Deck 10: A: Nature and Terminology

Question 1

The existence of an express contract does not bar an action in quasi con?tract concerning the same transaction.

Answer 1

False

Question 2

If a voidable contract is avoided,the parties to it are released from it.

Answer 2

True

Question 3

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

Answer 3

False

Question 4

A promissory note is a formal contract.

Question 5

An unenforceable contract is one that cannot be enforced because of cer?tain legal defenses against it.

Question 6

A quasi contract is a true contract.

Question 7

A bilateral contract comes into existence at the moment an offer is made.

Question 8

Contract law provides stability and predictability for buyers and sellers.

Question 9

A party's intent to enter into a contract is judged by their personal,subjective intent or belief.

Question 10

Informal contracts include all contracts other than formal contracts.

Question 11

A contract can be created only when a promise is given in exchange for another promise.

Question 12

When the words in a contract have more than one meaning,they are cut from the contract.

Question 13

An executory contract is one that has been fully performed.

Question 14

An implied contract is implied from the words of the parties.

Question 15

A party who confers a benefit on someone else unnecessarily can invoke the principle of quasi contract to recover the cost.

Question 16

A void contract produces legal obligations on the parties but is not otherwise enforceable.

Question 17

Contract law shows what excuses our society accepts for breaking certain types of promises.

Question 18

In an express contract,the terms are fully stated in words.

Question 19

"Consideration" refers to the legality of the subject matter of a contract.

Question 20

One of the elements of a valid contract is a fair price.

Question 21

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

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

Question 22

Paco offers to pay Quik Delivery (QD)$50 if it picks up and delivers to him a package from Rich within 30 minutes.QD can ac?cept the offer only by meeting the deadline.If QD performs as directed,these parties will have

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

Question 23

An agreement between Pinnacle Oil Company and Omega Refinery,Inc. ,requires Omega's bank to pay Pinnacle on receipt of invoices and bills of lading.This letter of credit is

A)a formal contract.
B)no contract.
C)an implied contract.
D)a quasi contract.

Question 24

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

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

Question 25

On behalf of the rock group Uno,their manager Thalia agrees to a performance in Seaside Amphitheatre on July 4.Rex,acting for Seaside,sends a written copy of the agreement to Thalia to be signed.If Thalia signs the copy,the parties will have

A)an express contract.
B)an implied contract.
C)a quasi contract.
D)no contract.

Question 26

Lilith promises to buy Marv's handheld game-player for $75.Marv is

A)an executee.
B)an offeror.
C)a promisee.
D)a promisor.

Question 27

Cassandra accepts what she believes was an offer to work for Destination Vacations,Inc. ,as a chef.In determining whether a contract has been formed,an element of prime importance is

A)the condition of the workplace.
B)the duration of the work.
C)the intent of the parties.
D)the subject of the contract.

Question 28

Viola assures Wendell that she will deliver a truckload of pine seedlings to his tree farm.A person's manifestation of an intent to act in a specified way is part of the defini?tion of

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

Question 29

Vernon claims that his contract with Ulani for catering services is voidable.If their contract is avoided

A)both parties are released from it.
B)both parties must fully perform their obligations under it.
C)a wholly different contract is agreed to.
D)a wholly different contract is imposed "as if" the parties had agreed.

Question 30

Cole drives into Dino's Service Station and asks Erin,the attendant,to fill the tank in Cole's sport utility vehicle.After Erin fills the tank,but before Cole pays for the gas,any contract between Cole and Dino's is

A)executed.
B)executory.
C)quasi.
D)unenforceable.

Question 31

Dot,a real estate agent,tells Elbert,a home seller,that her commission is 12 percent.Elbert agrees that Dot can sell his house but refuses to sign a contract unless the amount of the commission is reduced.After Dot sells the house,Elbert refuses to pay 12 percent.Dot is most likely to recover

A)nothing.
B)on a theory of an express contract.
C)on a theory of an implied contract.
D)on a theory of a quasi contract.

Question 32

Courtney promises to buy illegal digital copies of music and movies from Devin,who promises to deliver on August 15.These promises are most likely

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

Question 33

Ada mistakenly pays property taxes that should have been assessed against Bud.Ada can recover the amount from Bud in quantum meriut

A)even if Bud was not aware of the error.
B)only if Bud tried to conceal the error.
C)only if Bud was aware of the error.
D)under no circumstances.

Question 34

Debit & Credit Accounting Services and Brickwork Construction Company negotiate a contract.If it has all of the elements necessary for one of the parties to enforce it in court,it is

A)a valid contract.
B)a voidable contract.
C)a void contract.
D)an unenforceable contract.

Question 35

Cory enters into a contract with Diane to act as her personal sports trainer.If they later dispute the meaning,and the contract contains un?clear terms,the rules of contract interpretation will give effect to

A)the parties' intent as expressed in their contract.
B)what the defendant claims was the parties' intent.
C)what the plaintiff claims was the parties' intent.
D)what the parties now agree they intended.

Question 36

Digital Architecture,Inc. ,agrees to design robotic software for equipment owned by Chassis Assembly Corporation.Whether or not this agreement meets all of the requirements of a contract,the parties are most likely to follow the rules of contract law because they

A)want to avoid potential disputes.
B)are conscious of those rules.
C)are not conscious of those rules.
D)have a moral obligation to do so.

Question 37

In negotiations with Diamond Refining Company,Coastal Oil,Inc. ,in?sists that their contract be drafted ac?cording to certain plain language laws.These laws concern the phrasing of

A)contracts that include unfamiliar legal terms.
B)ads that contain vague guaranties.
C)instruction manuals that are difficult to follow.
D)epithets that are too colorful.

Question 38

Cameron enters a coffee shop in which she has an open account,fills a cup of coffee,holds it so the cashier can see it,acknowledges the cashier's nod,and walks out with the coffee,knowing that she will be billed for it at the end of the month.Cameron has formed

A)an express contract.
B)an implied contract.
C)no contract.
D)a quasi contract.

Question 39

Following negotiations with Lester's Landscaping for maintenance services for a lawn and garden,Moore enters into an informal contract.This means that the parties' contract

A)requires no special form.
B)is not enforceable.
C)is not a true contract.
D)is voidable.

Question 40

Jack promises to buy Kelly's computer for $400.Jack is

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

Question 41

On May 1,Faith,a real estate agent,and Grace,a commercial property owner,sign an agreement to find a buyer for Grace's office building.Under the terms,if a buyer makes a serious offer within sixty days,Grace must pay Faith's commission.Faith puts signs on the building,ads in real estate pamphlets and a local newspaper,and features the property in a "walking" tour on the Internet.On June 1,Grace tells Faith that she is canceling their arrangement.Ten days later,Grace closes a sale on the building without Faith's participation.Faith files a suit against Grace for the amount of her commission.In whose favor is the court most likely to rule and why?

Question 42

Cody signs and returns a letter from Deb,referring to Deb's Double-D Ranch and its price.When Cody attempts to complete the deal,Deb re?fuses,claiming that they have no con?tract.Cody claims they do.What standard determines whether these parties have a contract?