Question 1

A court may resort to the application of equitable principles when an award of money damages "at law" would not be the proper remedy.

Accepted Answer

A) True 
 B)False  True

Question 2

The Uniform Commercial Code has been adopted:

Accepted Answer

A)  by fewer than one-half of the states. 
B)  by most, but not all, of the states. 
C)  at least in part by all states. 
D)  in its entirety by all states. 
E)  in part by one-half of the states. 
A)  by fewer than one-half of the states. 
B)  by most, but not all, of the states. 
C)  at least in part by all states. 
D)  in its entirety by all states. 
E)  in part by one-half of the states. C

Question 3

Contracts that have an illegal object are voidable.

Accepted Answer

A) True 
 B)False  False

Question 4

There is a limited federal common law of contracts that applies to contracts made by two (2)or more private parties.

Accepted Answer

A) True 
 B)False

Question 5

Contract law is an example of public law.

Accepted Answer

A) True 
 B)False

Question 6

In a unilateral contract:

Accepted Answer

A)  the offeror wants the performance of an act as acceptance of his or her offer. 
B)  the offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act. 
C)  the offeror will treat either a promise to perform or the actual performance of the act as acceptance of his or her offer. 
D)  the offeror wants the performance of an act as acceptance of his or her offer, and the offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act. 
E)  the offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act, and the offeror will treat either a promise to perform or the actual performance of the act as acceptance of his or her offer. 
A)  the offeror wants the performance of an act as acceptance of his or her offer. 
B)  the offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act. 
C)  the offeror will treat either a promise to perform or the actual performance of the act as acceptance of his or her offer. 
D)  the offeror wants the performance of an act as acceptance of his or her offer, and the offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act. 
E)  the offeror cannot revoke the offer once the offeree has begun performance or has substantially completed performance of the act, and the offeror will treat either a promise to perform or the actual performance of the act as acceptance of his or her offer.

Question 7

Jordan is a student at State College. She has been paying her tuition and fees under a payment plan and made her final payment on May 8th. She has taken and passed her last final exam required for graduation on May 14th. On May 21st she walked across the platform during graduation ceremonies. Her diploma was mailed to her on May 23rd and she received it on May 25th. When is Jordan's contract with State College considered executed?

Accepted Answer

A)  May 8th 
B)  May 14th 
C)  May 21st 
D)  May 23rd 
E)  May 25th 
A)  May 8th 
B)  May 14th 
C)  May 21st 
D)  May 23rd 
E)  May 25th

Question 8

Which of the following best describes the Restatement of the Law of Contracts?

Accepted Answer

A)  It is the supreme legal authority for contract law. 
B)  It is a law which has been adopted, at least in part, by every state. 
C)  It is a summary of the constitutional provisions affecting contract law. 
D)  It is a compilation of contract law that is not itself contract law, but is often referred to by judges. 
E)  It is a compilation of law pertaining exclusively to the Uniform Commercial Code. 
A)  It is the supreme legal authority for contract law. 
B)  It is a law which has been adopted, at least in part, by every state. 
C)  It is a summary of the constitutional provisions affecting contract law. 
D)  It is a compilation of contract law that is not itself contract law, but is often referred to by judges. 
E)  It is a compilation of law pertaining exclusively to the Uniform Commercial Code.

Question 9

Article 2A of the UCC does which of the following?

Accepted Answer

A)  sets forth a set of uniform rules for the creation and enforcement of contracts for the sale of goods 
B)  sets forth a set of uniform rules for the creation and enforcement of all contracts 
C)  sets forth a set of uniform rules for the creation and enforcement of contracts for the lease of goods 
D)  sets forth a set of uniform rules for the creation and enforcement of "hybrid" contracts (i.e., contracts that involve both the provision of goods and the provision of services) 
E)  sets forth a uniform set of rules for the enforcement of contracts for services 
A)  sets forth a set of uniform rules for the creation and enforcement of contracts for the sale of goods 
B)  sets forth a set of uniform rules for the creation and enforcement of all contracts 
C)  sets forth a set of uniform rules for the creation and enforcement of contracts for the lease of goods 
D)  sets forth a set of uniform rules for the creation and enforcement of "hybrid" contracts (i.e., contracts that involve both the provision of goods and the provision of services) 
E)  sets forth a uniform set of rules for the enforcement of contracts for services

Question 10

What kind of contract is based on the conduct of the parties?

