Question 1

When officials of your city government make contracts for construction of a recreation center in your neighborhood park,complete with swimming pool,tennis courts,and baseball diamond,you and your fellow residents become

Accepted Answer

A) third-party donor beneficiaries if you pay state income and wholesale taxes. 
B) third-party donee beneficiaries if you do not pay city real-property taxes. 
C) incidental beneficiaries. 
D) third-party creditor beneficiaries.

Question 2

A minor's contracts are generally by the minor,but are valid and
on the adult with whom the minor is dealing.

Accepted Answer

The answer of A minor's contracts are generally by the...

Question 3

Under the federal Magnuson-Moss Warranty Act no seller is required to give a written warranty,but the seller who elects to do so must label it as either full or limited.

Accepted Answer

A) True 
 B)False

Question 4

Details of contract law are found in the U.S.Constitution and in federal statutes.

Accepted Answer

A) True 
 B)False

Question 5

Sometimes,the parties to a contract specify in advance what the damages shall be in the case of
breach.These provisions are called clauses.

Accepted Answer

The answer of Sometimes,the parties to a contract specify in...

Question 6

A quasi-contract is

Accepted Answer

A) a bilateral contract. 
B) a contract that meets four of the six basic requirements of a contract. 
C) not a contact at all,but an improper attempt at a contract that is void. 
D) not a true contract at all,but an obligation created by law.

Question 7

Steve Shredder promised to move all practice sessions of his high-volume group the "Scan Jet Fondue" to a location far from his home in exchange for his neighbor Osgood Wheet's promise to pay the music group $300 a month for nine months,commencing immediately.The mutual promises are

Accepted Answer

A) enforceable,because each party enjoys some resulting legal benefit and each suffers some legal detriment. 
B) unenforceable,because playing of music wherever,whenever,and however one pleases is guaranteed as human expression under the Bill of Rights. 
C) unenforceable,because tastes in music-or in other art forms-are not to be disputed,and the simple absence of music (or noise)is too intangible to have measurable value. 
D) enforceable if in writing,but not if the agreement is oral.

Question 8

exists when one party is prevented from exercising judgment and free will
by some wrongful act or threat of the other party.

Accepted Answer

The answer of exists when one party is prevented from...

Question 9

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player,Sara's subsequent transfer of her right to receive payment for the new digital player is known as:

Accepted Answer

A) a delegation. 
B) an assignment. 
C) a novation. 
D) a quasi-contract.

Question 10

The running of the statute of limitations on a contract between Martha,the debtor,and Zelda,the creditor

Accepted Answer

A) extinguishes Martha's duty (the contract is void). 
B) acts as an accord. 
C) bars Zelda's remedy (the contract is unenforceable). 
D) is unilateral performance.

Question 11

When a party to a contract honestly performs most essentials of the contract,but there is some minor omission or deviation which can be corrected,or compensated for in a reduction of the price the doctrine of exists.

Accepted Answer

The answer of When a party to a contract honestly...

Question 12

Generally,a minor is liable under contract law for purchases of necessaries (e.g. ,food,clothing, shelter,and medical care).However,

Accepted Answer

A) the necessary that is bought must truly be needed and must not be something that is provided by,or is readily available from,the parent or guardian. 
B) the price charged must be reduced to the seller's out-of-pocket costs,plus no more than 10% of gross profit on the item. 
C) the goods must be guaranteed to last at least until the minor becomes an adult. 
D) none of the above

Question 13

Under the Statute of Frauds,some specified contracts must be in writing and signed by the party
against whom enforcement is sought.State several benefits or advantages that result from this statute for the contracting parties.

Accepted Answer

The answer of Under the Statute of Frauds,some specified contracts...

Question 14

The definition of an executed contract is an illegal agreement calling for harm to another person for a specified fee or price.

Accepted Answer

A) True 
 B)False

Question 15

Although the parties failed to comply with the applicable statute of frauds,a contract that was fully executed

Accepted Answer

A) is a valid contract. 
B) is subject to rescission because of failure to comply with the statute of frauds. 
C) subjects one or both parties to criminal prosecution. 
D) subjects one or both parties to civil damages for the tort of fraud.

Question 16

The offeror makes an offer by mail.Generally,unless otherwise specified,the offeree may accept the offer by using the same or faster means of communication.

Accepted Answer

A) True 
 B)False

Question 17

A(n)is the party to a contract who makes a promise to do something.

Accepted Answer

The answer of A(n)is the party to a contract who...

Question 18

A(n)agreement gives one of the parties the right to buy (or sell)something
at a certain price within a specified future time.

Accepted Answer

The answer of A(n)agreement gives one of the parties the...

Question 19

Distinguish between an assignment and delegation.

Accepted Answer

The answer of Distinguish between an assignment and delegation....

Question 20

A breach of contract leads to a claim of damages by the innocent party to the
contract.

Accepted Answer

The answer of A breach of contract leads to a...

Exam 8: Contracts: Enforceable Agreements

When officials of your city government make contracts for construction of a recreation center in your neighborhood park,complete with swimming pool,tennis courts,and baseball diamond,you and your fellow residents become

A minor's contracts are generally by the minor,but are valid and on the adult with whom the minor is dealing.

Under the federal Magnuson-Moss Warranty Act no seller is required to give a written warranty,but the seller who elects to do so must label it as either full or limited.

Details of contract law are found in the U.S.Constitution and in federal statutes.

Sometimes,the parties to a contract specify in advance what the damages shall be in the case of breach.These provisions are called clauses.

A quasi-contract is

Steve Shredder promised to move all practice sessions of his high-volume group the "Scan Jet Fondue" to a location far from his home in exchange for his neighbor Osgood Wheet's promise to pay the music group $300 a month for nine months,commencing immediately.The mutual promises are

exists when one party is prevented from exercising judgment and free will by some wrongful act or threat of the other party.

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player,Sara's subsequent transfer of her right to receive payment for the new digital player is known as:

The running of the statute of limitations on a contract between Martha,the debtor,and Zelda,the creditor

When a party to a contract honestly performs most essentials of the contract,but there is some minor omission or deviation which can be corrected,or compensated for in a reduction of the price the doctrine of exists.

Generally,a minor is liable under contract law for purchases of necessaries (e.g. ,food,clothing, shelter,and medical care) .However,

Under the Statute of Frauds,some specified contracts must be in writing and signed by the party against whom enforcement is sought.State several benefits or advantages that result from this statute for the contracting parties.

The definition of an executed contract is an illegal agreement calling for harm to another person for a specified fee or price.

Although the parties failed to comply with the applicable statute of frauds,a contract that was fully executed

The offeror makes an offer by mail.Generally,unless otherwise specified,the offeree may accept the offer by using the same or faster means of communication.

A(n)is the party to a contract who makes a promise to do something.

A(n)agreement gives one of the parties the right to buy (or sell)something at a certain price within a specified future time.

Distinguish between an assignment and delegation.

A breach of contract leads to a claim of damages by the innocent party to the contract.