Question 1

Enforceability is the degree to which agreement is manifest to those not party to it.

Accepted Answer

A) True 
 B)False  False

Question 2

The Convention on Contracts for the International Sale of Goods has been adopted by more than 40 countries excluding the United States.

Accepted Answer

A) True 
 B)False  False

Question 3

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. C

Question 4

The Restatement of the Law of Contracts deals with the sale of goods.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

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 8

_____ and contract law developed together, because having choices in society means that people decide and agree to do things with and to each other, and those agreements bind the parties.

Accepted Answer

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

Question 9

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

Accepted Answer

Contracts are classified along four diff

Question 10

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 11

What are the economic functions performed by contract law?

Accepted Answer

Contract law performs three significant

Question 12

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

Accepted Answer

A)  Ann agreed to buy her colleague's house for $1 million 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 $50 for it, though 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 $1 million 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 $50 for it, though 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 13

One of the ALI's first projects, and ultimately one of its most successful, was the drafting of _____ completed in 1932.

Accepted Answer

A)  the Uniform Commercial code 
B)  the Restatement of Law of Contracts 
C)  the quasi-contract 
D)  the Convention on Contracts for the International Sale of Goods 
E)  Article 2 
A)  the Uniform Commercial code 
B)  the Restatement of Law of Contracts 
C)  the quasi-contract 
D)  the Convention on Contracts for the International Sale of Goods 
E)  Article 2

Question 14

The legal definition of contract is formalistic.

Accepted Answer

A) True 
 B)False

Question 15

Which of following would be considered an example of a valid contract?

Accepted Answer

A)  Nancy agrees to buy her 15-year-old neighbor's car for $10,000. 
B)  George offers to pay Libber $1,000 for killing his neighbor's wife and Libber agrees to it. 
C)  Tim owes Peter money, but the statute of limitations has run out. 
D)  Tam owes Peters money, but before the statute of limitations ends, Tom is declared bankrupt. 
E)  Tom owes Pete money, but Pete has waited too long to collect it and the statute of limitations has run out; however, 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 $1,000 for killing his neighbor's wife and Libber agrees to it. 
C)  Tim owes Peter money, but the statute of limitations has run out. 
D)  Tam owes Peters money, but before the statute of limitations ends, Tom is declared bankrupt. 
E)  Tom owes Pete money, but Pete has waited too long to collect it and the statute of limitations has run out; however, Tom promises to repay half the amount.

Question 16

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

Question 17

A wager is a legal contract as both parties shake on the bet.

Accepted Answer

A) True 
 B)False

Question 18

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 19

George offers to sell his car to Suzy for $10,000 on the coming Sunday, to which Suzy agrees. They write down the details on a paper. On the decided day, Suzy pays the cash to George, but he refuses to sell the car to her saying that his friend Marty has offered to pay $30,000 for the same car. On the basis of which doctrine can Suzy sue George?

Accepted Answer

A)  Quasi-contract 
B)  Partially executed contract 
C)  Executory contract 
D)  Promissory estoppel 
E)  Implied contract 
A)  Quasi-contract 
B)  Partially executed contract 
C)  Executory contract 
D)  Promissory estoppel 
E)  Implied contract

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 8: Introduction to Contract Law

Enforceability is the degree to which agreement is manifest to those not party to it.

The Convention on Contracts for the International Sale of Goods has been adopted by more than 40 countries excluding the United States.

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

The Restatement of the Law of Contracts deals with the sale of goods.

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

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

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.

_____ and contract law developed together, because having choices in society means that people decide and agree to do things with and to each other, and those agreements bind the parties.

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

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

What are the economic functions performed by contract law?

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

One of the ALI's first projects, and ultimately one of its most successful, was the drafting of _____ completed in 1932.

The legal definition of contract is formalistic.

Which of following would be considered an example of a valid contract?

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

A wager is a legal contract as both parties shake on the bet.

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

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

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

Products Liability

Intellectual Property

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

Employment Law

Labor-Management Relations

Consumer Credit Transactions

Secured Transactions and Suretyship

Mortgages and Nonconsensual Liens

Bankruptcy

Introduction to Property: Personal Property and Fixtures

Filters