Question 1

When there is a law that prohibits the courts from enforcing a valid contract, it may be valid but ________.

Accepted Answer

A)   Executed
B)   Executory
C)   Unenforceable
D)   Novated
E)   Condoned

Question 2

Quinton is 15 years old and pays cash to purchase a laptop computer from Brittany's Used Laptops. Quinton uses the computer for a week and then decides he wants a different laptop and returns the laptop to the store. Brittany tells Quinton that she will not allow Quinton to return the laptop. Quinton says she must. Is Quinton correct?

Accepted Answer

A)   No, Quinton paid cash for the laptop and he does not have the right to return it.
B)   No, Quinton has no right to return the laptop because he used the laptop.
C)   Yes, Quinton is correct, contracts with minors are always void.
D)   Yes, Quinton is correct, contracts with minors are voidable at the minor's option.
E)   Yes, Quinton is correct, contracts with minors are illegal.

Question 3

Which of the following are examples of formal contracts?

Accepted Answer

A)   Contracts under seal, but not executed contracts or letters of credit.
B)   Executed contracts, but not contracts under seal or letters of credit.
C)   Letters of credit and contracts under seal, but not executed contracts.
D)   Contracts under seal and letters of credit, but not executory contracts
E)   Contracts under seal, letters of credit, and executed contracts.

Question 4

A contract is said to be ________, once all the terms of the contract have been fully performed.

Accepted Answer

A)   Executory
B)   Executed
C)   Anticipatory
D)   Ended
E)   Stopped

Question 5

Philip promises to tutor Erin for $25 an hour. Philip has tutored Erin but she has not paid. This contract is ________.

Accepted Answer

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

Question 6

For several months, Yolanda has been picking up Tom's suit at the cleaners on the first Monday of each month. Each month, Tom pays her $25 when she delivers the suit to his office. This month she picks up the suit and delivers it to Tom's office. Tom refuses to pay Yolanda the $25, stating that they did not have a contract. What type of contract did Tom and Yolanda have?

Accepted Answer

A)   An implied contract
B)   An express contract
C)   A quasi contract
D)   A bilateral contract
E)   A unilateral contract

Question 7

First, define an express contract and an implied contract. Next, present the three conditions that generally must be met for the courts to find an implied contract, and provide an example of an express contract, and an implied contract.

Accepted Answer

Express contracts have all their terms c...

Question 8

Section 29 of the contract which states, "Pigment may be redesigned at any time."
-Flo claims that "pigment redesign" in Section 29 is regularly used in the flower business, and that she had every right to "redesign" the color of the arrangements because she is a professional in the business. On which general guideline of contract interpretation is Flo relying?

Accepted Answer

A)   The plain language rule.
B)   Section 29 is quoting a federal law that allows professionals in the flower business to select color.
C)   The four corners rule.
D)   The technical exemption law of the UCC.
E)   General guidelines of contract interpretation.

Question 9

Any contract that is not a formal contract is an informal contract, also called a simple contract.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is the reason the Uniform Commercial Code was drafted?

Accepted Answer

A)   Different states had different laws governing contracts which did not result in a smooth flow of interstate commerce.
B)   Some states had no law governing contracts.
C)   Federal law governing contracts was difficult to apply.
D)   The Uniform State Act on laws was not working.
E)   The Restatement of the Law Second, Contracts was not being evenly and fairly applied.

Question 11

Section 29 of the contract which states, "Pigment may be redesigned at any time."
-If this case ended up in court, what might the court most likely find to be the proper price of the flowers, according to the terms of the contract?

Accepted Answer

A)   $3,000 because that was how it was written on the form and Serena has no right to cross it out.
B)   $2,000 because that was what they agreed and the judge would follow the intent of the parties.
C)   $2,000 because that was the contract's margins.
D)   $3,000 because the words were written out.
E)   $2,000 because Serena may cross out terms if initialed and she gave her the new contract when the flowers were delivered.

Question 12

An offeror in a contract is ________.

Accepted Answer

A)   the person who receives the offer
B)   the person who makes an offer
C)   the person who gives consideration
D)   a legal agent of a contracting party
E)   an inquirer

Question 13

________ theory in contract law, means that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Accepted Answer

A)   Appearance
B)   Objective
C)   Subjective
D)   Bilateral
E)   Communication

Question 14

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Accepted Answer

A)   The amount set forth in the contract.
B)   The fair market value of the matter involved.
C)   The wholesale price of any good involved.
D)   The amount sought by the plaintiff in the Complaint.
E)   Damages will be computed the same way as they are computed for any other contract.

Question 15

Which of the following contracts are usually voidable?

Accepted Answer

A)   Contracts entered into as a result of fraud, but not duress or undue influence.
B)   Contracts entered into as a result of duress or undue influence, but not fraud.
C)   Contracts entered into as a result of undue influence or fraud, but not duress.
D)   Contracts entered into as a result of fraud or duress, but not undue influence.
E)   Contracts entered into as a result of fraud, duress, or undue influence.

Question 16

A bond used as bail in a criminal case is a recognizance, which is an example of a formal contract.

