Question 1

Compare valid,void,voidable,and unenforceable contracts.

Accepted Answer

The answer of Compare valid,void,voidable,and unenforceable contracts....

Question 2

A contract that has been fully performed on both sides is called a(n)________ contract.

Accepted Answer

A)  void 
B)  executed 
C)  executory 
D)  implied-in-law

Question 3

Which of the following is true of the Uniform Commercial Code (UCC)?

Accepted Answer

A)  The UCC has never been amended since it was first drafted. 
B)  The UCC is not considered as law, but rather as a guide to lawyers and judges. 
C)  The provisions of the UCC normally take precedence over the common law of contracts. 
D)  The UCC has been adopted in its entirety by all states.

Question 4

Lori just purchased a brand new lawnmower for $500.When she got home and tried to use it,it would not work.She became angry and shouted,"I'd sell this thing for $50." Her neighbor heard her and said,"I'll take it," and offered Lori the $50 in cash.Which of the following best describes this situation?

Accepted Answer

A)  This is an enforceable bilateral contract. 
B)  This is an express contract. 
C)  This situation does not result in the creation of a contract. 
D)  Contract formation in this case depends on whether the neighbor subjectively thought Lori was serious.

Question 5

Jean says to Joan,"If you promise to feed my dog each day while I am out of town next week,I'll pay you $100." Joan replies,"I'll absolutely do that,I hope you have a nice trip." Joan then feeds the dog,after which Jean paid her.At what point did a contract come into existence?

Accepted Answer

A)  when Jean made the offer to Joan 
B)  when Joan said that she would feed Jean's dog 
C)  when Joan completed the final feeding of Jean's dog 
D)  when Jean paid the $100 to Joan

Question 6

There is no variation in common law of contracts from state to state.

Accepted Answer

A) True 
 B)False

Question 7

The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the subjective person standard.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true of the Restatement of the Law of Contracts?

Accepted Answer

A)  It serves as a reference for guidance in contract disputes. 
B)  It does not identify negotiable instruments as formal contracts. 
C)  Its goal is to create a uniform system of commercial law among the 50 states. 
D)  It is the absolute federal law for contracts drafted in the U.S.

Question 9

The doctrine that is imposed when one person confers a benefit on another,who retains the benefit,and when it is unjust to allow the recipient to retain the benefit without paying for it is known as ________.

Accepted Answer

A)  quasi-contract 
B)  pseudo-contract 
C)  unilateral contract 
D)  bilateral contract

Question 10

A promise must be supported by a bargained-for consideration that is legally sufficient.

Accepted Answer

A) True 
 B)False

Question 11

Ben was talking to Harry who was drunk.Harry agreed to give his car to Ben as a token of friendship.Once sober,Harry asks Ben to return his car.This contract is considered ________.

Accepted Answer

A)  valid 
B)  void 
C)  voidable 
D)  unenforceable

Question 12

A(n)________ contract is based on an equitable doctrine.

Accepted Answer

A)  implied-in-law 
B)  executory 
C)  informal 
D)  formal

Question 13

Which of the following is a characteristic of a valid contract?

Accepted Answer

A)  A valid contract cannot contain promises. 
B)  The parties must have the contract's terms approved by the appropriate court for it to be valid. 
C)  A court will enforce a contract if a party does not voluntarily perform. 
D)  There need not be mutual assent by all the parties involved in a contract.

Question 14

In applying the objective theory of contracts,the pertinent question to ask is: "Would a hypothetical reasonable person conclude that the parties intended to create a contract after considering the words and conduct of the parties and the surrounding circumstances?"

Accepted Answer

A) True 
 B)False

Question 15

In a unilateral contract,the offeror ________.

Accepted Answer

A)  must accept the promise extended by the offeree to create the contract 
B)  can revoke the offer at any point of time after performance 
C)  will treat either a promise to perform or the actual performance of the act as acceptance of his or her offer 
D)  cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act

Question 16

Frank says to Stella,"If you wash every window in my house today,I'll pay you $200." Stella washes 12 of the 20 windows in Frank's house by 2:00 p.m.At this point,________.

Accepted Answer

A)  Frank can revoke his offer to pay Stella the $200 for washing the windows 
B)  Stella is obligated to finish washing the windows 
C)  Frank cannot revoke his offer to pay Stella $200 for washing all the windows 
D)  Frank and Stella have a formal, executed contract

Question 17

What are the possible problems that can come up in a unilateral contract?

Accepted Answer

The answer of What are the possible problems that can...

Question 18

Which of the following statements best describes the Restatement of the Law of Contracts?

Accepted Answer

A)  It is the supreme legal authority for contract law. 
B)  It is a law which has been adopted, at least in part, by every state. 
C)  It is a compilation of contract law principles, as agreed upon by its drafters. 
D)  It is a compilation of law pertaining exclusively to the Uniform Commercial Code.

Question 19

Elizabeth signs a contract to purchase a new car from Spadace Motors.She has not yet paid for the car and Spadace Motors has not yet delivered the car to Elizabeth.This is an example of a(n)________ contract.

Accepted Answer

A)  void 
B)  unenforceable 
C)  executed 
D)  executory

Question 20

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is ________.

Accepted Answer

A)  determinative 
B)  minimally important 
C)  as important as the intent of a reasonable person 
D)  irrelevant

Exam 9: Nature of Traditional and E-Contracts

Compare valid,void,voidable,and unenforceable contracts.

A contract that has been fully performed on both sides is called a(n) ________ contract.

Which of the following is true of the Uniform Commercial Code (UCC) ?

Jean says to Joan,"If you promise to feed my dog each day while I am out of town next week,I'll pay you $100." Joan replies,"I'll absolutely do that,I hope you have a nice trip." Joan then feeds the dog,after which Jean paid her.At what point did a contract come into existence?

There is no variation in common law of contracts from state to state.

The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the subjective person standard.

Which of the following is true of the Restatement of the Law of Contracts?

The doctrine that is imposed when one person confers a benefit on another,who retains the benefit,and when it is unjust to allow the recipient to retain the benefit without paying for it is known as ________.

A promise must be supported by a bargained-for consideration that is legally sufficient.

Ben was talking to Harry who was drunk.Harry agreed to give his car to Ben as a token of friendship.Once sober,Harry asks Ben to return his car.This contract is considered ________.

A(n) ________ contract is based on an equitable doctrine.

Which of the following is a characteristic of a valid contract?

In applying the objective theory of contracts,the pertinent question to ask is: "Would a hypothetical reasonable person conclude that the parties intended to create a contract after considering the words and conduct of the parties and the surrounding circumstances?"

In a unilateral contract,the offeror ________.

Frank says to Stella,"If you wash every window in my house today,I'll pay you $200." Stella washes 12 of the 20 windows in Frank's house by 2:00 p.m.At this point,________.

What are the possible problems that can come up in a unilateral contract?

Which of the following statements best describes the Restatement of the Law of Contracts?

Elizabeth signs a contract to purchase a new car from Spadace Motors.She has not yet paid for the car and Spadace Motors has not yet delivered the car to Elizabeth.This is an example of a(n) ________ contract.

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is ________.