Question 1

Which of the following is a necessary condition for a contract to be considered valid?

Accepted Answer

A)  It can be voided by both parties. 
B)  It can be voided by one of the parties. 
C)  It is enforceable by both the parties. 
D)  It is enforceable by at least one of the parties. 
A)  It can be voided by both parties. 
B)  It can be voided by one of the parties. 
C)  It is enforceable by both the parties. 
D)  It is enforceable by at least one of the parties. D

Question 2

A contract is said to have legal value if ________.

Accepted Answer

A)  both the promisor and the promisee receive a legal benefit 
B)  the promisor suffers a legal detriment 
C)  the promisee suffers a legal detriment 
D)  the promisee receives a legal benefit 
A)  both the promisor and the promisee receive a legal benefit 
B)  the promisor suffers a legal detriment 
C)  the promisee suffers a legal detriment 
D)  the promisee receives a legal benefit C

Question 3

The ________ establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

Accepted Answer

UCITA

Question 4

Which of the following statements is true about a counteroffer?

Accepted Answer

A)  An offeree that makes the counteroffer is still considered the offeree. 
B)  A counteroffer terminates the existing offer. 
C)  A counteroffer can only be made by the offeror. 
D)  A counteroffer need not be communicated to the offeror. 
A)  An offeree that makes the counteroffer is still considered the offeree. 
B)  A counteroffer terminates the existing offer. 
C)  A counteroffer can only be made by the offeror. 
D)  A counteroffer need not be communicated to the offeror.

Question 5

A(n)________ contract is only valid once the offeree performs the requested act.

Accepted Answer

The answer of A(n)________ contract is only valid once the...

Question 6

Kyle goes to a used-car showroom to buy a sedan. He signs an agreement with the store which bears the name of the car, price, and other details. This is an example of a(n)________ contract.

Accepted Answer

A)  express 
B)  unilateral 
C)  implied-in-law 
D)  implied-in-fact 
A)  express 
B)  unilateral 
C)  implied-in-law 
D)  implied-in-fact

Question 7

An option contract is terminated upon the death of the offeror.

Accepted Answer

A) True 
 B)False

Question 8

The infancy doctrine allows minors to ________ contracts they have entered into with adults.

Accepted Answer

The answer of The infancy doctrine allows minors to ________...

Question 9

Compare valid, void, voidable and unenforceable contracts.

Accepted Answer

1.Valid contract. A valid contract meets

Question 10

An express contract can be stated orally.

Accepted Answer

A) True 
 B)False

Question 11

A voidable contract is also termed as an unenforceable contract.

Accepted Answer

A) True 
 B)False

Question 12

Stella is injured in a motor accident and is brought to the hospital by a passerby. Stella subsequently passes into a coma. The doctors and other staff perform the necessary medical procedures to save her life. Stella comes out of her coma after two months and is released from the hospital after the doctors are satisfied by her recovery. Under the doctrine of ________ contract, Stella has to pay the hospital for its services.

Accepted Answer

A)  implied-in-fact contract 
B)  express contract 
C)  quasi-contract 
D)  formal contract 
A)  implied-in-fact contract 
B)  express contract 
C)  quasi-contract 
D)  formal contract

Question 13

A contract where agreement between parties has been inferred from their conduct is referred to as a(n)________ contract.

Accepted Answer

The answer of A contract where agreement between parties has...

Question 14

To create an implied-in-fact contract, it must be established that the plaintiff provided the property or services gratuitously.

Accepted Answer

A) True 
 B)False

Question 15

A contract that has been fully performed by both sides is called an executory contract.

Accepted Answer

A) True 
 B)False

Question 16

An offer to create a unilateral contract cannot be accepted by a promise to perform.

Accepted Answer

A) True 
 B)False

Question 17

A(n)________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.

Accepted Answer

A)  contract of adhesion 
B)  exculpatory clause 
C)  duty of restitution 
D)  fundamental breach 
A)  contract of adhesion 
B)  exculpatory clause 
C)  duty of restitution 
D)  fundamental breach

Question 18

A person who disaffirms a contract based on intoxication must be returned to status quo.

Accepted Answer

A) True 
 B)False

Question 19

Why does an illusory contract lack consideration?

Accepted Answer

A)  because the consideration promised is unlawful and therefore void 
B)  because the person promises to perform an act or do something he is already under an obligation to do 
C)  because one or both parties can choose not to perform their contractual obligations 
D)  because the compensation paid is for work done in the past 
A)  because the consideration promised is unlawful and therefore void 
B)  because the person promises to perform an act or do something he is already under an obligation to do 
C)  because one or both parties can choose not to perform their contractual obligations 
D)  because the compensation paid is for work done in the past

Question 20

An offeror can ________ an offer by withdrawing an offer prior to its acceptance.

Accepted Answer

The answer of An offeror can ________ an offer by...

Exam 9: Formation of Traditional and E-Contracts

Which of the following is a necessary condition for a contract to be considered valid?

A contract is said to have legal value if ________.

The ________ establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

Which of the following statements is true about a counteroffer?

A(n)________ contract is only valid once the offeree performs the requested act.

Kyle goes to a used-car showroom to buy a sedan. He signs an agreement with the store which bears the name of the car, price, and other details. This is an example of a(n)________ contract.

An option contract is terminated upon the death of the offeror.

The infancy doctrine allows minors to ________ contracts they have entered into with adults.

Compare valid, void, voidable and unenforceable contracts.

An express contract can be stated orally.

A voidable contract is also termed as an unenforceable contract.

A contract where agreement between parties has been inferred from their conduct is referred to as a(n)________ contract.

To create an implied-in-fact contract, it must be established that the plaintiff provided the property or services gratuitously.

A contract that has been fully performed by both sides is called an executory contract.

An offer to create a unilateral contract cannot be accepted by a promise to perform.

A(n)________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.

A person who disaffirms a contract based on intoxication must be returned to status quo.

Why does an illusory contract lack consideration?

An offeror can ________ an offer by withdrawing an offer prior to its acceptance.

Legal Heritage and the Digital Age

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Constitutional Law for Business and E-Commerce

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Performance and Breach of Traditional and E-Contracts

E-Commerce and Digital Law

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