Question 1

A consulting contract between a management consulting firm and a software company is governed by what source of law?

Accepted Answer

A)  Common law. 
B)  Statutory law. 
C)  The Uniform Commercial Code. 
D)  Law at equity.

Question 2

A contract for installing a new furnace is an example of a hybrid contract.

Accepted Answer

A) True 
 B)False

Question 3

A unilateral contract is formed by an exchange of promises.

Accepted Answer

A) True 
 B)False

Question 4

An offer of a reward,if it is fulfilled,forms

Accepted Answer

A)  a bilateral contract. 
B)  a unilateral contract. 
C)  an express contract. 
D)  a quasi-contract.

Question 5

Each contract should cover a singular promise,and if multiple promises are involved,multiple contracts should be created.

Accepted Answer

A) True 
 B)False

Question 6

In lawsuits that involve both goods and services,how is the proper source of law to enforce and govern the agreement established?

Accepted Answer

The answer of In lawsuits that involve both goods and...

Question 7

A[n] _______ is where the offeror agrees to hold an offer open and not to enter into a contract with another party for a certain period of time in exchange for consideration.

Accepted Answer

A)  a divisible contract 
B)  option contract 
C)  a severable contract 
D)  a voidable contract

Question 8

Void contracts are seemingly valid contracts that one party has the right to declare void.

Accepted Answer

A) True 
 B)False

Question 9

Something of value that is exchanged as part of an agreement is called

Accepted Answer

A)  mutual assent. 
B)  consideration. 
C)  capacity. 
D)  legal purpose.

Question 10

Mike is walking through a parking lot and finds Kathy lying unconscious.He puts her in his car and takes her to the hospital.The hospital saves her life,and when she becomes conscious,it presents her with a bill.

Accepted Answer

A)  Kathy has to pay based on a unilateral contract. 
B)  Kathy has to pay based on an implied contract. 
C)  Kathy has to pay based on a quasi-contract. 
D)  Mike has to pay because he brought her to the hospital.

Question 11

Justin is 17 years old and just signed a contract to buy his first car.This contract is unenforceable.

Accepted Answer

A) True 
 B)False

Question 12

Express contracts arise from the parties' conduct.

Accepted Answer

A) True 
 B)False

Question 13

When a store places an advertisement in a newspaper or runs an ad on the radio,what are the store's obligations if a customer arrives at the store and demands to purchase the item at the advertised price? Be complete.

Accepted Answer

The answer of When a store places an advertisement in...

Question 14

A unilateral contract is formed when a promise requires acceptance by performance.

Accepted Answer

A) True 
 B)False

Question 15

A negotiation to buy a car is an example of entering into an implied contract.

Accepted Answer

A) True 
 B)False

Question 16

A promise that can be accepted only by the performance of the person to whom it is offered is an example of

Accepted Answer

A)  a bilateral contract. 
B)  a unilateral contract. 
C)  an implied contract. 
D)  a quasi-contract.

Question 17

Ralph calls Alice and asks her out on a date to see a movie.Alice agrees.This is the type of promise that the courts will enforce as a contract.

Accepted Answer

A) True 
 B)False

Question 18

An enforceable contract has four necessary elements: mutual assent,capacity to contract,consideration,and legal purpose.

Accepted Answer

A) True 
 B)False

Question 19

When Maria comes home from work,she finds that her yard has been mowed and trimmed.An hour later,a man comes to her door to collect payment for the yard work.Maria refuses to pay him because she has never seen him before and did not hire him to do the work.Which of the following is accurate?

Accepted Answer

A)  This is an implied, unilateral contract, so she must pay. 
B)  Maria has received unjust enrichment, so a quasi-contract is formed and she must pay. 
C)  The court would make Maria pay the reasonable cost of the work to be fair to both parties. 
D)  Maria would not have to pay anything.

Question 20

An offer may be terminated in all but which of the following ways?

Accepted Answer

A)  revocation 
B)  acceptance 
C)  rejection 
D)  counteroffer

Exam 6: Overview and Language of Contracts

A consulting contract between a management consulting firm and a software company is governed by what source of law?

A contract for installing a new furnace is an example of a hybrid contract.

A unilateral contract is formed by an exchange of promises.

An offer of a reward,if it is fulfilled,forms

Each contract should cover a singular promise,and if multiple promises are involved,multiple contracts should be created.

In lawsuits that involve both goods and services,how is the proper source of law to enforce and govern the agreement established?

A[n] _______ is where the offeror agrees to hold an offer open and not to enter into a contract with another party for a certain period of time in exchange for consideration.

Void contracts are seemingly valid contracts that one party has the right to declare void.

Something of value that is exchanged as part of an agreement is called

Mike is walking through a parking lot and finds Kathy lying unconscious.He puts her in his car and takes her to the hospital.The hospital saves her life,and when she becomes conscious,it presents her with a bill.

Justin is 17 years old and just signed a contract to buy his first car.This contract is unenforceable.

Express contracts arise from the parties' conduct.

When a store places an advertisement in a newspaper or runs an ad on the radio,what are the store's obligations if a customer arrives at the store and demands to purchase the item at the advertised price? Be complete.

A unilateral contract is formed when a promise requires acceptance by performance.

A negotiation to buy a car is an example of entering into an implied contract.

A promise that can be accepted only by the performance of the person to whom it is offered is an example of

Ralph calls Alice and asks her out on a date to see a movie.Alice agrees.This is the type of promise that the courts will enforce as a contract.

An enforceable contract has four necessary elements: mutual assent,capacity to contract,consideration,and legal purpose.

When Maria comes home from work,she finds that her yard has been mowed and trimmed.An hour later,a man comes to her door to collect payment for the yard work.Maria refuses to pay him because she has never seen him before and did not hire him to do the work.Which of the following is accurate?

An offer may be terminated in all but which of the following ways?