Question 1

Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

Accepted Answer

A) True 
 B)False

Question 2

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

Accepted Answer

A) True 
 B)False

Question 3

An agreement arises when one person, the __________, makes an offer and the other person to whom the offer is made, the __________, accepts.

Accepted Answer

A) grantor; grantee 
B) grantee; grantor 
C) offeror; offeree 
D) offeree; offeror

Question 4

An offer of a reward for the arrest and conviction of a criminal is an example of a:

Accepted Answer

A) unilateral contract. 
B) bilateral contract. 
C) quasi contract. 
D) formal contract.

Question 5

The promisor in a contract may also be called the:

Accepted Answer

A) obligor. 
B) grantor 
C) obligee 
D) grantee

Question 6

A contract of record is also referred to as a:

Accepted Answer

A) recognizance. 
B) reconnaissance. 
C) recording contract. 
D) none of the above.

Question 7

The subject matter of a contract may relate to:

Accepted Answer

A) the performance of personal services. 
B) the construction of a house. 
C) the transfer of ownership of property. 
D) all of the above.

Question 8

A contract never can be both executory and unilateral.

Accepted Answer

A) True 
 B)False

Question 9

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Accepted Answer

A) True 
 B)False

Question 10

Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.

Accepted Answer

A) True 
 B)False

Question 11

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

Accepted Answer

A) True 
 B)False

Question 12

When a contract is fully performed by one party, it is called a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 13

With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.

Accepted Answer

A) True 
 B)False

Question 14

The principle behind the quasi contract is to prevent unjust enrichment.

Accepted Answer

A) True 
 B)False

Question 15

A contract requires:

Accepted Answer

A) an offer. 
B) an acceptance. 
C) both an offer and an acceptance. 
D) an agreement manifested by the written or spoken words of the parties.

Question 16

A legally binding agreement that can be rejected at the option of one of the parties is called a(n):

Accepted Answer

A) void agreement. 
B) revoked contract. 
C) voidable contract. 
D) optional agreement.

Question 17

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

Accepted Answer

A) True 
 B)False

Question 18

An offeror makes an offer to an offeree.

Accepted Answer

A) True 
 B)False

Question 19

A bilateral contract is essentially an exchange of promises.

Accepted Answer

A) True 
 B)False

Question 20

The Martin family owned a home that was badly in need of repair. Mrs. Martin worked outside the home and Mr. Martin took care of the household responsibilities and cared for the two young Martin children. One day, Mrs. Martin left for work and a home repair crew drove up and began to put aluminum siding on the Martin house. Mr. Martin telephoned his wife, told her, and inquired about whether she had hired the workers. When the Martins realized that they never had ordered this work done, Mr. Martin sneaked out the back with the children. He later met his wife at work and they returned home for dinner. By that time, the entire front of the house had been aluminum-sided. The foreman asked, "Mr. and Mrs. Wolf, how do you like the job?" The Martins replied that they loved the job, but the Wolfs lived next door. When it became clear that the repair crew had made an error, the foreman insisted that the Martins had to pay.
a.Decide the case, and explain the reason(s) for your decision.
b.Decide the case, assuming that the Martins were away on vacation when the improvements were made, and then returned home to discover the improvements.

Accepted Answer

The answer of The Martin family owned a home that...

Exam 12: Nature and Classes of Contracts: Contracting on the Internet

Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

An agreement arises when one person, the , makes an offer and the other person to whom the offer is made, the , accepts.

An offer of a reward for the arrest and conviction of a criminal is an example of a:

The promisor in a contract may also be called the:

A contract of record is also referred to as a:

The subject matter of a contract may relate to:

A contract never can be both executory and unilateral.

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

When a contract is fully performed by one party, it is called a unilateral contract.

With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.

The principle behind the quasi contract is to prevent unjust enrichment.

A contract requires:

A legally binding agreement that can be rejected at the option of one of the parties is called a(n) :

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

An offeror makes an offer to an offeree.

A bilateral contract is essentially an exchange of promises.