Question 1

Which of the following is an appropriate characterization of the agreement between Debby and Max?

Accepted Answer

A)   They had a bilateral, express agreement.
B)   They had a bilateral, implied agreement.
C)   They had a bilateral and unilateral agreement.
D)   They had a unilateral, express agreement.
E)   They had a unilateral, implied agreement.F) C) and D)
G) A) and D)

Question 2

The term "consideration" in relation to contracts involves parties acting in an ethical manner.

Accepted Answer

A) True 
 B)False

Question 3

An attorney who says that a contract lacks "the proper form" is typically referencing which of the following?

Accepted Answer

A)   The agreement lacked a proper offer.
B)   The contract lacked a proper acceptance.
C)   The contract lacked consideration.
D)   The contract lacked a writing.
E)   The contract lacked both an appropriate offer and an appropriate acceptance.F) A) and B)
G) D) and E)

Question 4

Quasi-contracts are actual contracts.

Accepted Answer

A) True 
 B)False

Question 5

As a general rule,the ________ intent of the parties is not relevant when determining whether a contract exists; rather,what is relevant is how they represented their intent through their actions and words.

Accepted Answer

A)   Objective
B)   Subjective
C)   Unilateral
D)   Comprehensive
E)   ConsideredF) B) and E)
G) C) and E)

Question 6

Which of the following is true regarding Jackson's assertion that Penny must pay him at this point if the neighbor fails to do so?

Accepted Answer

A)   He is correct because an express contract existed, and he made an honest mistake for which Penny must accept the risk.
B)   He is correct because an implied contract existed, and he made an honest mistake for which Penny must accept the risk.
C)   He is correct because an implied-in-law contract existed.
D)   He is correct because a valid contract existed; and, after his performance, it is considered executed.
E)   He is incorrect unless he can somehow establish that Penny gave him poor directions or was otherwise at fault in informing him which deck to paint, and the contract remains executory.F) C) and D)
G) A) and D)

Question 7

The law of contracts is primarily _______________ law.

Accepted Answer

A)   Comprehensive
B)   Statutory
C)   Common
D)   Restated
E)   ModifiedF) B) and D)
G) A) and E)

Question 8

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

Accepted Answer

A)   Legal object
B)   Agreement
C)   Coherence
D)   Alliance
E)   ConcurrenceF) B) and D)
G) A) and B)

Question 9

What was the status of the agreement between Jackson and Penny as of Tuesday when they agreed upon the price for the job?

Accepted Answer

A)   The contract was executory.
B)   The contract was executed.
C)   The contract was novated.
D)   The contract was formal.
E)   The contract was a recognizance contract.F) A) and B)
G) D) and E)

Question 10

Which of the following represents the legal ability to enter into a binding agreement?

Accepted Answer

A)   Majority
B)   Emancipation
C)   Contractual knowledge
D)   Contractual capacity
E)   Informed consentF) D) and E)
G) B) and E)

Question 11

Which of the following contracts are usually voidable?

Accepted Answer

A)   Contracts entered into as a result of fraud, but not duress or undue influence.
B)   Contracts entered into as a result of duress or undue influence, but not fraud.
C)   Contracts entered into as a result of undue influence or fraud, but not duress.
D)   Contracts entered into as a result of fraud or duress, but not undue influence.
E)   Contracts entered into as a result of fraud, duress, or undue influence.F) A) and B)
G) B) and D)

Question 12

A[n] _____________ contract is one that contains all the legal elements of a contract.

Accepted Answer

A)   Voidable
B)   Executed
C)   Formal
D)   Valid
E)   ApprovedF) A) and B)
G) A) and C)

Question 13

Which of the following is the term representing the $50 to be provided by Rick and the book to be provided by Beverly?

Accepted Answer

A)   Encouragement
B)   Material
C)   Consideration
D)   Inducement
E)   ProvisionsF) A) and B)
G) C) and D)

Question 14

Contract law is said to be based on a[n] ___________ theory,meaning that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Accepted Answer

A)   Subjective
B)   Objective
C)   Interpretive
D)   Appearing
E)   UnilateralF) B) and E)
G) A) and E)

Question 15

The person who makes an offer is called a[n] ___________.

