Question 1

Which of the following is true for an auction without reserve?

Accepted Answer

A)  The bidder is considered the offeror. 
B)  The seller need not accept the highest bid. 
C)  The goods on sale cannot be withdrawn. 
D)  The auctioneer is not allowed to set a minimum bid. 
A)  The bidder is considered the offeror. 
B)  The seller need not accept the highest bid. 
C)  The goods on sale cannot be withdrawn. 
D)  The auctioneer is not allowed to set a minimum bid.

Question 2

The intoxicated person is not legally obligated to return consideration, received under the contract, to the competent party.

Accepted Answer

A) True 
 B)False

Question 3

A(n)________ contract is a contract entered into by a way of exchange of promises of the parties, a "promise for a promise."

Accepted Answer

The answer of A(n)________ contract is a contract entered into...

Question 4

Illusory promises require both parties to perform their contractual obligations.

Accepted Answer

A) True 
 B)False

Question 5

What is recognizance?

Accepted Answer

A)  a sealed document that contains a formal contract whose contents are known to both parties and the referee who supervised its signing 
B)  a party's acknowledgement in court that he or she will pay a specified sum of money if a certain event occurs 
C)  a party's acknowledgement in court that he or she is not liable to pay any money if a certain event occurs 
D)  a sealed document that contains an informal contract whose contents are known only to the parties 
A)  a sealed document that contains a formal contract whose contents are known to both parties and the referee who supervised its signing 
B)  a party's acknowledgement in court that he or she will pay a specified sum of money if a certain event occurs 
C)  a party's acknowledgement in court that he or she is not liable to pay any money if a certain event occurs 
D)  a sealed document that contains an informal contract whose contents are known only to the parties

Question 6

What are the possible problems that can come up in a unilateral contract?

Accepted Answer

In a unilateral contract, problems arise

Question 7

A promise is something of legal value given in exchange of a consideration.

Accepted Answer

A) True 
 B)False

Question 8

An exculpatory clause that results from superior bargaining power is usually found to be void.

Accepted Answer

A) True 
 B)False

Question 9

Martha contacts a bakery to get a cake for her son's birthday party. She tells the baker that she will pay him $150 for the cake if he delivers the cake on Friday evening. If the baker does not deliver the cake on Friday evening, which of the following will hold true?

Accepted Answer

A)  Martha can sue the baker but cannot recover damages. 
B)  Martha can sue the baker to recover $150 in damages. 
C)  Martha cannot sue the baker. 
D)  The baker has to give $150 plus cost of the replacement cake to Martha as he entered into a verbal contract with her. 
A)  Martha can sue the baker but cannot recover damages. 
B)  Martha can sue the baker to recover $150 in damages. 
C)  Martha cannot sue the baker. 
D)  The baker has to give $150 plus cost of the replacement cake to Martha as he entered into a verbal contract with her.

Question 10

The ________ states that an acceptance is effective when it is dispatched, even if it is lost in transmission.

Accepted Answer

A)  rule of silence as acceptance 
B)  mirror image rule 
C)  mailbox rule 
D)  mutual assent rule 
A)  rule of silence as acceptance 
B)  mirror image rule 
C)  mailbox rule 
D)  mutual assent rule

Question 11

Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job within Saturday, she would pay him $1,000. This offer creates a(n)________ contract.

Accepted Answer

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

Question 12

An offer to create a unilateral contract can be revoked by the offeror any time prior to the offeree's performance of the requested act.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is true for a minor under the infancy doctrine?

Accepted Answer

A)  A minor is bound to the adult's decisions in a contract between them. 
B)  A minor can disaffirm contracts he or she has entered into with adults. 
C)  A minor cannot enter into a legal contract with another minor. 
D)  A minor cannot choose to enforce a contract at his or her whim. 
A)  A minor is bound to the adult's decisions in a contract between them. 
B)  A minor can disaffirm contracts he or she has entered into with adults. 
C)  A minor cannot enter into a legal contract with another minor. 
D)  A minor cannot choose to enforce a contract at his or her whim.

Question 14

A rejection of an offer is not effective until it is actually received by the offeror.

Accepted Answer

A) True 
 B)False

Question 15

A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.

Accepted Answer

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

Exam 9: Formation of Traditional and E-Contracts

Which of the following is true for an auction without reserve?

The intoxicated person is not legally obligated to return consideration, received under the contract, to the competent party.

A(n)________ contract is a contract entered into by a way of exchange of promises of the parties, a "promise for a promise."

Illusory promises require both parties to perform their contractual obligations.

What is recognizance?

What are the possible problems that can come up in a unilateral contract?

A promise is something of legal value given in exchange of a consideration.

An exculpatory clause that results from superior bargaining power is usually found to be void.

Martha contacts a bakery to get a cake for her son's birthday party. She tells the baker that she will pay him $150 for the cake if he delivers the cake on Friday evening. If the baker does not deliver the cake on Friday evening, which of the following will hold true?

The ________ states that an acceptance is effective when it is dispatched, even if it is lost in transmission.

Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job within Saturday, she would pay him $1,000. This offer creates a(n)________ contract.

An offer to create a unilateral contract can be revoked by the offeror any time prior to the offeree's performance of the requested act.

Which of the following is true for a minor under the infancy doctrine?

A rejection of an offer is not effective until it is actually received by the offeror.

A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.

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

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