Question 1

Contracts that have been fully performed by one side but not by the other are classified as ________ contracts.

Accepted Answer

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

Question 2

The UCITA is a law common to all states and does not require state legislatures to adopt it as a statute for the state.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is true of an option contract?

Accepted Answer

A)  If the offeree chooses not to buy the property then money paid in consideration must be returned. 
B)  If money is paid as consideration, then that is not applied to the sale price. 
C)  Death or incompetency of either party terminates an option contract. 
D)  The offer cannot be revoke during the option period. 
A)  If the offeree chooses not to buy the property then money paid in consideration must be returned. 
B)  If money is paid as consideration, then that is not applied to the sale price. 
C)  Death or incompetency of either party terminates an option contract. 
D)  The offer cannot be revoke during the option period.

Question 4

What is legal insanity?

Accepted Answer

The law protects people suffering from s

Question 5

A unilateral contract can be accepted without the performance of an act by the offeree.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true of a contract where one of the parties is insane but not adjudged insane?

Accepted Answer

A)  The contract is voidable by the competent party. 
B)  The contract is only voidable by the insane person. 
C)  Only the court appointed legal guardian to the insane person can modify contracts. 
D)  The non-insane person must be placed in status quo if the insane person voids the contract. 
A)  The contract is voidable by the competent party. 
B)  The contract is only voidable by the insane person. 
C)  Only the court appointed legal guardian to the insane person can modify contracts. 
D)  The non-insane person must be placed in status quo if the insane person voids the contract.

Question 7

A contract is ________ if the offeror's offer can be accepted only by the performance of an act by the offeree.

Accepted Answer

A)  executed 
B)  executory 
C)  unilateral 
D)  bilateral 
A)  executed 
B)  executory 
C)  unilateral 
D)  bilateral

Question 8

A(n)________ contract is a contract that has not been fully performed by either or both sides.

Accepted Answer

The answer of A(n)________ contract is a contract that has...

Question 9

Any contract entered into by a person who has been adjudged insane is void.

Accepted Answer

A) True 
 B)False

Question 10

The infancy doctrine binds an adult to the minor's decision on a contract.

Accepted Answer

A) True 
 B)False

Question 11

A person who is insane but not adjudged insane cannot void a contract he or she has entered into.

Accepted Answer

A) True 
 B)False

Question 12

A(n)________ is a contract in which the original offeree pays consideration (usually money)in return for the original offeror giving consideration (time of the option period).

Accepted Answer

The answer of A(n)________ is a contract in which the...

Question 13

Windsor, the owner of Windsor's Sandwiches contacts a new supplier Gary. He tells Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a ________ contract between them.

Accepted Answer

A)  bilateral 
B)  unilateral 
C)  executory 
D)  implied-in-law 
A)  bilateral 
B)  unilateral 
C)  executory 
D)  implied-in-law

Question 14

Which of the following is true of a contract with an adjudged insane person?

Accepted Answer

A)  The adjudged insane person is bound by the terms of the contract. 
B)  The contract is void. 
C)  Only the competent party can enforce the contract. 
D)  The competent party is legally obligated to uphold the contract. 
A)  The adjudged insane person is bound by the terms of the contract. 
B)  The contract is void. 
C)  Only the competent party can enforce the contract. 
D)  The competent party is legally obligated to uphold the contract.

Question 15

A(n)________ is a response by an offeree that contains terms and conditions different from, or in addition to, those of the offer.

Accepted Answer

The answer of A(n)________ is a response by an offeree...

Question 16

Two brothers, Sam and Jim, were fighting over the division of their ancestral property. After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress to make him sign a contract of assent in favor of Sam. When Jim takes this contract to court, the contract will be declared ________.

Accepted Answer

A)  voidable 
B)  enforceable 
C)  conditionally enforceable 
D)  unenforceable 
A)  voidable 
B)  enforceable 
C)  conditionally enforceable 
D)  unenforceable

Question 17

A(n)________ is a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust.

Accepted Answer

A)  unconscionable contract 
B)  contract of adhesion 
C)  contract in restraint of trade 
D)  quasi-contract 
A)  unconscionable contract 
B)  contract of adhesion 
C)  contract in restraint of trade 
D)  quasi-contract

Question 18

According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ________.

Accepted Answer

A)  doctrine of equity 
B)  legality of the contract 
C)  reasonable person standard 
D)  common law of contracts 
A)  doctrine of equity 
B)  legality of the contract 
C)  reasonable person standard 
D)  common law of contracts

Question 19

Under the mailbox rule, an acceptance is effective when ________.

Accepted Answer

The answer of Under the mailbox rule, an acceptance is...

Question 20

Which of the following is true for an auction with reserve?

Accepted Answer

A)  The seller retains the right to refuse the highest bidder. 
B)  Invitations to make an offer are not allowed. 
C)  Goods cannot be withdrawn from sale after the offer has been made. 
D)  A bid once made cannot be withdrawn and is legally binding. 
A)  The seller retains the right to refuse the highest bidder. 
B)  Invitations to make an offer are not allowed. 
C)  Goods cannot be withdrawn from sale after the offer has been made. 
D)  A bid once made cannot be withdrawn and is legally binding.

Exam 9: Formation of Traditional and E-Contracts

Contracts that have been fully performed by one side but not by the other are classified as ________ contracts.

The UCITA is a law common to all states and does not require state legislatures to adopt it as a statute for the state.

Which of the following is true of an option contract?

What is legal insanity?

A unilateral contract can be accepted without the performance of an act by the offeree.

Which of the following is true of a contract where one of the parties is insane but not adjudged insane?

A contract is ________ if the offeror's offer can be accepted only by the performance of an act by the offeree.

A(n)________ contract is a contract that has not been fully performed by either or both sides.

Any contract entered into by a person who has been adjudged insane is void.

The infancy doctrine binds an adult to the minor's decision on a contract.

A person who is insane but not adjudged insane cannot void a contract he or she has entered into.

A(n)________ is a contract in which the original offeree pays consideration (usually money)in return for the original offeror giving consideration (time of the option period).

Windsor, the owner of Windsor's Sandwiches contacts a new supplier Gary. He tells Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a ________ contract between them.

Which of the following is true of a contract with an adjudged insane person?

A(n)________ is a response by an offeree that contains terms and conditions different from, or in addition to, those of the offer.

A(n)________ is a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust.

According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ________.

Under the mailbox rule, an acceptance is effective when ________.

Which of the following is true for an auction with reserve?

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