Question 1

Two parties are debating whether or not to put their contract into writing.In making their determination,which of the following factors would normally NOT be considered?

Accepted Answer

A)  whether or not the agreement falls within the Statute of Frauds
B)  the complexity of the agreement
C)  the length of time covered by the agreement
D)  the relationship between the two parties

Question 2

Compare and contrast the perspectives of a lawyer and a business client when approaching the negotiation of a contract.

Accepted Answer

Businesspeople are optimists - they beli...

Question 3

Ambiguities in contracts are always interpreted in favor of the party who wrote the contract,since he or she is the one who knows what the provision is supposed to mean.

Accepted Answer

A) True 
 B)False

Question 4

Bob,a house painter,contracts with Ollie to paint a rental house that Ollie owns.Bob hires Rob to take his place as the painter on this contract.What has Bob done?

Accepted Answer

A)  made a scrivener's error
B)  severed the contract
C)  delegated his duties
D)  assigned his rights

Question 5

Identify and explain at least four situations where a written contract is either necessary or recommended.

Accepted Answer

There are times when you should definitely sign a written agreement:
​a.The Statute of Frauds requires it.
b.The deal is crucial to your life or the life of your business.
c.The terms are complex. 
d.You do not have an ongoing relationship with the other party.

Question 6

Which of the following is NOT one of the three ways to amend a written contract?

Accepted Answer

A)  by writing and signing an amendment (or rider) 
B)  by verbally agreeing to the changes and shaking hands on the deal
C)  by crossing out the mistakes and writing in the corrections
D)  by writing a totally new contract with the correct provisions

Question 7

Standard provisions in a contract that are often listed under the heading "Miscellaneous" are called

Accepted Answer

A)  boilerroom.
B)  boilerplate.
C)  boilerpot.
D)  boilertape.

Question 8

Any ambiguity in a contract is interpreted against the party who drafted the contract.

Accepted Answer

A) True 
 B)False

Question 9

The legal term for a promise in a contract is "provision."

Accepted Answer

A) True 
 B)False

Question 10

Which of the following generally is NOT in the introductory paragraph of a contract?

Accepted Answer

A)  the date of the contract
B)  the covenants of the contract
C)  the parties to the contract
D)  the nature of the contract

Question 11

Outline the parts of a typical contract.

Accepted Answer

The structure of a contract is...

Question 12

It is unethical to use your lawyer as an excuse for a provision of a contract,such as,"My lawyer insists that I have a liquidated damages clause..."

Accepted Answer

A) True 
 B)False

Question 13

In the case of scrivener's errors,a court will usually

Accepted Answer

A)  reform the contract if it is clear that the mistake is not what the parties intended.
B)  instruct the parties to rewrite the contract without the errors.
C)  enforce the contract as written.
D)  throw out the contract completely.

Question 14

What is a force majeure event?

Accepted Answer

A)  any action that makes the contract unprofitable for either party
B)  any finding in a contract that shows a provision was deliberately left unclear
C)  a disruptive,unexpected occurrence for which neither party is to blame that prevents one or both parties from complying with a contract
D)  any happening that fulfills one of the conditions in the contract,making it enforceable

Question 15

Rich and Archie sign an agreement in which Archie agrees to deliver ten cases of champagne in 5 days.The parties negotiated and meant to say in the written agreement,delivery in 50 days.If the evidence is clear that the two parties intended to agree to 50 days,the courts will probably

Accepted Answer

A)  reform the contract.
B)  rescind the contract.
C)  issue a warranty.
D)  issue a covenant.

Question 16

You should hire a lawyer to review any legal papers you have to sign,especially such papers as lease agreements or car purchases.

Accepted Answer

A) True 
 B)False  False

Question 17

An honest effort to meet both the spirit and letter of the contract is termed

Accepted Answer

A)  reasonable circumstances.
B)  sole discretion.
C)  honest representation.
D)  good faith.

Question 18

Which of the following guidelines applies to writing the title of a contract?

Accepted Answer

A)  It should be written in general terms,like "Memorandum of Agreement."
B)  It should be written like a sentence,with only the first letter capitalized.
C)  It should be brief with no more than five words.
D)  It should be descriptive of the agreement and typed in all capital letters.

Question 19

Marsha and Antonio make a contract in which Marsha agrees to sell Antonio an expensive and rare piece of art.In the contract,Marsha states that she has the authority to enter into an agreement with Antonio,that she owns the piece of art,and that the art is authentic and not a forgery.These statements are examples of

Accepted Answer

A)  covenants.
B)  representations and warranties.
C)  choice of law provisions.
D)  riders.

Question 20

Some contracting parties are intentionally vague in contract terms.

Accepted Answer

A) True 
 B)False  True

Exam 20: Practical Contracts

Two parties are debating whether or not to put their contract into writing.In making their determination,which of the following factors would normally NOT be considered?

Correct Answer
verified

Compare and contrast the perspectives of a lawyer and a business client when approaching the negotiation of a contract.

Correct Answer
verified
Businesspeople are optimists - they beli...
View Answer

Ambiguities in contracts are always interpreted in favor of the party who wrote the contract,since he or she is the one who knows what the provision is supposed to mean.

