Question 1

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 2

Quasi-contract law attempts to prevent unjust enrichment where no contract actually existed.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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. 
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.

Question 5

Lori just purchased a brand new lawnmower for $500.When she got home and tried to use it,it would not work.She became angry and shouted,"I'd sell this thing for $50." Her neighbor heard her and said,"I'll take it," and offered Lori the $50 in cash.Which of the following best describes this situation?

Accepted Answer

A)  This is an enforceable bilateral contract. 
B)  This is an express contract. 
C)  If Lori sells the lawnmower for $50,it would be a case of unjust enrichment. 
D)  This situation does not result in the creation of a contract. 
A)  This is an enforceable bilateral contract. 
B)  This is an express contract. 
C)  If Lori sells the lawnmower for $50,it would be a case of unjust enrichment. 
D)  This situation does not result in the creation of a contract.

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Under the modern law of contracts,there is substantial government regulation of the right to contract.

Accepted Answer

A) True 
 B)False

Question 8

To create an enforceable contract,which of the following is(are)needed?

Accepted Answer

A)  agreement 
B)  agreement and consideration 
C)  agreement,consideration,and contractual capacity 
D)  agreement,consideration,contractual capacity,and a lawful objective 
A)  agreement 
B)  agreement and consideration 
C)  agreement,consideration,and contractual capacity 
D)  agreement,consideration,contractual capacity,and a lawful objective

Question 9

A contract is formed by the performance of the requested act in what kind(s)of contract?

Accepted Answer

A)  bilateral 
B)  unilateral 
C)  both A and B 
D)  neither A nor B 
A)  bilateral 
B)  unilateral 
C)  both A and B 
D)  neither A nor B

Question 10

Which of the following is needed to impose a quasi-contract?

Accepted Answer

A)  a benefit having been conferred and injustice if the benefit were not paid for 
B)  actions implying a contract and an agreement as to the price 
C)  a promise asking for action and the requested action having been completed 
D)  a benefit having been conferred and objective intent that it be conferred 
A)  a benefit having been conferred and injustice if the benefit were not paid for 
B)  actions implying a contract and an agreement as to the price 
C)  a promise asking for action and the requested action having been completed 
D)  a benefit having been conferred and objective intent that it be conferred

Question 11

Which of the following is NOT a formal contract?

Accepted Answer

A)  contract under seal 
B)  recognizance 
C)  negotiable instrument 
D)  letter of credit 
E)  new car purchase contract 
A)  contract under seal 
B)  recognizance 
C)  negotiable instrument 
D)  letter of credit 
E)  new car purchase contract

Question 12

Every contract has both:

Accepted Answer

A)  a buyer and seller 
B)  an offeror and offeree 
C)  a breaching party and a nonbreaching party 
D)  an initiator and a responder 
A)  a buyer and seller 
B)  an offeror and offeree 
C)  a breaching party and a nonbreaching party 
D)  an initiator and a responder

Question 13

What is required for a contract to be an express contract?

Accepted Answer

A)  It is stated in words. 
B)  It is written. 
C)  It is written and signed. 
D)  It is performed immediately after formation. 
E)  It is performed for mutual benefit. 
A)  It is stated in words. 
B)  It is written. 
C)  It is written and signed. 
D)  It is performed immediately after formation. 
E)  It is performed for mutual benefit.

Question 14

The Uniform Commercial Code has been adopted by:

Accepted Answer

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

Exam 9: Nature of Traditional and E-Contracts

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

Quasi-contract law attempts to prevent unjust enrichment where no contract actually existed.

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

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

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

Under the modern law of contracts,there is substantial government regulation of the right to contract.

To create an enforceable contract,which of the following is(are)needed?

A contract is formed by the performance of the requested act in what kind(s)of contract?

Which of the following is needed to impose a quasi-contract?

Which of the following is NOT a formal contract?

Every contract has both:

What is required for a contract to be an express contract?

The Uniform Commercial Code has been adopted by:

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product 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

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Liability,Defenses and Discharge

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited 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 Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Wills, Trusts, and Elder Law

Family Law

International and World Trade Law

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