Question 1

Contract law is significant in that it is basic to other fields of law such as:

Accepted Answer

A)  sales of personal property. 
B)  commercial paper. 
C)  secured transactions. 
D)  All of these. 
A)  sales of personal property. 
B)  commercial paper. 
C)  secured transactions. 
D)  All of these.

Question 2

An implied in fact contract is not as enforceable as an express contract.

Accepted Answer

A) True 
 B)False

Question 3

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

Accepted Answer

A)  implied in fact contract. 
B)  express contract. 
C)  void contract. 
D)  quasi contract. 
A)  implied in fact contract. 
B)  express contract. 
C)  void contract. 
D)  quasi contract.

Question 4

An implied in fact contract is formed by conduct.

Accepted Answer

A) True 
 B)False

Question 5

Able is involved in an automobile accident and is injured. While he is unconscious, the police call an ambulance which takes him to a hospital. Able is treated at the hospital and released a day later. The hospital sends him a bill for $4,500, which Able refuses to pay, claiming it is too high and he never consented to the treatment because he was unconscious. Able:

Accepted Answer

A)  has entered into a unilateral contract with the hospital and therefore will have to pay the bill. 
B)  will have to pay the hospital, because this is a quasi-contractual agreement. 
C)  has entered into an implied in fact contract with the hospital. 
D)  and the hospital have entered into a bilateral contract, the terms of which require that he pay the bill. 
A)  has entered into a unilateral contract with the hospital and therefore will have to pay the bill. 
B)  will have to pay the hospital, because this is a quasi-contractual agreement. 
C)  has entered into an implied in fact contract with the hospital. 
D)  and the hospital have entered into a bilateral contract, the terms of which require that he pay the bill.

Question 6

Possible remedies for a breach of contract include:

Accepted Answer

A)  compensatory damages. 
B)  fines. 
C)  incarceration. 
D)  All of these. 
E)  None of these. 
A)  compensatory damages. 
B)  fines. 
C)  incarceration. 
D)  All of these. 
E)  None of these.

Question 7

What are the essential elements of a contract? List and discuss them.

Accepted Answer

(a) Manifestation of mutual assent; (b)

Question 8

According to the UCC, an enforceable agreement involving the transfer of title of goods from a seller to a buyer for a price is called a(n):

Accepted Answer

A)  commercial contract. 
B)  express contract. 
C)  formal contract. 
D)  sale. 
A)  commercial contract. 
B)  express contract. 
C)  formal contract. 
D)  sale.

Question 9

Quasi contracts are used to provide a remedy when the parties enter into a(n):

Accepted Answer

A)  void contract. 
B)  implied in fact contract. 
C)  situation in which promissory estoppel applies. 
D)  All of these. 
A)  void contract. 
B)  implied in fact contract. 
C)  situation in which promissory estoppel applies. 
D)  All of these.

Question 10

Article 2 of the UCC lacks relevance in modern society because it, including its amendments, does not provide rules related to electronic commerce.

Accepted Answer

A) True 
 B)False

Question 11

In addition to the four basic requirements of a contract, which of the following must also occur in order to have a valid contract?

Accepted Answer

A)  The agreement must always be in writing. 
B)  There must be evidence of undue influence. 
C)  There must be an absence of invalidating conduct. 
D)  A legal remedy must be available for there to be a breach. 
A)  The agreement must always be in writing. 
B)  There must be evidence of undue influence. 
C)  There must be an absence of invalidating conduct. 
D)  A legal remedy must be available for there to be a breach.

Question 12

The requirement that each party to a contract must intentionally exchange something of value as an inducement to the other party to make a return exchange is known as:

Accepted Answer

A)  mutual assent. 
B)  consideration. 
C)  legality of object. 
D)  contractual capacity. 
A)  mutual assent. 
B)  consideration. 
C)  legality of object. 
D)  contractual capacity.

Exam 9: Introduction to Contracts

Contract law is significant in that it is basic to other fields of law such as:

An implied in fact contract is not as enforceable as an express contract.

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

An implied in fact contract is formed by conduct.

Possible remedies for a breach of contract include:

What are the essential elements of a contract? List and discuss them.

According to the UCC, an enforceable agreement involving the transfer of title of goods from a seller to a buyer for a price is called a(n):

Quasi contracts are used to provide a remedy when the parties enter into a(n):

Article 2 of the UCC lacks relevance in modern society because it, including its amendments, does not provide rules related to electronic commerce.

In addition to the four basic requirements of a contract, which of the following must also occur in order to have a valid contract?

The requirement that each party to a contract must intentionally exchange something of value as an inducement to the other party to make a return exchange is known as:

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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