Question 1

Provision of services qualifies as "consideration" for an enforceable contract.

Accepted Answer

A) True 
 B)False

Question 2

An oral agreement to purchase a neighbor's bicycle is a(n)________ contract.

Accepted Answer

A)  void 
B)  voidable 
C)  implied 
D)  express 
A)  void 
B)  voidable 
C)  implied 
D)  express

Question 3

Unless otherwise expressly stated, an auction is considered an auction without reserve.

Accepted Answer

A) True 
 B)False

Question 4

A counteroffer is considered a rejection of the original offer.

Accepted Answer

A) True 
 B)False

Question 5

Give an account of termination of offer due to lapse of time.

Accepted Answer

An offer expires at the lapse of time of

Question 6

What is the significance of the age of majority in relation to legal contracts?

Accepted Answer

A)  People below the age of majority can directly enter into lawful contracts. 
B)  Mentally incompetent persons need to achieve the age of majority in order to enter into a legal contract. 
C)  It is the age above which people of capacity can enter into a legal contract. 
D)  Minors who have entered the age of majority require his or her parents or guardian's consent to enter into a legal contract with adults. 
A)  People below the age of majority can directly enter into lawful contracts. 
B)  Mentally incompetent persons need to achieve the age of majority in order to enter into a legal contract. 
C)  It is the age above which people of capacity can enter into a legal contract. 
D)  Minors who have entered the age of majority require his or her parents or guardian's consent to enter into a legal contract with adults.

Question 7

A contract into which parties enter, but where one or both of the parties can choose not to perform their contractual obligations, is said to involve ________ promises.

Accepted Answer

The answer of A contract into which parties enter, but...

Question 8

Preexisting duty promise is unenforceable because of the introduction of a new consideration.

Accepted Answer

A) True 
 B)False

Question 9

What is UCITA? Explain its role.

Accepted Answer

The National Conference of Commissioners

Question 10

Which of the following is an acceptable consideration for a contract?

Accepted Answer

A)  penalty 
B)  arrest 
C)  sentence 
D)  money 
A)  penalty 
B)  arrest 
C)  sentence 
D)  money

Question 11

An unconscionable contract cannot be enforced even if the unconscionable clause is removed from it.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true of enforcing a contract?

Accepted Answer

A)  A contract is only considered valid if it is enforceable by both parties. 
B)  Parties may voluntarily perform a contract that is unenforceable. 
C)  In an unenforceable contract, at least one party has the option to void his or her contractual obligations. 
D)  Void contracts are enforceable in cases involving mutual mistakes. 
A)  A contract is only considered valid if it is enforceable by both parties. 
B)  Parties may voluntarily perform a contract that is unenforceable. 
C)  In an unenforceable contract, at least one party has the option to void his or her contractual obligations. 
D)  Void contracts are enforceable in cases involving mutual mistakes.

Question 13

Elizabeth signs a contract to purchase a new car from Spadace Motors. She has not yet paid for the car and Spadace Motors has not yet delivered the car to Elizabeth. This is an example of a(n)________ contract.

Accepted Answer

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

Question 14

A contract is said to be ________ where one or both parties has the option to void the contractual obligations.

Accepted Answer

The answer of A contract is said to be ________...

Question 15

Which of these is an instance of a quasi-contract?

Accepted Answer

A)  an employee receiving his or her paycheck every month 
B)  two companies signing a business agreement that spans an undefined duration 
C)  an unconscious man being nursed by a hospital, having been brought in by a passer-by 
D)  a woman hiring a caterer only after the caterer promises to deliver the food on time 
A)  an employee receiving his or her paycheck every month 
B)  two companies signing a business agreement that spans an undefined duration 
C)  an unconscious man being nursed by a hospital, having been brought in by a passer-by 
D)  a woman hiring a caterer only after the caterer promises to deliver the food on time

Question 16

Under the mailbox rule, an acceptance is only effective when it is received.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following elements has to be proved for a contract to be deemed unconscionable?

Accepted Answer

A)  that the weaker party did not enter the contract under duress 
B)  that the parties had equal bargaining power 
C)  that the dominant party justly used its bargaining power 
D)  that the adhering party had no reasonable alternative 
A)  that the weaker party did not enter the contract under duress 
B)  that the parties had equal bargaining power 
C)  that the dominant party justly used its bargaining power 
D)  that the adhering party had no reasonable alternative

Question 18

In a recognizance, a party acknowledges in court that he or she will pay a specified sum of money if a certain event occurs.

Accepted Answer

A) True 
 B)False

Question 19

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan, legally, ________.

Accepted Answer

A)  can revoke the contract as informal verbal agreements are not binding 
B)  can reduce the money on offer 
C)  can only increase the money on offer 
D)  cannot revoke the contract 
A)  can revoke the contract as informal verbal agreements are not binding 
B)  can reduce the money on offer 
C)  can only increase the money on offer 
D)  cannot revoke the contract

Question 20

The ________ rule states that the offeree must accept the terms of an offer as stated in the offer.

Accepted Answer

The answer of The ________ rule states that the offeree...

Exam 9: Formation of Traditional and E-Contracts

Provision of services qualifies as "consideration" for an enforceable contract.

An oral agreement to purchase a neighbor's bicycle is a(n)________ contract.

Unless otherwise expressly stated, an auction is considered an auction without reserve.

A counteroffer is considered a rejection of the original offer.

Give an account of termination of offer due to lapse of time.

What is the significance of the age of majority in relation to legal contracts?

A contract into which parties enter, but where one or both of the parties can choose not to perform their contractual obligations, is said to involve ________ promises.

Preexisting duty promise is unenforceable because of the introduction of a new consideration.

What is UCITA? Explain its role.

Which of the following is an acceptable consideration for a contract?

An unconscionable contract cannot be enforced even if the unconscionable clause is removed from it.

Which of the following is true of enforcing a contract?

Elizabeth signs a contract to purchase a new car from Spadace Motors. She has not yet paid for the car and Spadace Motors has not yet delivered the car to Elizabeth. This is an example of a(n)________ contract.

A contract is said to be ________ where one or both parties has the option to void the contractual obligations.

Which of these is an instance of a quasi-contract?

Under the mailbox rule, an acceptance is only effective when it is received.

Which of the following elements has to be proved for a contract to be deemed unconscionable?

In a recognizance, a party acknowledges in court that he or she will pay a specified sum of money if a certain event occurs.

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan, legally, ________.

The ________ rule states that the offeree must accept the terms of an offer as stated in the offer.

Legal Heritage and the Digital Age

Ethics and Social Responsibility of Business

Courts, Jurisdiction, and Administrative Agencies

Judicial, Alternative, and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Performance and Breach of Traditional and E-Contracts

E-Commerce and Digital Law

UCC Sales and Lease Contracts and Warranties

Credit, Secured Transactions, and Bankruptcy

Small Business and General and Limited Partnerships

Limited Liability Companies, Limited Liability Partnerships, and Special Forms of Business

Corporations and the Sarbanes-Oxley Act

Investor Protection, E-Securities, and Wall Street Reform

Agency Law

Equal Opportunity in Employment

Employment Law and Worker Protection

Labor Law and Immigration Law

Antitrust Law and Unfair Trade Practices

Consumer Protection

Environmental Protection

Land Use Regulation and Real Property

International and World Trade Law

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