Correct Answer
verified

Bob,a house painter,contracts with Ollie to paint a rental house that Ollie owns.Bob hires Rob to take his place as the painter on this contract.What has Bob done?

Correct Answer
verified

Identify and explain at least four situations where a written contract is either necessary or recommended.

Correct Answer
verified
There are times when you should definitely sign a written agreement: a.The Statute of Frauds requires it. b.The deal is crucial to your life or the life of your business. c.The terms are complex. d.You do not have an ongoing relationship with the other party.

Which of the following is NOT one of the three ways to amend a written contract?

Correct Answer
verified

Standard provisions in a contract that are often listed under the heading "Miscellaneous" are called

Correct Answer
verified

Any ambiguity in a contract is interpreted against the party who drafted the contract.

Correct Answer
verified

The legal term for a promise in a contract is "provision."

Correct Answer
verified

Which of the following generally is NOT in the introductory paragraph of a contract?

Correct Answer
verified

Outline the parts of a typical contract.

Correct Answer
verified
The structure of a contract is...
View Answer

It is unethical to use your lawyer as an excuse for a provision of a contract,such as,"My lawyer insists that I have a liquidated damages clause..."

Correct Answer
verified

In the case of scrivener's errors,a court will usually

Correct Answer
verified

What is a force majeure event?

Correct Answer
verified

Rich and Archie sign an agreement in which Archie agrees to deliver ten cases of champagne in 5 days.The parties negotiated and meant to say in the written agreement,delivery in 50 days.If the evidence is clear that the two parties intended to agree to 50 days,the courts will probably

Correct Answer
verified

You should hire a lawyer to review any legal papers you have to sign,especially such papers as lease agreements or car purchases.

Correct Answer
verified
False

An honest effort to meet both the spirit and letter of the contract is termed

Correct Answer
verified

Which of the following guidelines applies to writing the title of a contract?

Correct Answer
verified

Correct Answer
verified

Some contracting parties are intentionally vague in contract terms.

Correct Answer
verified
True

Exam 20: Practical Contracts

Two parties are debating whether or not to put their contract into writing.In making their determination,which of the following factors would normally NOT be considered?

Correct AnswerverifiedShow Answer

Compare and contrast the perspectives of a lawyer and a business client when approaching the negotiation of a contract.

Correct AnswerverifiedBusinesspeople are optimists - they beli...View AnswerShow Answer

Ambiguities in contracts are always interpreted in favor of the party who wrote the contract,since he or she is the one who knows what the provision is supposed to mean.

Correct AnswerverifiedShow Answer

Bob,a house painter,contracts with Ollie to paint a rental house that Ollie owns.Bob hires Rob to take his place as the painter on this contract.What has Bob done?

Correct AnswerverifiedShow Answer

Identify and explain at least four situations where a written contract is either necessary or recommended.

Correct AnswerverifiedThere are times when you should definitely sign a written agreement: ​a.The Statute of Frauds requires it. b.The deal is crucial to your life or the life of your business. c.The terms are complex. d.You do not have an ongoing relationship with the other party.

Which of the following is NOT one of the three ways to amend a written contract?

Correct AnswerverifiedShow Answer

Standard provisions in a contract that are often listed under the heading "Miscellaneous" are called

Correct AnswerverifiedShow Answer

Any ambiguity in a contract is interpreted against the party who drafted the contract.

Correct AnswerverifiedShow Answer

The legal term for a promise in a contract is "provision."

Correct AnswerverifiedShow Answer

Which of the following generally is NOT in the introductory paragraph of a contract?

Correct AnswerverifiedShow Answer

Outline the parts of a typical contract.

Correct AnswerverifiedThe structure of a contract is...View AnswerShow Answer

It is unethical to use your lawyer as an excuse for a provision of a contract,such as,"My lawyer insists that I have a liquidated damages clause..."

Correct AnswerverifiedShow Answer

In the case of scrivener's errors,a court will usually

Correct AnswerverifiedShow Answer

What is a force majeure event?

Correct AnswerverifiedShow Answer

Rich and Archie sign an agreement in which Archie agrees to deliver ten cases of champagne in 5 days.The parties negotiated and meant to say in the written agreement,delivery in 50 days.If the evidence is clear that the two parties intended to agree to 50 days,the courts will probably

Correct AnswerverifiedShow Answer

You should hire a lawyer to review any legal papers you have to sign,especially such papers as lease agreements or car purchases.

Correct AnswerverifiedFalse

An honest effort to meet both the spirit and letter of the contract is termed

Correct AnswerverifiedShow Answer

Which of the following guidelines applies to writing the title of a contract?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Some contracting parties are intentionally vague in contract terms.

Correct AnswerverifiedTrue

Correct Answer
verified

Correct Answer
verified
Businesspeople are optimists - they beli...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
There are times when you should definitely sign a written agreement: a.The Statute of Frauds requires it. b.The deal is crucial to your life or the life of your business. c.The terms are complex. d.You do not have an ongoing relationship with the other party.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The structure of a contract is...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
False

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True