Deck 10: Contracts

Question 1

The code that was designed to promote uniformity of the laws relating to commercial sales of goods is known as:

A)the Uniform Commercial Code
B)the Universal Commercial Code
C)the Commercial Code of the United States of America
D)the Commercial Code
E)the Ultimate Commercial Code

Answer 1

A

Question 2

The freedom of contract is:

A)a hallmark of the law of contracts
B)a minor part of the law of contracts
C)not binding in most states
D)only relevant in cases involving easements
E)restricted by the Constitution

Answer 2

A

Question 3

Contract law is primarily:

A)federal statutory law
B)international commercial treaty law
C)federal common law
D)state statutory law
E)none of the other choices

Answer 3

E

Question 4

The ______________ evolved in commerce over the centuries.

A)law of invention
B)law of commerce
C)law of trade
D)law of documents
E)none of the other choices are correct

Question 5

The Uniform Commercial Code (UCC)was designed to:

A)prevent copyright violations
B)increase the number of inventions patented by U.S.inventors
C)promote intra-state trade
D)promote inter-state trade
E)none of the other choices are correct

Question 6

The Restatement (2d)of Contracts is:

A)Britain's legal code concerning contracts
B)an amendment to the Constitution
C)a document detailing the rules for engaging in international commerce
D)an unwritten code concerning contract law
E)none of the other choices are correct

Question 7

The ________________ means that there are also responsibilities imposed on parties who commit to binding relationships in contracts.

A)freedom of speech
B)freedom of torts
C)freedom of sales
D)freedom of economics
E)none of the other choices are correct

Question 8

The code that was designed to promote uniformity of the laws relating to commercial sales of goods is known as:

A)the Ultimate Commercial Code
B)the Universal Commercial Code
C)the Commercial Code of the United States of America
D)the Commercial Code
E)none of the other choices are correct

Question 9

19th century English courts referenced ______________ when resolving contract disputes.

A)France's laws on contracts
B)res judicata
C)semper fi
D)the English Constitution
E)none of the other choices are correct

Question 10

The ________________ means that there are also responsibilities imposed on parties who commit to binding relationships in contracts.

A)freedom of speech
B)freedom of contract
C)freedom of sales
D)freedom of economics
E)freedom of torts

Question 11

The Uniform Commercial Code (UCC)was designed to:

A)prevent copyright violations
B)increase the number of inventions patented by U.S.inventors
C)promote uniformity of the laws relating to commercial sales of goods
D)promote inter-state trade
E)promote intra-state trade

Question 12

The ______________ evolved in commerce over the centuries.

A)law of contracts
B)law of commerce
C)law of trade
D)law of documents
E)law of freedom

Question 13

The freedom of contract is a hallmark of:

A)the law of torts
B)the law of economics
C)administrative law
D)the law of contracts
E)the law of sales

Question 14

The freedom of contract is a hallmark of:

A)the law of torts
B)the law of economics
C)administrative law
D)the law of sales
E)none of the other choices are correct

Question 15

The Restatement (2d)of Contracts is:

A)Britain's legal code concerning contracts
B)an amendment to the Constitution
C)an authoritative document that provides a summary of the common law of contract
D)an unwritten code concerning contract law
E)a document detailing the rules for engaging in international commerce

Question 16

19th century English courts referenced ______________ when resolving contract disputes.

A)lex mercatoria
B)res judicata
C)semper fi
D)the English Constitution
E)France's laws on contracts

Question 17

An authoritative document that provides an orderly summary and presentation of the common law of contract is:

A)the Restatement (2d)of Contracts
B)the Contracts Commercial Code
C)Cohen on Contracts
D)the Statute of Frauds
E)the Federal Register

Question 18

Contract law is primarily:

A)federal statutory law
B)state common law
C)federal common law
D)state statutes
E)international code law

Question 19

An authoritative document that provides an orderly summary and presentation of the common law of contract is:

A)the Federal Register
B)the Contracts Commercial Code
C)Holmes on Contracts
D)the Statute of Frauds
E)none of the other choices

Question 20

The freedom of contract is:

A)restricted by the Constitution
B)a minor part of the law of contracts
C)not binding in most states
D)only relevant in cases involving easements
E)none of the other choices are correct

Question 21

For an exchange of promises to be legally binding,parties must make sure the exchange:

A)meets the requirements of a contract
B)is witnessed by a third party
C)is in writing
D)is unique
E)takes place in a court

Question 22

The legal relationship that consists of the rights and duties of the agreeing parties growing out of promises is:

A)an easement
B)an agreement
C)a contract
D)a copyright
E)a patent

Question 23

The Restatement (2d)of Contracts defines a promise as:

A)the refusal [of a party] to act or refrain from acting in a specified manner
B)an unwritten agreement [of a party] to act or refrain from acting in a specified manner
C)a vague understanding between parties not to act in a specified manner
D)the positive intention of a party not to act in a specified manner
E)none of the other choices are correct

Question 24

Modern definitions of contracts center on:

A)a binding promise
B)lex mercatoria
C)commercial rules
D)evidence of seals
E)duties imposed by the International Convention on Contracts

Question 25

If Scott makes a nonbinding promise to Lee and then fails to fulfill it:

A)Lee can expect contract law to provide a remedy
B)Lee can expect contract law to provide a remedy if he lives East of the Mississippi
C)Lee can expect that he will have to go to the Supreme Court for a remedy
D)Lee is now legally allowed to force Scott to fulfill his promise
E)none of the other choices are correct

Question 26

If a party fails to perform a nonbinding promise:

A)contract law will provide a remedy
B)contract law will not provide a remedy
C)contract law will provide a remedy in some states,but not others
D)the injured party must bring the case to the Supreme Court
E)the party that fails to perform will be held liable for up to $100,000 worth of damages

Question 27

A binding promise is:

A)central to the modern definition of contracts
B)unimportant in the modern definition of contracts
C)not relevant to the modern definition of contracts
D)central to the modern definition of easements
E)none of the other choices are correct

Question 28

A binding promise may be defined as:

A)one made by parties whose words are "intended to be meaningful"
B)one that is enforced by tort law
C)one that is written and "sealed"
D)one that may be enforced by law in case of breach
E)one that is written in the presence of an attorney

Question 29

Express contracts occur when:

A)the contract is created by more than two parties
B)the contract is created quickly
C)there is no written or oral expression of intent by the parties to enter into a legally binding agreement
D)there is a written or oral expression of intent by the parties to enter into a nonbinding agreement
E)none of the other choices are correct

Question 30

The legal relationship that consists of the rights and duties of the agreeing parties growing out of promises is:

A)a tort
B)an agreement
C)a patent
D)a copyright
E)none of the other choices are correct

Question 31

Contract law governs the enforceability of:

A)the legal relationship that consists of the rights and duties of the agreeing parties growing out of promises
B)noncontractual promises
C)nonbinding promises involving third parties
D)binding and nonbinding promises
E )the legal relationship that consists of the rights and duties of the agreeing parties growing out of court orders

Question 32

For an exchange of promises to be legally binding,parties must make sure the exchange:

A)takes place in a court
B)is witnessed by a third party
C)is in writing
D)is unique
E)none of the other choices are correct

Question 33

Modern definitions of contracts center on:

A)lex mercatoria
B)commercial rules
C)evidence of seals
D)duties imposed by the International Convention on Contracts
E)none of the other choices

Question 34

The Restatement (2d)of Contracts defines a promise as:

A)a manifestation of the intention [of a party] to act or refrain from acting in a specified manner
B)an unwritten agreement [of a party] to act or refrain from acting in a specified manner
C)a legally binding understanding between parties not to act in a specified manner that would affect the rights of others
D)the positive intention of a party not to act in a specified manner
E)none of the other choices are correct

Question 35

A binding promise is:

A)a contract by federal law
B)unimportant in the modern definition of contracts
C)not relevant to the modern definition of contracts
D)central to the modern definition of easements
E)none of the other choices are correct

Question 36

Contract law governs the enforceability of:

A)the legal relationship that consists of the rights and duties of the agreeing parties growing out of court orders
B)noncontractual promises
C)nonbinding promises
D)binding and nonbinding promises
E)none of the other choices are correct

Question 37

A binding promise may be defined as one:

A)made by parties whose words are "intended to be meaningful"
B)that is enforced by tort law
C)that is written and "sealed"
D)that is written in the presence of an attorney
E)none of the other choices

Question 38

If Scott makes a nonbinding promise to Lee and then fails to fulfill it:

A)Lee can expect contract law to provide a remedy
B)Lee can expect contract law to provide a remedy if he lives East of the Mississippi
C)Lee can expect that he will have to go to the Supreme Court for a remedy
D)Lee cannot expect contract law to provide a remedy
E)Lee is now legally allowed to force Scott to fulfill his promise

Question 39

If a party fails to perform a nonbinding promise:

A)contract law will provide a remedy
B)the party that fails to perform will be held liable for up to $100,000 worth of damages
C)contract law will provide a remedy in some states,but not others
D)the injured party must bring the case to the Supreme Court
E)none of the other choices are correct

Question 40

Express contracts occur when:

A)the contract is created by more than two parties
B)the contract is created quickly
C)there is a written or oral expression of intent by the parties to enter into a legally binding agreement
D)there is a written or oral expression of intent by the parties to enter into a nonbinding agreement
E)none of the other choices are correct

Question 41

The legally binding agreement that is the essence of a contract is reached though a process of:

A)offer and rejection
B)offer and bargaining
C)offer and acceptance
D)acceptance and offer
E)offer and compliance

Question 42

A contract is a(n)_____________ if there is a written or oral expression of intent by the parties to enter into a legally binding agreement.

