Question 1

In order for an offer to be valid,an offeror must promise to undertake some affirmative action.

Accepted Answer

A) True 
 B)False

Question 2

Two kids mow your lawn by accident while you are at work.They had been called by a neighbor,but the mom who took the call wrote down the wrong address.If you refuse to pay,the kids would succeed in quasi-contract action based on unjust enrichment.

Accepted Answer

A) True 
 B)False

Question 3

Why are contracts and strong contract law important to business?

Accepted Answer

Contracts provide a number of valuable s

Question 4

Most personal and business contracts are implied-in-fact contracts.

Accepted Answer

A) True 
 B)False

Question 5

Contracting parties may agree to exclude or modify the application of the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Accepted Answer

A) True 
 B)False

Question 6

Parties to a contract must have contractual capacity.

Accepted Answer

A) True 
 B)False

Question 7

The following elements must be established to create an express contract: 1)The plaintiff provided property or services to the defendant; 2)The plaintiff expected to be paid by the defendant for the property or services and did not provide the property or services gratuitously; and 3)The defendant was given an opportunity to reject the property or services provided by the plaintiff but failed to do so.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

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

Question 9

Which of the following does not need to be proven by a plaintiff who is claiming that an implied-in-fact contract exists?

Accepted Answer

A)  The plaintiff provided property or services to the defendant. 
B)  The plaintiff and defendant communicated with each other about the property or services. 
C)  The plaintiff expected to be paid by the defendant for the property or services and did not intend to provide the property or services gratuitously. 
D)  The defendant was given an opportunity to reject the property or services provided by the plaintiff but failed to do so. 
E)  The plaintiff did not intend to provide the property or services gratuitously. 
A)  The plaintiff provided property or services to the defendant. 
B)  The plaintiff and defendant communicated with each other about the property or services. 
C)  The plaintiff expected to be paid by the defendant for the property or services and did not intend to provide the property or services gratuitously. 
D)  The defendant was given an opportunity to reject the property or services provided by the plaintiff but failed to do so. 
E)  The plaintiff did not intend to provide the property or services gratuitously.

Question 10

Promises to make a gift are not enforceable contracts because a valid agreement is not present.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is not a type of formal contract recognized by the Restatement (Second)of Contracts?

Accepted Answer

A)  negotiable instrument 
B)  letter of credit 
C)  recognizance 
D)  gentlemen's agreement 
E)  contract under seal 
A)  negotiable instrument 
B)  letter of credit 
C)  recognizance 
D)  gentlemen's agreement 
E)  contract under seal

Question 12

A completed contract is called an executory contract.

Accepted Answer

A) True 
 B)False

Question 13

An offeree can form a contract by simply making a promise if the offer to form a contract is:

Accepted Answer

A)  bilateral. 
B)  unilateral. 
C)  trilateral. 
D)  quadrilateral. 
E)  multilateral. 
A)  bilateral. 
B)  unilateral. 
C)  trilateral. 
D)  quadrilateral. 
E)  multilateral.

Question 14

What is the distinguishing characteristic that makes a contract a formal contract?

Accepted Answer

A)  a signature by both parties 
B)  the contract being in writing 
C)  a legal requirement that the contract be in a specific form 
D)  all possible scenarios being addressed in the contract terms 
E)  no handwriting in the document 
A)  a signature by both parties 
B)  the contract being in writing 
C)  a legal requirement that the contract be in a specific form 
D)  all possible scenarios being addressed in the contract terms 
E)  no handwriting in the document

Exam 9: Nature of Traditional and E-Contracts

In order for an offer to be valid,an offeror must promise to undertake some affirmative action.

Two kids mow your lawn by accident while you are at work.They had been called by a neighbor,but the mom who took the call wrote down the wrong address.If you refuse to pay,the kids would succeed in quasi-contract action based on unjust enrichment.

Why are contracts and strong contract law important to business?

Most personal and business contracts are implied-in-fact contracts.

Contracting parties may agree to exclude or modify the application of the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Parties to a contract must have contractual capacity.

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

Which of the following does not need to be proven by a plaintiff who is claiming that an implied-in-fact contract exists?

Promises to make a gift are not enforceable contracts because a valid agreement is not present.

Which of the following is not a type of formal contract recognized by the Restatement (Second)of Contracts?

A completed contract is called an executory contract.

An offeree can form a contract by simply making a promise if the offer to form a contract is:

What is the distinguishing characteristic that makes a contract a formal contract?

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