Question 1

A contract that cannot be enforced because of certain legal defenses is an unenforceable contract.

Accepted Answer

A) True 
 B)False

Question 2

An oral contract is an implied-in-fact contract.

Accepted Answer

A) True 
 B)False

Question 3

A-One Pavers,Inc. ,contracts with Buyers Outlet Mall Corporation to repave Buyers's parking lot.The elements of a contract do not include

Accepted Answer

A) consideration. 
B) contractual capacity. 
C) legality. 
D) practicality. 
A) consideration. 
B) contractual capacity. 
C) legality. 
D) practicality.

Question 4

Joy promises to buy Kevin's car for $1,500.Joy is

Accepted Answer

A) an offeree. 
B) an officer. 
C) a promisee. 
D) a promisor. 
A) an offeree. 
B) an officer. 
C) a promisee. 
D) a promisor.

Question 5

Ed,a businessperson,is a friend of Fran,the owner of a candy store.Every day,Ed spends five minutes in Fran's candy store,looking at the candy and usually buying one or two candy bars.One afternoon,Ed goes into the store,looks at the candy,and picks up a $1 candy bar.Ed waves the candy at Fran without saying a word and walks out.Is there a con?tract? If so,how would it be classified in terms of formation,perform?ance,and enforceability?

Accepted Answer

The facts presented here indicate the pr

Question 6

A promise is an assertion that one will or will not do something in the future.

Accepted Answer

A) True 
 B)False

Question 7

Britney promises to deliver a certain couch to Dan,who promises to pay for the service.Britney does not perform.She may be required to

Accepted Answer

A) do nothing. 
B) make another promise. 
C) pay damages. 
D) perform a different service. 
A) do nothing. 
B) make another promise. 
C) pay damages. 
D) perform a different service.

Question 8

Three elements-agreement,consideration,and contractual capacity-are suf?ficient to form a binding contract.

Accepted Answer

A) True 
 B)False

Question 9

A contract is an agreement that can be enforced in court.

Accepted Answer

A) True 
 B)False

Question 10

A contract cannot be void if its purpose it legal.

Accepted Answer

A) True 
 B)False

Question 11

Holly enters into a contract to design robotic software for Interstate Assembly Corporation.The freedom to enter into contracts is

Accepted Answer

A) a fundamental public policy of the United States. 
B) an ambiguous business goal that is irrelevant in terms of the law 
C) a philosophical concept that underlies international law. 
D) a principle that describes contracting parties' intent. 
A) a fundamental public policy of the United States. 
B) an ambiguous business goal that is irrelevant in terms of the law 
C) a philosophical concept that underlies international law. 
D) a principle that describes contracting parties' intent.

Question 12

Contract disputes rarely arise on a promise of future performance.

Accepted Answer

A) True 
 B)False

Question 13

Max begins to perform,intending that the completion of his perform?ance act as an acceptance of Nia's offer,which can only be accepted by the com?pletion of the act.Nia can revoke her offer any time

Accepted Answer

A) after Nia makes it. 
B) before Max completes performance of the act. 
C) before Max has substantially begun performance of the act. 
D) before Max indicates that he will perform. 
A) after Nia makes it. 
B) before Max completes performance of the act. 
C) before Max has substantially begun performance of the act. 
D) before Max indicates that he will perform.

Question 14

Beth claims that her contract with Carl is voidable.If the contract is avoided

Accepted Answer

A) both parties are released from it. 
B) neither party is released from it. 
C) only Beth is released from it. 
D) only Carl is released from it. 
A) both parties are released from it. 
B) neither party is released from it. 
C) only Beth is released from it. 
D) only Carl is released from it.

Question 15

Under the objective theory of contracts,the intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.

Accepted Answer

A) True 
 B)False

Question 16

A quasi contract arises from a mutual agreement between two parties.

Accepted Answer

A) True 
 B)False

Question 17

All promises are legal contracts.

Accepted Answer

A) True 
 B)False

Question 18

A void contract is enforceable if it is in writing.

Accepted Answer

A) True 
 B)False

Question 19

Cathy assures Dylan that she will deliver his products as he directs.An as?sertion that one will do something in the future is part of the defini?tion of

Accepted Answer

A) a declaration. 
B) a moral obligation. 
C) an ethical principle. 
D) a promise. 
A) a declaration. 
B) a moral obligation. 
C) an ethical principle. 
D) a promise.

Question 20

Employment Sources,Inc. ,enters into a contract with Fred.If Fred is a mi?nor,this contract is most likely

Accepted Answer

A) enforceable. 
B) unenforceable. 
C) void. 
D) voidable. 
A) enforceable. 
B) unenforceable. 
C) void. 
D) voidable.

Exam 7: Nature and Classification

A contract that cannot be enforced because of certain legal defenses is an unenforceable contract.

An oral contract is an implied-in-fact contract.

A-One Pavers,Inc. ,contracts with Buyers Outlet Mall Corporation to repave Buyers's parking lot.The elements of a contract do not include

Joy promises to buy Kevin's car for $1,500.Joy is

A promise is an assertion that one will or will not do something in the future.

Britney promises to deliver a certain couch to Dan,who promises to pay for the service.Britney does not perform.She may be required to

Three elements-agreement,consideration,and contractual capacity-are suf?ficient to form a binding contract.

A contract is an agreement that can be enforced in court.

A contract cannot be void if its purpose it legal.

Holly enters into a contract to design robotic software for Interstate Assembly Corporation.The freedom to enter into contracts is

Contract disputes rarely arise on a promise of future performance.

Max begins to perform,intending that the completion of his perform?ance act as an acceptance of Nia's offer,which can only be accepted by the com?pletion of the act.Nia can revoke her offer any time

Beth claims that her contract with Carl is voidable.If the contract is avoided

Under the objective theory of contracts,the intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.

A quasi contract arises from a mutual agreement between two parties.

All promises are legal contracts.

A void contract is enforceable if it is in writing.

Cathy assures Dylan that she will deliver his products as he directs.An as?sertion that one will do something in the future is part of the defini?tion of

Employment Sources,Inc. ,enters into a contract with Fred.If Fred is a mi?nor,this contract is most likely

The Legal and Constitutional Environment of Business

Traditional and Online Dispute Resolution

Ethics and Business Decision Making

Torts and Cyber Torts

Intellectual Property and Internet Law

Criminal Law and Cyber Crimes

Agreement and Consideration

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Defenses to Contract Enforceability

Third Party Rights and Discharge

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E-Contracts and E-Signatures

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Checks and Banking in the Digital Age

Security Interest in Personal Property

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International Law in a Global Economy

Regulations, Contracts, and Discovery

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

Sovereign Immunity and Bankruptcy Law

Legal Issues in Employment and Liability Cases

Corporate Governance and Securities Law

Real Estate Law: Cases and Controversies

Corporate Ownership and Liability in Chilean Firms

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