Question 1

Which of the following statements is true of contracts?

Accepted Answer

A) The offeror is the party to whom an offer to enter into a contract is made. 
B) An offeree is the authority that supervises the signing of a contract. 
C) A contract is created when the offer is made and before it is accepted. 
D) To have an enforceable contract, there must be mutual assent by the parties. 
A) The offeror is the party to whom an offer to enter into a contract is made. 
B) An offeree is the authority that supervises the signing of a contract. 
C) A contract is created when the offer is made and before it is accepted. 
D) To have an enforceable contract, there must be mutual assent by the parties.

Question 2

Provision of services qualifies as a consideration for an enforceable contract.

Accepted Answer

A) True 
 B)False

Question 3

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

Question 4

Stella gets injured in a motor accident and is brought to the hospital by a passerby.Stella subsequently passes into a coma.The doctors and other staff perform the necessary medical procedures to save her life.Stella comes out of her coma two months later and is released from the hospital after the doctors are satisfied by her recovery.Under the doctrine of ________ contract,Stella has to pay the hospital for its services.

Accepted Answer

A) express contract 
B) quasi contract 
C) implied-in-fact contract 
D) formal contract 
A) express contract 
B) quasi contract 
C) implied-in-fact contract 
D) formal contract

Question 5

Which of the following statements is true of 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 6

Which of the following is true of the UCC (Uniform Commercial Code)?

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 7

A(n)________ 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) bilateral contract 
B) unilateral contract 
C) implied-in-fact contract 
D) quasi contract 
A) bilateral contract 
B) unilateral contract 
C) implied-in-fact contract 
D) quasi contract

Question 8

How are unjust enrichment and unjust detriment prevented,in the context of contracts?

Accepted Answer

The doctrine of quasi-contract is intend

Question 9

Explain the doctrine of equity with reference to contracts.

Accepted Answer

Equity is a doctrine that permits judges

Question 10

Which of the following elements must be established to create an implied-in-fact contract?

Accepted Answer

A) A plaintiff provided a property or services gratuitously. 
B) A plaintiff made a defendant sign a contract and then changed its terms, calling the new terms "previously implied." 
C) A defendant was given an opportunity to reject a property or services provided by a plaintiff but failed to do so. 
D) A defendant accepted a property or services offered by a plaintiff as a fee for an illegal activity. 
A) A plaintiff provided a property or services gratuitously. 
B) A plaintiff made a defendant sign a contract and then changed its terms, calling the new terms "previously implied." 
C) A defendant was given an opportunity to reject a property or services provided by a plaintiff but failed to do so. 
D) A defendant accepted a property or services offered by a plaintiff as a fee for an illegal activity.

Question 11

A contract that has been fully performed on both sides is called an ________ contract.

Accepted Answer

A) executory 
B) executed 
C) option 
D) executive 
A) executory 
B) executed 
C) option 
D) executive

Question 12

The UCITA (Uniform Computer Information Transactions Act)establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) The common law of contracts 
B) The Restatement of the Law of Contracts 
C) Equity 
D) Letter of credit 
A) The common law of contracts 
B) The Restatement of the Law of Contracts 
C) Equity 
D) Letter of credit

Question 14

Kyle goes to a used-car showroom to buy a sedan.He signs an agreement with the store that bears the name of the car,price,and other details.This is an example of a(n)________ contract.

Accepted Answer

A) unilateral 
B) implied-in-law 
C) implied-in-fact 
D) express 
A) unilateral 
B) implied-in-law 
C) implied-in-fact 
D) express

Question 15

An oral agreement to purchase a neighbor's bicycle is a(n)________ contract.

Accepted Answer

A) voidable 
B) void 
C) express 
D) implied 
A) voidable 
B) void 
C) express 
D) implied

Question 16

Harry in a drunken state agrees 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 17

Article 2 of the Uniform Commercial Code (UCC)prescribes a set of uniform rules for the creation and enforcement of contracts for the sale of goods.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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

Accepted Answer

A) True 
 B)False

Question 20

What is recognizance?

Accepted Answer

A) a party's acknowledgement in court that he or she will pay a specified sum of money if a certain event occurs 
B) a sealed document that contains a formal contract whose contents are known to both parties and the referee who supervised its signing 
C) a sealed document that contains an informal contract whose contents are known only to the parties 
D) a party's acknowledgement in court that he or she is not liable to pay any money if a certain event occurs 
A) a party's acknowledgement in court that he or she will pay a specified sum of money if a certain event occurs 
B) a sealed document that contains a formal contract whose contents are known to both parties and the referee who supervised its signing 
C) a sealed document that contains an informal contract whose contents are known only to the parties 
D) a party's acknowledgement in court that he or she is not liable to pay any money if a certain event occurs

Exam 9: Nature of Traditional and E-Contracts

Which of the following statements is true of contracts?

Provision of services qualifies as a consideration for an enforceable contract.

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

Which of the following statements is true of contracts?

Which of the following is true of the UCC (Uniform Commercial Code)?

A(n)________ 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.

How are unjust enrichment and unjust detriment prevented,in the context of contracts?

Explain the doctrine of equity with reference to contracts.

Which of the following elements must be established to create an implied-in-fact contract?

A contract that has been fully performed on both sides is called an ________ contract.

The UCITA (Uniform Computer Information Transactions Act)establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

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

Kyle goes to a used-car showroom to buy a sedan.He signs an agreement with the store that bears the name of the car,price,and other details.This is an example of a(n)________ contract.

An oral agreement to purchase a neighbor's bicycle is a(n)________ contract.

Harry in a drunken state agrees to give his car to Ben as a token of friendship.Once sober,Harry asks Ben to return his car.This contract is considered ________.

Article 2 of the Uniform Commercial Code (UCC)prescribes a set of uniform rules for the creation and enforcement of contracts for the sale of goods.

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.

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

What is recognizance?

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online 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 Crime

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

Digital 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

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

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, real Property, and Insurance

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

Filters