Question 1

In a unilateral contract,one of the parties makes a promise and the other party performs an act in exchange for that promise.

Accepted Answer

A) True 
 B)False  True

Question 2

The Uniform Commercial Code has achieved complete uniformity of the laws governing commercial transactions.

Accepted Answer

A) True 
 B)False  False

Question 3

The Uniform Commercial Code (UCC)differs from the United Nations Convention on Contracts for the International Sale of Goods (CISG)in that the:

Accepted Answer

A)  UCC does not require contracts to be in writing, while CISG requires contracts for the sale of goods in excess of $300 to be in writing. 
B)  CISG applies to the sale of consumer transactions, while the UCC governs both consumer and commercial transactions. 
C)  UCC holds merchants to higher standards in some circumstances, while the CISG does not make a distinction between merchants and nonmerchants. 
D)  CISG applies to both consumer and commercial transactions, while the UCC applies only to commercial sales of goods. 
A)  UCC does not require contracts to be in writing, while CISG requires contracts for the sale of goods in excess of $300 to be in writing. 
B)  CISG applies to the sale of consumer transactions, while the UCC governs both consumer and commercial transactions. 
C)  UCC holds merchants to higher standards in some circumstances, while the CISG does not make a distinction between merchants and nonmerchants. 
D)  CISG applies to both consumer and commercial transactions, while the UCC applies only to commercial sales of goods. C

Question 4

Lorenzo offered Ida a job at his new law firm.In anticipation,Ida quit her job at Mega Firm,bought a new computer,and invested in a new set of law books.Shortly before her anticipated first day at Lorenzo's firm,Lorenzo informed Ida that he had changed his mind,and no longer wanted her to work for him.Ida may recover under the doctrine of _____.

Accepted Answer

A)  unjust enrichment 
B)  promissory estoppel 
C)  unilateral contract 
D)  express contract 
A)  unjust enrichment 
B)  promissory estoppel 
C)  unilateral contract 
D)  express contract

Question 5

Fran promises to pay Tim $700 for a new scooter for her own use.After Tim delivers the scooter,Fran refuses to pay Tim.Tim may recover the money under the doctrine of _____.

Accepted Answer

A)  unjust enrichment 
B)  executory contract 
C)  unilateral contract 
D)  promissory estoppel 
A)  unjust enrichment 
B)  executory contract 
C)  unilateral contract 
D)  promissory estoppel

Question 6

The "Restatement (Second)of Contracts" carries the force of law.

Accepted Answer

A) True 
 B)False

Question 7

In layman's terms,the term "goods" means:

Accepted Answer

A)  intangible personal property. 
B)  tangible personal property. 
C)  abstract property. 
D)  tangible public property. 
A)  intangible personal property. 
B)  tangible personal property. 
C)  abstract property. 
D)  tangible public property.

Question 8

As used in the Uniform Commercial Code (UCC),the concept "reasonable":

Accepted Answer

A)  is a practical standard used to gauge what people really do in the marketplace. 
B)  is a theoretical concept based on the "reasonable person standard" of tort law. 
C)  refers to the capacity to contract. 
D)  refers to what a reasonable person would do in the marketplace. 
A)  is a practical standard used to gauge what people really do in the marketplace. 
B)  is a theoretical concept based on the "reasonable person standard" of tort law. 
C)  refers to the capacity to contract. 
D)  refers to what a reasonable person would do in the marketplace.

Question 9

Article 2 of the Uniform Commercial Code (UCC)applies to all contracts for the:

Accepted Answer

A)  liquidation of assets. 
B)  sale of goods. 
C)  sale of securities. 
D)  transfer of money between banks. 
A)  liquidation of assets. 
B)  sale of goods. 
C)  sale of securities. 
D)  transfer of money between banks.

Question 10

The doctrine of promissory estoppel:

Accepted Answer

A)  makes the contracts unenforceable. 
B)  does not make promises enforceable. 
C)  protects bargains, not reliance. 
D)  protects reliance, not bargains. 
A)  makes the contracts unenforceable. 
B)  does not make promises enforceable. 
C)  protects bargains, not reliance. 
D)  protects reliance, not bargains.

Question 11

When two parties have directly,but orally,stated all of the terms of a contract at the time it was formed,they have:

Accepted Answer

A)  executed a contract. 
B)  made an express contract. 
C)  made an implied contract. 
D)  not made an enforceable contract. 
A)  executed a contract. 
B)  made an express contract. 
C)  made an implied contract. 
D)  not made an enforceable contract.

Question 12

Which of the following statements is true of a quasi contract?

Accepted Answer

A)  A quasi contract is a legal fiction created by the court to avoid just enrichment. 
B)  A person is not held liable under quasi contract for benefits he or she received unknowingly. 
C)  A person is held liable under quasi contract for benefits he or she reasonably believed were given as a gift. 
D)  A quasi contract does not involve contractlike duties imposed by the court. 
A)  A quasi contract is a legal fiction created by the court to avoid just enrichment. 
B)  A person is not held liable under quasi contract for benefits he or she received unknowingly. 
C)  A person is held liable under quasi contract for benefits he or she reasonably believed were given as a gift. 
D)  A quasi contract does not involve contractlike duties imposed by the court.

