Question 1

An otherwise valid contract may be unenforceable if it is not in writing.

Accepted Answer

A) True 
 B)False  True

Question 2

An agreement includes an offer and an acceptance.

Accepted Answer

A) True 
 B)False  True

Question 3

Phil enters into a contract with Quality Resorts,Inc. ,to work as a chef.Under the plain meaning rule,the meaning of this contract must be deter?mined by reference to

Accepted Answer

A) any available evidence. 
B) any relevant extrinsic evidence. 
C) the face of the instrument. 
D) the later testimony of the parties. 
A) any available evidence. 
B) any relevant extrinsic evidence. 
C) the face of the instrument. 
D) the later testimony of the parties. C

Question 4

Lou claims that he and Mira entered into an implied-in-fact contract.To establish this contract,it is not necessary to show that

Accepted Answer

A) a court imposed a promise in the interest of fairness. 
B) Lou expected to be paid for providing services or prop?erty. 
C) Lou provided Mira with services or property. 
D) Mira failed to reject services or property provided by Lou. 
A) a court imposed a promise in the interest of fairness. 
B) Lou expected to be paid for providing services or prop?erty. 
C) Lou provided Mira with services or property. 
D) Mira failed to reject services or property provided by Lou.

Question 5

A contract's general intent will usually be subordinated to specific clauses contained within the contract.

Accepted Answer

A) True 
 B)False

Question 6

Federal Oil Company and Great Apartments,Inc. ,sign a contract in which Federal agrees to deliver heating oil in exchange for Great's prom?ise to pay for it.Federal delivers the oil.The contract is

Accepted Answer

A) executory on the part of Federal. 
B) executory on the part of Great. 
C) fully executed. 
D) neither executed nor executory on the part of either party. 
A) executory on the part of Federal. 
B) executory on the part of Great. 
C) fully executed. 
D) neither executed nor executory on the part of either party.

Question 7

Macro Corporation and Micro,Inc. ,enter into an agreement.To consti?tute a contract

Accepted Answer

A) all terms must be express. 
B) all terms must be implied. 
C) the terms may be express,implied,or a mix of both. 
D) the terms may be express or implied,but not both. 
A) all terms must be express. 
B) all terms must be implied. 
C) the terms may be express,implied,or a mix of both. 
D) the terms may be express or implied,but not both.

Question 8

An offeror is a person who makes an offer.

Accepted Answer

A) True 
 B)False

Question 9

A promisee is a person who makes a promise.

Accepted Answer

A) True 
 B)False

Question 10

To be valid,a contract must be enforceable by all of the parties to it.

Accepted Answer

A) True 
 B)False

Question 11

A unilateral contract is formed when the one receiving the offer com?pletes the re?quested act or performance.

Accepted Answer

A) True 
 B)False

Question 12

Eve and Frank enter an express contract for the construction of an office building.Express contract terms are given

Accepted Answer

A) less priority than the parties' prior dealing. 
B) less priority than the trade usage in that particular industry. 
C) less priority than the parties' course of performance. 
D) more priority than the prior dealing,course of performance,and trade usage. 
A) less priority than the parties' prior dealing. 
B) less priority than the trade usage in that particular industry. 
C) less priority than the parties' course of performance. 
D) more priority than the prior dealing,course of performance,and trade usage.

Question 13

Don contracts to tutor Ellen in the principles of business law.For the breach of a contractual promise,contract law entitles innocent parties to

Accepted Answer

A) any relief that a court wants to provide. 
B) any relief that a defendant wants to concede. 
C) any relief that a plaintiff wants to seek. 
D) some forms of relief. 
A) any relief that a court wants to provide. 
B) any relief that a defendant wants to concede. 
C) any relief that a plaintiff wants to seek. 
D) some forms of relief.

Question 14

Sam makes an offer to Tina to enter into a contract.Tina accepts the offer.A valid contract requires

Accepted Answer

A) a valid offer only. 
B) a valid acceptance only. 
C) a valid offer and a valid acceptance. 
D) neither a valid offer nor a valid acceptance. 
A) a valid offer only. 
B) a valid acceptance only. 
C) a valid offer and a valid acceptance. 
D) neither a valid offer nor a valid acceptance.

Question 15

Under the plain meaning rule,a court will enforce a contract,in which the writing is clear and unequivocal.

Accepted Answer

A) True 
 B)False

Question 16

An express contract must be in writing.

Accepted Answer

A) True 
 B)False

Question 17

Jill offers to pay Kyle $500 if he jogs across the Golden Gate Bridge.Kyle can ac?cept the offer only by jogging across the bridge.If Kyle jogs across the bridge,he and Jill will have formed

Accepted Answer

A) a bilateral contract. 
B) a trilateral contract. 
C) a unilateral contract. 
D) no contract. 
A) a bilateral contract. 
B) a trilateral contract. 
C) a unilateral contract. 
D) no contract.

Question 18

Nora enters into a contract with Owen's Transport Company for the deliv?ery of a shipment of fresh produce.If the language in the contract has more than one meaning,it will be construed against

Accepted Answer

A) the party who drafted the contract. 
B) the party with the greater bargaining power. 
C) the promisor. 
D) the promisee. 
A) the party who drafted the contract. 
B) the party with the greater bargaining power. 
C) the promisor. 
D) the promisee.

Question 19

An offer to form a bilateral contract is accepted by a promise to perform.

Accepted Answer

A) True 
 B)False

Question 20

Informal contracts are usually based on sub?stance rather than form.

Accepted Answer

A) True 
 B)False

Exam 7: Nature and Classification

An otherwise valid contract may be unenforceable if it is not in writing.

An agreement includes an offer and an acceptance.

Phil enters into a contract with Quality Resorts,Inc. ,to work as a chef.Under the plain meaning rule,the meaning of this contract must be deter?mined by reference to

Lou claims that he and Mira entered into an implied-in-fact contract.To establish this contract,it is not necessary to show that

A contract's general intent will usually be subordinated to specific clauses contained within the contract.

Federal Oil Company and Great Apartments,Inc. ,sign a contract in which Federal agrees to deliver heating oil in exchange for Great's prom?ise to pay for it.Federal delivers the oil.The contract is

Macro Corporation and Micro,Inc. ,enter into an agreement.To consti?tute a contract

An offeror is a person who makes an offer.

A promisee is a person who makes a promise.

To be valid,a contract must be enforceable by all of the parties to it.

A unilateral contract is formed when the one receiving the offer com?pletes the re?quested act or performance.

Eve and Frank enter an express contract for the construction of an office building.Express contract terms are given

Don contracts to tutor Ellen in the principles of business law.For the breach of a contractual promise,contract law entitles innocent parties to

Sam makes an offer to Tina to enter into a contract.Tina accepts the offer.A valid contract requires

Under the plain meaning rule,a court will enforce a contract,in which the writing is clear and unequivocal.

An express contract must be in writing.

Jill offers to pay Kyle $500 if he jogs across the Golden Gate Bridge.Kyle can ac?cept the offer only by jogging across the bridge.If Kyle jogs across the bridge,he and Jill will have formed

Nora enters into a contract with Owen's Transport Company for the deliv?ery of a shipment of fresh produce.If the language in the contract has more than one meaning,it will be construed against

An offer to form a bilateral contract is accepted by a promise to perform.

Informal contracts are usually based on sub?stance rather than form.

The Legal and Constitutional Environment of Business

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International Law in a Global Economy

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Liability of Silverado Bank in Prestridge v. Bank of Jena for Forged Checks.

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Corporate Governance and Securities Law

Real Estate Law: Cases and Controversies

Corporate Ownership and Liability in Chilean Firms

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