the contract to enforceable is the element of:

Accepted Answer

A)  written form. 
B)  legal wording. 
C)  proper form. 
D)  consideration. 
A)  written form. 
B)  legal wording. 
C)  proper form. 
D)  consideration. C

Question 3

A telephone conversation can result in a(n):

Accepted Answer

A)  informal contract. 
B)  statutory contract. 
C)  contingent contract. 
D)  enforceable oral contract. 
A)  informal contract. 
B)  statutory contract. 
C)  contingent contract. 
D)  enforceable oral contract. D

Question 4

A simple contract is not:

Accepted Answer

A)  written. 
B)  oral. 
C)  implied. 
D)  formal 
A)  written. 
B)  oral. 
C)  implied. 
D)  formal

Question 5

An agreement that lacks one or more of the essential elements of a contract from the very beginning is a:

Accepted Answer

A)  voidable and unenforceable contract. 
B)  void and unenforceable contract. 
C)  valid and enforceable contract. 
D)  void, but enforceable contract. 
A)  voidable and unenforceable contract. 
B)  void and unenforceable contract. 
C)  valid and enforceable contract. 
D)  void, but enforceable contract.

Question 6

To be legally enforceable, a contract must contain the six elements. If one of these elements is missing, the court will usually:

Accepted Answer

A)  enforce the contract. 
B)  refer the matter to the superior courts. 
C)  refuse to enforce the contract. 
D)  validate the contract. 
A)  enforce the contract. 
B)  refer the matter to the superior courts. 
C)  refuse to enforce the contract. 
D)  validate the contract.

Question 7

A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.

Accepted Answer

A) True 
 B)False

Question 8

In divisible contracts, the law of sales provides that, "where the circumstances give either party to a contract for sale the right to make or demand delivery in lots, the price, if it can be apportioned, may be demanded for each lot." This is stated under which of the following provisions of the Uniform Commercial Code?

Accepted Answer

A)  UCC 2-305. 
B)  UCC 2-306. 
C)  UCC 2-307. 
D)  UCC 2-308. 
A)  UCC 2-305. 
B)  UCC 2-306. 
C)  UCC 2-307. 
D)  UCC 2-308.

Question 9

In the event of a dispute involving an oral agreement for the sum of $500, that was entered into for a period of one year , how would the parties establish exactly what was agreed to between them?

Accepted Answer

The parties would attempt to e

Question 10

An entire or indivisible contract can contain only two parts, and each is required to be independent of the other.

Accepted Answer

A) True 
 B)False

Question 11

Certain contracts, such as those involving the sale of personal property for $500 or more,:

Accepted Answer

A)  must be orally accepted to be enforceable. 
B)  must be written to be ?enforceable. 
C)  need not be signed to be enforceable. 
D)  must be divisible in nature. 
A)  must be orally accepted to be enforceable. 
B)  must be written to be ?enforceable. 
C)  need not be signed to be enforceable. 
D)  must be divisible in nature.

Question 12

Proper form is the requirement that the form of a contract be correct for the terms of the contract to be enforceable.

Accepted Answer

A) True 
 B)False

Question 13

An enforceable contract results from an agreement that imposes a legal obligation.

Accepted Answer

A) True 
 B)False

Question 14

All contracts are agreements, but not all agreements are contracts. The PRIMARY reason is that:

Accepted Answer

A)  certain agreements cannot be enforced by law. 
B)  certain agreements cannot be licensed under law. 
C)  agreements do not fall under any classification of contracts. 
D)  terms of an agreement usually are different from those of a contract. 
A)  certain agreements cannot be enforced by law. 
B)  certain agreements cannot be licensed under law. 
C)  agreements do not fall under any classification of contracts. 
D)  terms of an agreement usually are different from those of a contract.

Question 15

An express contract must be in writing and specifically state the agreement of the parties.

Accepted Answer

A) True 
 B)False

Question 16

The meaning of an implied contract is drawn from the:

Accepted Answer

A)  actions and conduct of the parties. 
B)  interpretations of a written contract. 
C)  interpretations of an oral contract. 
D)  actions of third parties. 
A)  actions and conduct of the parties. 
B)  interpretations of a written contract. 
C)  interpretations of an oral contract. 
D)  actions of third parties.

Question 17

If an agreement imposes a legal obligation, then it is a(n):

Accepted Answer

A)  enforceable contract. 
B)  unenforceable contract. 
C)  a negated concurrence. 
D)  a void contract. 
A)  enforceable contract. 
B)  unenforceable contract. 
C)  a negated concurrence. 
D)  a void contract.

Question 18

A simple contract is defined as an informal contract made under seal.

Accepted Answer

A) True 
 B)False

Question 19

A written contract can be a handwritten note.

Accepted Answer

A) True 
 B)False

Question 20

A person who discusses the terms of a purchase with a salesperson, pays cash for the purchase, and takes the item with him, is making an unenforceable written contract.

Accepted Answer

A) True 
 B)False

Exam 7: Introduction to Contracts

An executed contract is one in which all terms of the agreement have been fully performed by at least one party.

The requirement that the form of a contract be correct for the terms of the contract to enforceable is the element of:

A telephone conversation can result in a(n):

A simple contract is not:

An agreement that lacks one or more of the essential elements of a contract from the very beginning is a:

To be legally enforceable, a contract must contain the six elements. If one of these elements is missing, the court will usually:

A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.

In the event of a dispute involving an oral agreement for the sum of $500, that was entered into for a period of one year , how would the parties establish exactly what was agreed to between them?

An entire or indivisible contract can contain only two parts, and each is required to be independent of the other.

Certain contracts, such as those involving the sale of personal property for $500 or more,:

Proper form is the requirement that the form of a contract be correct for the terms of the contract to be enforceable.

An enforceable contract results from an agreement that imposes a legal obligation.

All contracts are agreements, but not all agreements are contracts. The PRIMARY reason is that:

An express contract must be in writing and specifically state the agreement of the parties.

The meaning of an implied contract is drawn from the:

If an agreement imposes a legal obligation, then it is a(n):

A simple contract is defined as an informal contract made under seal.

A written contract can be a handwritten note.

A person who discusses the terms of a purchase with a salesperson, pays cash for the purchase, and takes the item with him, is making an unenforceable written contract.

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