Accepted Answer

A)  express 
B)  action-oriented 
C)  implied-in-fact 
D)  implied-in-law 
E)  quasi-contract 
A)  express 
B)  action-oriented 
C)  implied-in-fact 
D)  implied-in-law 
E)  quasi-contract

Question 11

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is irrelevant.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

An actual contract may be either ________ or ________.

Accepted Answer

A)  express-in-law; implied-in-law 
B)  express-in-law; implied-in-equity 
C)  express; implied-in-fact 
D)  express; implied-in-law 
E)  express; implied-in-equity 
A)  express-in-law; implied-in-law 
B)  express-in-law; implied-in-equity 
C)  express; implied-in-fact 
D)  express; implied-in-law 
E)  express; implied-in-equity

Question 14

Formal contracts are contracts that require a general form or method of creation.

Accepted Answer

A) True 
 B)False

Question 15

A contract under seal is called a(n):

Accepted Answer

A)  formal contract. 
B)  informal contract. 
C)  express contract. 
D)  bilateral contract. 
E)  quasi-contract. 
A)  formal contract. 
B)  informal contract. 
C)  express contract. 
D)  bilateral contract. 
E)  quasi-contract.

Question 16

Janet pulls her car into a line for a car wash.Janet says nothing and her car is washed by the employees there.Janet then refuses to pay for the car wash,stating that there is no contract.What would the results be in a lawsuit over this situation?

Accepted Answer

A)  Janet wins; because she said nothing, there can be no contract. 
B)  The car wash wins; this is an express, unilateral contract that has been accepted. 
C)  Janet wins; because the car wash made no promise to wash her car, there is no contract. 
D)  The car wash wins; this is an implied-in-fact contract that has been accepted. 
E)  Janet wins because she never signed a document authorizing the car wash. 
A)  Janet wins; because she said nothing, there can be no contract. 
B)  The car wash wins; this is an express, unilateral contract that has been accepted. 
C)  Janet wins; because the car wash made no promise to wash her car, there is no contract. 
D)  The car wash wins; this is an implied-in-fact contract that has been accepted. 
E)  Janet wins because she never signed a document authorizing the car wash.

Question 17

Most contracts are performed without the aid of the court system.

Accepted Answer

A) True 
 B)False

Question 18

If consent is obtained by duress,undue influence or fraud,there is no real consent.

Accepted Answer

A) True 
 B)False

Question 19

Offers for both bilateral and unilateral contracts involve a promise by the offeror.

Accepted Answer

A) True 
 B)False

Question 20

An implied-in-fact contract is one based on the conduct of the parties.

Accepted Answer

A) True 
 B)False

Exam 9: Nature of Traditional and E-Contracts

A court may resort to the application of equitable principles when an award of money damages "at law" would not be the proper remedy.

The Uniform Commercial Code has been adopted:

Contracts that have an illegal object are voidable.

There is a limited federal common law of contracts that applies to contracts made by two (2)or more private parties.

Contract law is an example of public law.

In a unilateral contract:

Which of the following best describes the Restatement of the Law of Contracts?

Article 2A of the UCC does which of the following?

What kind of contract is based on the conduct of the parties?

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is irrelevant.

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

An actual contract may be either ________ or ________.

Formal contracts are contracts that require a general form or method of creation.

A contract under seal is called a(n):

Janet pulls her car into a line for a car wash.Janet says nothing and her car is washed by the employees there.Janet then refuses to pay for the car wash,stating that there is no contract.What would the results be in a lawsuit over this situation?

Most contracts are performed without the aid of the court system.

If consent is obtained by duress,undue influence or fraud,there is no real consent.

Offers for both bilateral and unilateral contracts involve a promise by the offeror.

An implied-in-fact contract is one based on the conduct of the parties.

Legal Heritage and the Information Age

Constitutional Law for Business and E-Commerce

Courts and Jurisdiction

Judicial, Alternative, Administrative, and E-Dispute Resolution

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales, Lease, and E-Contracts

Performance of Sales, Leases and E-Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System, E-Money, and Financial Reform

Credit and Secured Transactions

Bankruptcy and Reorganization

Agency Law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Company and Limited Liability Partnership

Franchise and Special Forms of Business

Investor Protection,E-Securities Transactions,and Wall Street Reform

Antitrust Law

Consumer Safety, Consumer Financial Protection, and Environmental Protection

Labor, Worker Protection, Employment, and Immigration Law

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

Real Property, Landlord-Tenant Law, and Land Use Regulation

Family Law, Wills, and Trusts

Accountants' Liability

International and World Trade Law

Filters

An actual contract may be either or .