Question 1

Traditional contract rules do not apply to e-contracts.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true of the equity doctrine?

Accepted Answer

A) Equity is resorted to when an award of money damages would not be the proper remedy. 
B) In an action in equity, the jury decides the equitable issue. 
C) An equitable action could be tried with a judge or a jury. 
D) The doctrine of equity cannot be applied in contract cases. 
A) Equity is resorted to when an award of money damages would not be the proper remedy. 
B) In an action in equity, the jury decides the equitable issue. 
C) An equitable action could be tried with a judge or a jury. 
D) The doctrine of equity cannot be applied in contract cases.

Question 3

Which of the following statements is true of the doctrine of quasi-contract?

Accepted Answer

A) It allows a court to award monetary damages to a defendant because no actual contract existed between the parties. 
B) It applies only where there is an enforceable contract between the parties. 
C) It is an equitable doctrine intended to prevent unjust enrichment. 
D) Agreement between parties to a quasi-contract has been inferred from their conduct. 
A) It allows a court to award monetary damages to a defendant because no actual contract existed between the parties. 
B) It applies only where there is an enforceable contract between the parties. 
C) It is an equitable doctrine intended to prevent unjust enrichment. 
D) Agreement between parties to a quasi-contract has been inferred from their conduct.

Question 4

Elizabeth signs a contract to purchase a new car from Spadace Motors.She has not yet paid for the car and Spadace Motors has not yet delivered the car to Elizabeth.This is an example of a(n)________ contract.

Accepted Answer

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

Question 5

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

Accepted Answer

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

Question 6

Which of the following is true of the Restatement of the Law of Contracts?

Accepted Answer

A) It serves as a reference for guidance in contract disputes. 
B) It does not identify negotiable instruments as formal contracts. 
C) Its goal is to create a uniform system of commercial law among the 50 states. 
D) It is the absolute federal law for contracts drafted in the U.S.A. 
A) It serves as a reference for guidance in contract disputes. 
B) It does not identify negotiable instruments as formal contracts. 
C) Its goal is to create a uniform system of commercial law among the 50 states. 
D) It is the absolute federal law for contracts drafted in the U.S.A.

Question 7

Ross makes an offer to Elizabeth to sell his automobile to her for $10, 000.In this case, Ross is the offeree and Elizabeth is the offeror.

Accepted Answer

A) True 
 B)False

Question 8

An act of performance is necessary to create a bilateral contract.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

A quasi-contract is an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed.

Accepted Answer

A) True 
 B)False

Question 11

Ben was talking to Harry who was drunk.Harry agreed to give his car to Ben as a token of friendship.Once sober, Harry asks Ben to return his car.This contract is considered ________.

Accepted Answer

A) valid 
B) void 
C) voidable 
D) unenforceable 
A) valid 
B) void 
C) voidable 
D) unenforceable

Question 12

Explain the basic requirements that must be met for a contract to be enforceable.

Accepted Answer

The requirements for a contract to be en

Question 13

Which of the following is true of the UCC?

Accepted Answer

A) The UCC aims to create a uniform system of accounting among the 50 states. 
B) The common law of contracts normally takes precedence over the provisions of the UCC. 
C) Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation. 
D) Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods. 
A) The UCC aims to create a uniform system of accounting among the 50 states. 
B) The common law of contracts normally takes precedence over the provisions of the UCC. 
C) Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation. 
D) Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.

Question 14

Which of the following statements is true about contracts?

Accepted Answer

A) Parties to an informal contract can use any words they choose to express their contract. 
B) A contract under seal is disclosed only to the offeror of the contract. 
C) A letter of credit is an informal contract. 
D) A void contract is the same as a voidable contract. 
A) Parties to an informal contract can use any words they choose to express their contract. 
B) A contract under seal is disclosed only to the offeror of the contract. 
C) A letter of credit is an informal contract. 
D) A void contract is the same as a voidable contract.

Question 15

Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law.

Accepted Answer

A) True 
 B)False

Question 16

There is no right to a jury trial in an equitable action.

Accepted Answer

A) True 
 B)False

Question 17

A letter of credit is considered an informal contract as it does not have a special method of creation.

Accepted Answer

A) True 
 B)False

Question 18

Agreement to a contract requires an offer by the offeror and an acceptance of the offer by the offeree.

Accepted Answer

A) True 
 B)False

Exam 9: Nature of Traditional and E-Contracts

Traditional contract rules do not apply to e-contracts.

Which of the following is true of the equity doctrine?

Which of the following statements is true of the doctrine of quasi-contract?

Elizabeth signs a contract to purchase a new car from Spadace Motors.She has not yet paid for the car and Spadace Motors has not yet delivered the car to Elizabeth.This is an example of a(n)________ contract.

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

Which of the following is true of the Restatement of the Law of Contracts?

Ross makes an offer to Elizabeth to sell his automobile to her for $10, 000.In this case, Ross is the offeree and Elizabeth is the offeror.

An act of performance is necessary to create a bilateral contract.

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

A quasi-contract is an equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed.

Ben was talking to Harry who was drunk.Harry agreed to give his car to Ben as a token of friendship.Once sober, Harry asks Ben to return his car.This contract is considered ________.

Explain the basic requirements that must be met for a contract to be enforceable.

Which of the following is true of the UCC?

Which of the following statements is true about contracts?

Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law.

There is no right to a jury trial in an equitable action.

A letter of credit is considered an informal contract as it does not have a special method of creation.

Agreement to a contract requires an offer by the offeror and an acceptance of the offer by the offeree.

Legal Heritage and the Digital Age

Courts and Jurisdiction

Judicial,Alternative,and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

E-Commerce and Digital Law

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, Defenses, and Discharge

Banks, E-Money, and Financial Reform

Credit,Mortgages,and Debtor's Rights

Secured Transactions and E-Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment, Worker Protection, and Immigration Law

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Business, Entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, E-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants' Duties and Liability

Wills Trusts and Estates

Family Law

International and World Trade Law

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