A)rapid contract
B)fast contract
C)explicit contract
D)implied contract
E)none of the other choices are correct

Question 43

A contract is a(n)_____________ if there is a written or oral expression of intent by the parties to enter into a legally binding agreement.

A)rapid contract
B)implied contract
C)explicit contract
D)express contract
E)final contract

Question 44

The primary purpose of a contract is to:

A)make it easy to do international business transactions
B)encourage innovation
C)encourage investment
D)give parties confidence that they will make a profit
E)none of the other choices are correct

Question 45

The purpose of a contract is to:

A)make it easy to do international business transactions
B)encourage innovation
C)encourage investment
D)give parties confidence that bargained-for exchanges will be enforceable
E)give parties confidence that they will make a profit

Question 46

The basic elements of a contract include agreement,lawful subject matter,and:

A)offer,consideration,and legal capacity
B)consideration,legal capacity,and remedies
C)consideration,legal capacity,and performance
D)consideration,legal capacity,and genuine consent
E)offer,acceptance,and legal capacity

Question 47

The basic elements of a contract:

A)vary from state to state
B)vary from business to business
C)are constant across states
D)come from ancient Greek law
E)are understood by few

Question 48

The basic elements of a contract include agreement,lawful subject matter,legal capacity,consent,and:

A)offer
B)remedies
C)performance
D)acceptance
E)none of the other choices

Question 49

Basic elements of a contract need not include:

A)negotiation
B)agreement
C)consideration
D)legal capacity
E)all other choices

Question 50

You leave your poodle at a new grooming shop and tell them to wash the dog--a $30 service.They do that and also paint the poodle's nails and tie ribbons in his hair--these services are an extra $10.You pay them for the wash.What about the extra $10 in services?

A)an express contract existed;you must pay the $10
B)an implied contract existed;you must pay the $10
C)a quasi-contract existed;you must pay the $10
D)the UCC would hold that no contract existed,so no payment
E)none of the other choices

Question 51

A contract is a(n)_______________ if it arises from the actions rather than the expressions of the parties.

A)explicit contract
B)implied contract
C)express contract
D)real contract
E)active contract

Question 52

Implied contracts arise from:

A)the actions rather than the expressions of the parties
B)the expressions rather than the actions of the parties
C)the intentions rather than the actions of the parties
D)the consequences of the actions of the parties
E)none of the other choices are correct

Question 53

The basic elements of a contract:

A)vary from state to state
B)vary from business to business
C)are understood by few
D)come from ancient Greek law
E)none of the other choices are correct

Question 54

Basic elements of a contract must include:

A)legal capacity
B)agreement
C)consideration
D)genuine consent
E)all of the other choices

Question 55

A contract is a(n)_______________ if it arises from the actions rather than the expressions of the parties.

A)explicit contract
B)real contract
C)express contract
D)real contract
E)none of the other choices are correct

Question 56

The basic elements of a contract include agreement,lawful subject matter,legal capacity,consent,and:

A)offer
B)remedies
C)performance
D)consideration
E)acceptance

Question 57

The legally binding agreement that is the essence of a contract is reached though a process of:

A)offer and rejection
B)offer and bargaining
C)offer and compliance
D)acceptance and offer
E)none of the other choices are correct

Question 58

Implied contracts arise from:

A)the intentions rather than the results of the actions
B)the expressions rather than the actions of the parties
C)the intentions rather than the actions of the parties
D)the consequences of the actions of the parties
E)none of the other choices are correct

Question 59

You leave your poodle at a new grooming shop and tell them to wash the dog--a $30 service.They do that and also paint the poodle's nails and tie ribbons in his hair--these services are an extra $10.You pay them for the wash.What about the extra $10 in services?

