Question 1

In terms of the doctrine of quasi-contract,which of the following statements is true?

Accepted Answer

A) The agreement between the parties to a quasi-contract is inferred from their conduct. 
B) It is an equitable doctrine intended to prevent unjust enrichment. 
C) It only applies to situations involving an enforceable contract between the parties. 
D) It allows a court to award damages to the defendant even though no actual contract existed between the parties. 
A) The agreement between the parties to a quasi-contract is inferred from their conduct. 
B) It is an equitable doctrine intended to prevent unjust enrichment. 
C) It only applies to situations involving an enforceable contract between the parties. 
D) It allows a court to award damages to the defendant even though no actual contract existed between the parties.

Question 2

Which of the following is true of a contract with an adjudged insane person?

Accepted Answer

A) The adjudged insane person is bound by the terms of the contract. 
B) The contract is void. 
C) Only the competent party can enforce the contract. 
D) The competent party is legally obligated to uphold the contract. 
A) The adjudged insane person is bound by the terms of the contract. 
B) The contract is void. 
C) Only the competent party can enforce the contract. 
D) The competent party is legally obligated to uphold the contract.

Question 3

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 4

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

Accepted Answer

A) voidable 
B) executed 
C) unilateral 
D) bilateral 
A) voidable 
B) executed 
C) unilateral 
D) bilateral

Question 5

While Harry was intoxicated,he sold his car to Ben for substantially less than its fair market value.This contract is considered ________.

Accepted Answer

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

Question 6

Illusory promises require both parties to perform their contractual obligations.

Accepted Answer

A) True 
 B)False

Question 7

A(n)________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.

Accepted Answer

A) contract of adhesion 
B) exculpatory clause 
C) duty of restitution 
D) fundamental breach 
A) contract of adhesion 
B) exculpatory clause 
C) duty of restitution 
D) fundamental breach

Question 8

________ is defined as something of legal value given in exchange for a promise.

Accepted Answer

The answer of ________ is defined as something of legal...

Question 9

Unless otherwise expressly stated,an auction is considered an auction without reserve.

Accepted Answer

A) True 
 B)False

Question 10

A preexisting duty is sufficient consideration to support a new contract.

Accepted Answer

A) True 
 B)False

Question 11

The ________ rule states that the offeree must accept the terms of an offer as stated in the offer.

Accepted Answer

The answer of The ________ rule states that the offeree...

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Give an account of termination of an offer due to a lapse of time.

Accepted Answer

An offer expires at the lapse of time of

Question 14

Which of the following is an example of an informal contract?

Accepted Answer

A) a recognizance 
B) a lease 
C) a letter of credit 
D) a check 
A) a recognizance 
B) a lease 
C) a letter of credit 
D) a check

Question 15

Any contract entered into by a person who has been adjudged insane is void.

Accepted Answer

A) True 
 B)False

Exam 9: Formation and Requirements of Contracts

In terms of the doctrine of quasi-contract,which of the following statements is true?

Which of the following is true of a contract with an adjudged insane person?

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

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

While Harry was intoxicated,he sold his car to Ben for substantially less than its fair market value.This contract is considered ________.

Illusory promises require both parties to perform their contractual obligations.

A(n)________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.

________ is defined as something of legal value given in exchange for a promise.

Unless otherwise expressly stated,an auction is considered an auction without reserve.

A preexisting duty is sufficient consideration to support a new contract.

The ________ rule states that the offeree must accept the terms of an offer as stated in the offer.

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

Give an account of termination of an offer due to a lapse of time.

Which of the following is an example of an informal contract?

Any contract entered into by a person who has been adjudged insane is void.

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