Question 1

An executed contract is one that has been fully performed.

Accepted Answer

A) True 
 B)False

Question 2

A quasi contract is a fictional contract.

Accepted Answer

A) True 
 B)False

Question 3

Diaz and Cuzco enter an express contract for the construction of a warehouse. Express contract terms are given, in relation to the parties' course of performance,

Accepted Answer

A)  less priority. 
B)  the same priority. 
C)  no priority. 
D)  more priority. 
A)  less priority. 
B)  the same priority. 
C)  no priority. 
D)  more priority.

Question 4

Some promises are not legally binding.

Accepted Answer

A) True 
 B)False

Question 5

Flo tells Gregor that she will buy his textbook from last semester for $65. Gregor agrees. Flo and Gregor have

Accepted Answer

A)  an executed contract. 
B)  an express contract. 
C)  an implied contract. 
D)  a quasi contract. 
A)  an executed contract. 
B)  an express contract. 
C)  an implied contract. 
D)  a quasi contract.

Question 6

Mona asserts that a deal she entered into with Nate is an unenforceable contract. Defenses to the enforcement of a contract include

Accepted Answer

A)  a desire not to perform. 
B)  adverse economic consequences. 
C)  results that do not match expectations. 
D)  the lack of a party's voluntary consent. 
A)  a desire not to perform. 
B)  adverse economic consequences. 
C)  results that do not match expectations. 
D)  the lack of a party's voluntary consent.

Question 7

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option. If she elects to avoid any duty to perform under the contract

Accepted Answer

A)  both parties are released from it. 
B)  neither party is released from it. 
C)  only Scot is released from it. 
D)  only Tiffany is released from it. 
A)  both parties are released from it. 
B)  neither party is released from it. 
C)  only Scot is released from it. 
D)  only Tiffany is released from it.

Question 8

Phil agrees to work for Vacation Resorts, Inc., as a chef. In determining whether a contract has been formed, an element of prime importance is

Accepted Answer

A)  the parties' intent. 
B)  Phil's rate of pay. 
C)  the duration of the work. 
D)  Vacation Resorts's facilities. 
A)  the parties' intent. 
B)  Phil's rate of pay. 
C)  the duration of the work. 
D)  Vacation Resorts's facilities.

Question 9

Sam and Tiffany enter into an implied contract. This is a contract in which the parties' conduct

Accepted Answer

A)  defines the contract's terms. 
B)  finds the contract's facts. 
C)  terminates any unintended consequences. 
D)  undercuts any terms based on the facts. 
A)  defines the contract's terms. 
B)  finds the contract's facts. 
C)  terminates any unintended consequences. 
D)  undercuts any terms based on the facts.

Question 10

A reasonable, lawful, and effective meaning will normally be given to all of a contract's terms.

Accepted Answer

A) True 
 B)False

Question 11

If a voidable contract is ratified, the parties must fully perform their respective legal obligations.

Accepted Answer

A) True 
 B)False

Question 12

An implied contract is not an actual contract.

Accepted Answer

A) True 
 B)False

Question 13

Informal contracts are usually based on their substance rather than their form.

Accepted Answer

A) True 
 B)False

Question 14

Crosby believes that he and Dakota agreed he would act as her personal sports trainer for seven workout sessions. In a later dispute, the existence of any contract can be judged by

Accepted Answer

A)  the parties' statements at the time of their alleged contract. 
B)  what the defendant claims was the parties' intent. 
C)  what the plaintiff claims was the parties' intent. 
D)  what the parties agree they intended. 
A)  the parties' statements at the time of their alleged contract. 
B)  what the defendant claims was the parties' intent. 
C)  what the plaintiff claims was the parties' intent. 
D)  what the parties agree they intended.

Question 15

Opie offers to sell his guitar to Pinky for $100. Pinky agrees. They complete and sign a printed form, and Pinky gives Opie a check for the price. This check is

Accepted Answer

A)  a formal contract. 
B)  an informal contract. 
C)  a simple contract. 
D)  no contract. 
A)  a formal contract. 
B)  an informal contract. 
C)  a simple contract. 
D)  no contract.

Question 16

Resolving whether a promise should be enforced is a function of contract law.