Question 13

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

Accepted Answer

A)  It expressly recognizes the concept of an unconscionable contract. 
B)  It always imposes the same standards on merchants and nonmerchants. 
C)  It regards everyone covered by the UCC as a merchant. 
D)  It has no writing requirement unless the contract contains a provision requiring that modifications for terminations be in writing. 
A)  It expressly recognizes the concept of an unconscionable contract. 
B)  It always imposes the same standards on merchants and nonmerchants. 
C)  It regards everyone covered by the UCC as a merchant. 
D)  It has no writing requirement unless the contract contains a provision requiring that modifications for terminations be in writing.

Question 14

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

Accepted Answer

A)  The main purpose of the UCC was to enable private parties to enter into commercial transactions regulated by tariffs and government restrictions. 
B)  The most obvious purpose of the UCC was to establish a uniform law to govern commercial transactions that often take place within the state. 
C)  The drafters were successful in achieving complete uniformity. 
D)  The UCC is adopted by all states except Louisiana, which has adopted only part of the code. 
A)  The main purpose of the UCC was to enable private parties to enter into commercial transactions regulated by tariffs and government restrictions. 
B)  The most obvious purpose of the UCC was to establish a uniform law to govern commercial transactions that often take place within the state. 
C)  The drafters were successful in achieving complete uniformity. 
D)  The UCC is adopted by all states except Louisiana, which has adopted only part of the code.

Question 15

Which of the following statements is true of Article 2?

Accepted Answer

A)  Article 2 does not apply to contracts for the sale of goods. 
B)  Article 2 applies to bonds, information, and other intangibles. 
C)  Article 2 does not apply to service contracts. 
D)  Article 2 applies to contracts for the sale of real estate or stocks. 
A)  Article 2 does not apply to contracts for the sale of goods. 
B)  Article 2 applies to bonds, information, and other intangibles. 
C)  Article 2 does not apply to service contracts. 
D)  Article 2 applies to contracts for the sale of real estate or stocks.

Question 16

Ingrid and Michael want to buy a house.As they don't have sufficient money,they plan to steal their neighbor's car and sell it to make money.This is a valid contract.

Accepted Answer

A) True 
 B)False

Question 17

A voidable contract is one that may be canceled by only one of the parties.

Accepted Answer

A) True 
 B)False

Question 18

The Uniform Commercial Code is more flexible than traditional contract law.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is intended to avoid unjust enrichment?

Accepted Answer

A)  Bilateral contract 
B)  Quasi contract 
C)  Void contract 
D)  Express contract 
A)  Bilateral contract 
B)  Quasi contract 
C)  Void contract 
D)  Express contract

Question 20

Which of the following is true of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

Accepted Answer

A)  It requires contracts for the sale of goods in excess of $300 to be in writing. 
B)  It mainly aims to unify and codify an international law of sales. 
C)  It focuses on which terms of the offer and acceptance are the same. 
D)  It applies to commercial and consumer transactions. 
A)  It requires contracts for the sale of goods in excess of $300 to be in writing. 
B)  It mainly aims to unify and codify an international law of sales. 
C)  It focuses on which terms of the offer and acceptance are the same. 
D)  It applies to commercial and consumer transactions.

Exam 9: The Nature and Origins of Contracts

In a unilateral contract,one of the parties makes a promise and the other party performs an act in exchange for that promise.

The Uniform Commercial Code has achieved complete uniformity of the laws governing commercial transactions.

The Uniform Commercial Code (UCC)differs from the United Nations Convention on Contracts for the International Sale of Goods (CISG)in that the:

Fran promises to pay Tim $700 for a new scooter for her own use.After Tim delivers the scooter,Fran refuses to pay Tim.Tim may recover the money under the doctrine of _____.

The "Restatement (Second)of Contracts" carries the force of law.

In layman's terms,the term "goods" means:

As used in the Uniform Commercial Code (UCC),the concept "reasonable":

Article 2 of the Uniform Commercial Code (UCC)applies to all contracts for the:

The doctrine of promissory estoppel:

When two parties have directly,but orally,stated all of the terms of a contract at the time it was formed,they have:

Which of the following statements is true of a quasi contract?

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

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

Which of the following statements is true of Article 2?

Ingrid and Michael want to buy a house.As they don't have sufficient money,they plan to steal their neighbor's car and sell it to make money.This is a valid contract.

A voidable contract is one that may be canceled by only one of the parties.

The Uniform Commercial Code is more flexible than traditional contract law.

Which of the following is intended to avoid unjust enrichment?

Which of the following is true of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remediespart Three Sales

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Partnerships

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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