Question 1

A contract is formed only by the performance of the requested act in what kind of contract?

Accepted Answer

A)  bilateral 
B)  unilateral 
C)  formal 
D)  informal 
E)  executed 
A)  bilateral 
B)  unilateral 
C)  formal 
D)  informal 
E)  executed

Question 2

The Uniform Commercial Code addresses contracts relating to leases,sales of good and performance of services.

Accepted Answer

A) True 
 B)False

Question 3

A voidable contract has no legal effect.

Accepted Answer

A) True 
 B)False

Question 4

There is some variation in contract law from state to state.

Accepted Answer

A) True 
 B)False

Question 5

The objective theory of contracts provides that it is the offeror who determines whether a contract has come into existence.

Accepted Answer

A) True 
 B)False

Question 6

The offeror is the party to whom the offer is made.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not one of the four basic requirements for contract formation and enforcement?

Accepted Answer

A)  There must be an agreement between the parties. 
B)  The promise must be supported by a bargained-for consideration that is legally sufficient. 
C)  The parties must have contractual capacity. 
D)  The object of the contract must be lawful. 
E)  Both parties to the contract must be at least twenty-one (21) years old. 
A)  There must be an agreement between the parties. 
B)  The promise must be supported by a bargained-for consideration that is legally sufficient. 
C)  The parties must have contractual capacity. 
D)  The object of the contract must be lawful. 
E)  Both parties to the contract must be at least twenty-one (21) years old.

Question 8

In a unilateral contract,the offer cannot be revoked if the offeree has begun or has substantially completed performance.

Accepted Answer

A) True 
 B)False

Question 9

Many states have adopted rules that specifically regulate e-commerce transactions.

Accepted Answer

A) True 
 B)False

Question 10

Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for three hours.After Mike has done the three hours of tutoring,but before Ike pays him next week,this contract is:

Accepted Answer

A)  executed. 
B)  implied-in-fact. 
C)  executory. 
D)  performed. 
E)  quasi-executed. 
A)  executed. 
B)  implied-in-fact. 
C)  executory. 
D)  performed. 
E)  quasi-executed.

Question 11

The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the subjective person standard.

Accepted Answer

A) True 
 B)False

Question 12

The common law of contracts developed from early court decisions that became precedent for later decisions.

Accepted Answer

A) True 
 B)False

Question 13

A valid informal contract is just as enforceable as a valid formal contract.

Accepted Answer

A) True 
 B)False

Question 14

Under the objective theory of contracts it is possible that one can be in a contract against her will.What are the advantages of the objective theory of contract formation?

Accepted Answer

The objective theory of contract formati

Question 15

A contract can be viewed as private law between the parties to the contract.

Accepted Answer

A) True 
 B)False

Question 16

The Uniform Commercial Code is a source of contract law that has been adopted by only a minority of the states.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is true regarding contract validity?

Accepted Answer

A)  A void contract is one where a party has the option to avoid his or her contractual liability. 
B)  A voidable contract is one in which a party may avoid his or her obligation under the contract. 
C)  A voidable contract is one that has no legal effect because one of the essential elements is missing. 
D)  An executory contract is unenforceable. 
E)  A unilateral contract is unenforceable. 
A)  A void contract is one where a party has the option to avoid his or her contractual liability. 
B)  A voidable contract is one in which a party may avoid his or her obligation under the contract. 
C)  A voidable contract is one that has no legal effect because one of the essential elements is missing. 
D)  An executory contract is unenforceable. 
E)  A unilateral contract is unenforceable.

Question 18

When you write a check to pay your telephone bill,you are writing a formal contract.

Accepted Answer

A) True 
 B)False

Question 19

Jean says to Joan,"If you'll promise to feed my dog each day while I am out of town next week,I'll pay you $100." Joan replies,"I'll absolutely do that,I hope you have a nice trip." Joan then feeds the dog,after which Jean paid her.At what point did a contract come into existence?

Accepted Answer

A)  when Jean made the offer to Joan 
B)  when Joan said that she would feed Jean's dog 
C)  when Joan started feeding Jean's dog 
D)  when Joan completed the final feeding of Jean's dog 
E)  when Jean paid the $100 to Joan 
A)  when Jean made the offer to Joan 
B)  when Joan said that she would feed Jean's dog 
C)  when Joan started feeding Jean's dog 
D)  when Joan completed the final feeding of Jean's dog 
E)  when Jean paid the $100 to Joan

Question 20

The Restatement of the Law of Contracts is the highest priority source of contract law.

Accepted Answer

A) True 
 B)False

Exam 9: Nature of Traditional and E-Contracts

A contract is formed only by the performance of the requested act in what kind of contract?

The Uniform Commercial Code addresses contracts relating to leases,sales of good and performance of services.

A voidable contract has no legal effect.

There is some variation in contract law from state to state.

The objective theory of contracts provides that it is the offeror who determines whether a contract has come into existence.

The offeror is the party to whom the offer is made.

Which of the following is not one of the four basic requirements for contract formation and enforcement?

In a unilateral contract,the offer cannot be revoked if the offeree has begun or has substantially completed performance.

Many states have adopted rules that specifically regulate e-commerce transactions.

Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for three hours.After Mike has done the three hours of tutoring,but before Ike pays him next week,this contract is:

The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the subjective person standard.

The common law of contracts developed from early court decisions that became precedent for later decisions.

A valid informal contract is just as enforceable as a valid formal contract.

Under the objective theory of contracts it is possible that one can be in a contract against her will.What are the advantages of the objective theory of contract formation?

A contract can be viewed as private law between the parties to the contract.

The Uniform Commercial Code is a source of contract law that has been adopted by only a minority of the states.

Which of the following is true regarding contract validity?

When you write a check to pay your telephone bill,you are writing a formal contract.

Jean says to Joan,"If you'll promise to feed my dog each day while I am out of town next week,I'll pay you $100." Joan replies,"I'll absolutely do that,I hope you have a nice trip." Joan then feeds the dog,after which Jean paid her.At what point did a contract come into existence?

The Restatement of the Law of Contracts is the highest priority source of contract law.

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