Accepted Answer

A) True 
 B)False

Question 17

On May 1, Local Cartage Company and Modern Computers, Inc., orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain number of computer chips on each Monday in May. Under the agreement, Modern Computers will pay for the delivery services on June 1. On May 1, is this contract express, implied in fact, or implied in law On May 31, after all of the deliveries have been made, is the contract executed or executory

Accepted Answer

An express contract is one in which the

Question 18

No offer may be revoked before it is accepted.

Accepted Answer

A) True 
 B)False

Question 19

On Monday, Neil tells Outdoor Landscaping, Inc., that he will pay Outdoor $500 if a variety of tasks are completed by Friday. On Wednesday, when Outdoor is more than half done with the work, Neil says that he has changed his mind. Under the present-day view, these parties had

Accepted Answer

A)  an expired contract when Neil said that he had changed his mind. 
B)  a quasi contract when Neil said that he would pay for certain work. 
C)  a unilateral contract as soon as Outdoor began to perform. 
D)  no contract. 
A)  an expired contract when Neil said that he had changed his mind. 
B)  a quasi contract when Neil said that he would pay for certain work. 
C)  a unilateral contract as soon as Outdoor began to perform. 
D)  no contract.

Question 20

A void contract is enforceable if it is in writing.

Accepted Answer

A) True 
 B)False

Exam 10: Nature and Terminology

An executed contract is one that has been fully performed.

A quasi contract is a fictional contract.

Diaz and Cuzco enter an express contract for the construction of a warehouse. Express contract terms are given, in relation to the parties' course of performance,

Some promises are not legally binding.

Flo tells Gregor that she will buy his textbook from last semester for $65. Gregor agrees. Flo and Gregor have

Mona asserts that a deal she entered into with Nate is an unenforceable contract. Defenses to the enforcement of a contract include

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option. If she elects to avoid any duty to perform under the contract

Phil agrees to work for Vacation Resorts, Inc., as a chef. In determining whether a contract has been formed, an element of prime importance is

Sam and Tiffany enter into an implied contract. This is a contract in which the parties' conduct

A reasonable, lawful, and effective meaning will normally be given to all of a contract's terms.

If a voidable contract is ratified, the parties must fully perform their respective legal obligations.

An implied contract is not an actual contract.

Informal contracts are usually based on their substance rather than their form.

Crosby believes that he and Dakota agreed he would act as her personal sports trainer for seven workout sessions. In a later dispute, the existence of any contract can be judged by

Opie offers to sell his guitar to Pinky for $100. Pinky agrees. They complete and sign a printed form, and Pinky gives Opie a check for the price. This check is

Resolving whether a promise should be enforced is a function of contract law.

No offer may be revoked before it is accepted.

On Monday, Neil tells Outdoor Landscaping, Inc., that he will pay Outdoor $500 if a variety of tasks are completed by Friday. On Wednesday, when Outdoor is more than half done with the work, Neil says that he has changed his mind. Under the present-day view, these parties had

A void contract is enforceable if it is in writing.

Introduction to Law and Legal Reasoning

Courts and Alternative Dispute Resolution

Court Procedures

Constitutional Authority to Regulate Business

Ethics and Business Decision Making

Intentional Torts and Privacy

Negligence and Strict Liability

Intellectual Property and Internet Law

Criminal Law and Cyber Crime

Agreement in Traditional and E-Contracts

Consideration

Capacity and Legality

Mistakes, Fraud, and Voluntary Consent

The Statute of Frauds

Third Party Rights

Performance and Discharge

Breach of Contract and Remedies

The Formation of Sales and Lease Contracts

Title, Risk, and Insurable Interest

Performance Breach of Sales Lease Contracts

Warranties and Product Liability

International Law in a Global Economy

The Function Creation of Negotiable Instruments

Transferability and Holder in Due Course

Liability, Defenses, and Discharge

Checks and Banking in the Digital Age

Creditors Rights and Remedies

Secured Transactions

Bankruptcy Law

Mortgages Foreclosures After the Recession

Agency Formation and Duties

Agency Liability and Termination

Employment, Immigration, and Labor Law

Employment Discrimination

Sole Proprietorships and Franchises

Partnerships and Limited Liability Partnerships

Limited Liability Companies Special Business Forms

Corporate Formation and Financing

Corporate Directors, Officers, Shareholders

Corporate Merger, Consolidation, Termination

Securities Law Corporate Governance

Law for Small Business

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

Professional Liaility and Accountability

Personal Property and Bailments

Real Property Landlord-Tenant Relationships

Insurance

Wills and Trusts

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