Accepted Answer

A) True 
 B)False

Question 17

Barette and Julianna agree in writing to buy and sell a piece of property. All the terms are completed except that Julianna has not paid the required $50,000 purchase price. What type of contract is this?

Accepted Answer

A)   Executed and implied
B)   Formal and executory
C)   Informal and executed
D)   Formal and executed
E)   Informal and executory

Question 18

The Restatement (Second) of the Law of Contracts is not actually the law itself.

Accepted Answer

A) True 
 B)False

Question 19

Katie mows her own yard to save money. Her neighbor Jonah, however, hires a lawn service to mow his yard. One day, as Katie is looking out of the window, Jonah's lawn service drives up. To her surprise, they begin to mow her yard, not Jonah's yard. Katie thinks that is great and keeps her mouth shut while they mow the yard. Later, she gets a bill. She calls the owner of the lawn service and says that she does not have to pay because there was not a contract in place where she agreed to have her yard mowed. The lawn service says that she is liable for the full amount of its contract. Discuss whether the lawn service is entitled to any recovery, and why or why not.

Accepted Answer

The lawn service will be entitled to rec...

Question 20

In a[n] ________ contract, the offeror wants a performance to form the contract.

Accepted Answer

A)   Trilateral
B)   Bilateral
C)   Unilateral
D)   Complete
E)   Anticipatory

Exam 13: Introduction to Contracts

A contract is said to be ________, once all the terms of the contract have been fully performed.

Correct Answer
verified

The Restatement (Second) of the Law of Contracts is not actually the law itself.

Correct Answer
verified

Barette and Julianna agree in writing to buy and sell a piece of property. All the terms are completed except that Julianna has not paid the required $50,000 purchase price. What type of contract is this?

Correct Answer
verified

An offeror in a contract is ________.

Correct Answer
verified

Which of the following is the reason the Uniform Commercial Code was drafted?

Correct Answer
verified

Philip promises to tutor Erin for $25 an hour. Philip has tutored Erin but she has not paid. This contract is ________.

Correct Answer
verified

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Correct Answer
verified

Which of the following are examples of formal contracts?

Correct Answer
verified

Correct Answer
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The lawn service will be entitled to rec...
View Answer

A bond used as bail in a criminal case is a recognizance, which is an example of a formal contract.

Correct Answer
verified

In a[n] ________ contract, the offeror wants a performance to form the contract.

Correct Answer
verified

When there is a law that prohibits the courts from enforcing a valid contract, it may be valid but ________.

Correct Answer
verified

________ theory in contract law, means that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Correct Answer
verified

First, define an express contract and an implied contract. Next, present the three conditions that generally must be met for the courts to find an implied contract, and provide an example of an express contract, and an implied contract.

Correct Answer
verified
Express contracts have all their terms c...
View Answer

Correct Answer
verified

Correct Answer
verified

Which of the following contracts are usually voidable?

Correct Answer
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Correct Answer
verified

Any contract that is not a formal contract is an informal contract, also called a simple contract.

Correct Answer
verified

Section 29 of the contract which states, "Pigment may be redesigned at any time." -If this case ended up in court, what might the court most likely find to be the proper price of the flowers, according to the terms of the contract?

Correct Answer
verified

Exam 13: Introduction to Contracts

A contract is said to be ________, once all the terms of the contract have been fully performed.

Correct AnswerverifiedShow Answer

The Restatement (Second) of the Law of Contracts is not actually the law itself.

Correct AnswerverifiedShow Answer

Barette and Julianna agree in writing to buy and sell a piece of property. All the terms are completed except that Julianna has not paid the required $50,000 purchase price. What type of contract is this?

Correct AnswerverifiedShow Answer

An offeror in a contract is ________.

Correct AnswerverifiedShow Answer

Which of the following is the reason the Uniform Commercial Code was drafted?

Correct AnswerverifiedShow Answer

Philip promises to tutor Erin for $25 an hour. Philip has tutored Erin but she has not paid. This contract is ________.

Correct AnswerverifiedShow Answer

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Correct AnswerverifiedShow Answer

Which of the following are examples of formal contracts?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe lawn service will be entitled to rec...View AnswerShow Answer

A bond used as bail in a criminal case is a recognizance, which is an example of a formal contract.

Correct AnswerverifiedShow Answer

In a[n] ________ contract, the offeror wants a performance to form the contract.

Correct AnswerverifiedShow Answer

When there is a law that prohibits the courts from enforcing a valid contract, it may be valid but ________.

Correct AnswerverifiedShow Answer

________ theory in contract law, means that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Correct AnswerverifiedShow Answer

First, define an express contract and an implied contract. Next, present the three conditions that generally must be met for the courts to find an implied contract, and provide an example of an express contract, and an implied contract.

Correct AnswerverifiedExpress contracts have all their terms c...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following contracts are usually voidable?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Any contract that is not a formal contract is an informal contract, also called a simple contract.

Correct AnswerverifiedShow Answer

Section 29 of the contract which states, "Pigment may be redesigned at any time." -If this case ended up in court, what might the court most likely find to be the proper price of the flowers, according to the terms of the contract?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
The lawn service will be entitled to rec...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Express contracts have all their terms c...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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