A)an express contract existed;you must pay the $10
B)an implied contract existed;you must pay the $10
C)a quasi-contract existed;you must pay the $10
D)no contract for these services existed,no extra payment
E)the UCC would hold that no contract existed,so no payment

Question 60

Elements of a contract include all of the following except:

A)an agreement among the parties
B)lawful subject matter
C)consideration
D)parties with legal capacity
E)all of the other choices are elements

Question 61

An effective offer includes which of the following:

A)a clear intent by the offeree to become contractually bound
B)unclear and uncertain basic terms and conditions of the offer
C)a clear intent by the offeror to become contractually bound
D)all of the other specific choices are correct
E)none of the other specific choices are correct

Question 62

In contract law,an agreement means that there is a mutual understanding between the parties as to the substance of the contract.This agreement between the parties is reached,in legal terms,through a process of:

A)negotiation and deliberation
B)communication of conditions
C)revocation or rejection
D)rejection and counteroffer
E)none of the other choices necessarily

Question 63

To make an offer,the offeror must:

A)have the intent to be bound to the contract,and that intent must be clearly expressed or manifested
B)have the intent to be bound to the contract,but need not express or manifest that intent
C)have filed a copy of the offer with the county court house
D)have written documentation of the intent
E)have known the offeree for at least 1 year

Question 64

An effective offer includes which of the following:

A)a clear intent by the offeree to become contractually bound
B)unclear and uncertain basic terms and conditions of the offer
C)proper communication of the offer
D)all of the other specific choices are correct
E)none of the other specific choices are correct

Question 65

A promise to do something or to refrain from doing some specific thing is a(n):

A)offer
B)suggestion
C)legal promise
D)bid
E)proposal

Question 66

An effective offer includes which of the following:

A)a clear intent by the offeree to become contractually bound
B)unclear and uncertain basic terms and conditions of the offer
C)clear and certain basic terms of the offer
D)all of the other specific choices are correct
E)none of the other specific choices are correct

Question 67

A promise to do something or to refrain from doing some specific thing is a(n):

A)proposal
B)suggestion
C)legal promise
D)bid
E)none of the other choices are correct

Question 68

A contract is formed only when an offer is accepted:

A)by the offeree
B)by the offeror
C)by the rules of the UCC
D)by the promisor
E)none of the other choices

Question 69

When making an offer,the offeror must:

A)intend to obligate other parties
B)discuss her offer with more than one party
C)express a desire to be bound
D)avoid unjust enrichment of the offeror
E)comply with the Uniform Commercial Code

Question 70

An offer is:

A)a suggestion of a price for a good or service
B)a legally binding price for a good or service
C)an unofficial suggestion of a promise
D)a promise to do something or to refrain from doing some specific thing
E)a refusal to promise to do something or to refrain from doing some specific thing

Question 71

An offer is:

A)a suggestion of a price for a good or service
B)a legally binding price for a good or service
C)an unofficial suggestion of a promise
D)a refusal to promise to do something or to refrain from doing some specific thing
E)none of the other choices are correct

Question 72

The ____________ controls the terms of the offer when a contract is made.

A)offeree
B)offeror
C)judge
D)contractor
E)unbiased third party

Question 73

A contract cannot be formed if ____________ is lacking.

A)feeling
B)friendship
C)intent
D)purpose
E)meaning

Question 74

An effective offer includes which of the following:

A)a clear intent by the offeror to become contractually bound
B)clear and certain basic terms and conditions of the offer
C)proper communication of the offer
D)all of the other specific choices are correct
E)none of the other specific choices are correct

Question 75

To make an offer,the offeror must:

A)have known the offeree for at least 1 year
B)have the intent to be bound to the contract,but need not express or manifest that intent
C)have filed a copy of the offer with the county court house
D)have written documentation of the intent
E)none of the other choices are correct

Question 76

Which is not an element for an offer to be effective:

A)clear intent by offeror
B)willingness to accept consideration
C)proper communication
D)clear and certain terms and conditions
E)all other choices are necessary

Question 77

In contract law,an agreement means there is a mutual understanding between the parties as to the substance of the contract.This agreement between the parties is reached through:

A)negotiation and deliberation
B)communication of conditions
C)revocation or rejection
D)rejection and counteroffer
E)offer and acceptance

Question 78

The ____________ controls the terms of the offer when a contract is made.

A)offeree
B)unbiased third party
C)judge
D)contractor
E)none of the other choices are correct

Question 79

The Restatement (2d)of Contracts defines a(n)_____________ as "the manifestation of willingness to enter into a bargain,so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it."

A)proposal
B)suggestion
C)offer
D)bid
E)none of the other choices are correct

Question 80

The Restatement (2d)of Contracts defines a(n)_____________ as "the manifestation of willingness to enter into a bargain,so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it."

A)proposal
B)suggestion
C)legal promise
D)bid
E)none of the other choices are correct