Accepted Answer

A)   Offeree
B)   Offeror
C)   Agreeor
D)   Agree
E)   InquirerF) All of the above
G) B) and E)

Question 16

In order to recover under quasi-contract,there is no requirement that enrichment be unjust.

Accepted Answer

A) True 
 B)False

Question 17

If a quasi-contract is imposed,the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following was the result on appeal in Reisenfeld & Co.v.The Network Group Inc.; Builders Square Inc.; Kmart Corp.,the case in the text involving whether the plaintiff could recover from BSI in the situation in which BSI contracted with Network Group to lease property,and Network Group contracted with the plaintiff agreeing to pay a certain commission for his work but then defaulted on the contract?

Accepted Answer

A)   The court ruled that because it was a third-party beneficiary, BSI was required to pay the plaintiff the full amount of the commissions claimed.
B)   The court ruled that because it was a third-party beneficiary, BSI was required to pay the plaintiff the reasonable value of the services rendered, not necessarily the contractual amount promised for commissions.
C)   The court ruled that because a quasi-contract was involved, BSI was required to pay the plaintiff the full amount of the commissions claimed.
D)   The court ruled that because a quasi-contract was involved, BSI was required to pay the plaintiff the reasonable value of the services rendered, not necessarily the contractual amount promised for commissions.
E)   The court ruled that because the plaintiff did not have a contract with BSI, the plaintiff was entitled to no recovery from BSI.F) B) and D)
G) C) and E)

Question 19

The person who agrees to the terms of an offer made by the other party is called the _________.

Accepted Answer

A)   Offeree
B)   Offeror
C)   Agreeor
D)   Agree
E)   InquirerF) A) and B)
G) A) and C)

Question 20

Congress passed the Uniform Electronic Transactions Act (UETA).

Accepted Answer

A) True 
 B)False

Exam 13: Introduction to Contracts

Contract law is said to be based on a[n] ___________ theory,meaning that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Correct Answer
verified

In order to recover under quasi-contract,there is no requirement that enrichment be unjust.

Correct Answer
verified

Which of the following represents the legal ability to enter into a binding agreement?

Correct Answer
verified

The person who makes an offer is called a[n] ___________.

Correct Answer
verified

What was the status of the agreement between Jackson and Penny as of Tuesday when they agreed upon the price for the job?

Correct Answer
verified

Correct Answer
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Which of the following is an appropriate characterization of the agreement between Debby and Max?

Correct Answer
verified

Which of the following contracts are usually voidable?

Correct Answer
verified

If a quasi-contract is imposed,the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Correct Answer
verified

Which of the following is true regarding Jackson's assertion that Penny must pay him at this point if the neighbor fails to do so?

Correct Answer
verified

The term "consideration" in relation to contracts involves parties acting in an ethical manner.

Correct Answer
verified

Which of the following is the term representing the $50 to be provided by Rick and the book to be provided by Beverly?

Correct Answer
verified

Quasi-contracts are actual contracts.

Correct Answer
verified

As a general rule,the ________ intent of the parties is not relevant when determining whether a contract exists; rather,what is relevant is how they represented their intent through their actions and words.

Correct Answer
verified

A[n] _____________ contract is one that contains all the legal elements of a contract.

Correct Answer
verified

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

Correct Answer
verified

An attorney who says that a contract lacks "the proper form" is typically referencing which of the following?

Correct Answer
verified

Congress passed the Uniform Electronic Transactions Act (UETA).

Correct Answer
verified

The law of contracts is primarily _______________ law.

Correct Answer
verified

The person who agrees to the terms of an offer made by the other party is called the _________.

Correct Answer
verified

Exam 13: Introduction to Contracts

Contract law is said to be based on a[n] ___________ theory,meaning that the existence and interpretation of the contract is based on the outward manifestations of intent by the parties.

Correct AnswerverifiedShow Answer

In order to recover under quasi-contract,there is no requirement that enrichment be unjust.

Correct AnswerverifiedShow Answer

Which of the following represents the legal ability to enter into a binding agreement?

Correct AnswerverifiedShow Answer

The person who makes an offer is called a[n] ___________.

Correct AnswerverifiedShow Answer

What was the status of the agreement between Jackson and Penny as of Tuesday when they agreed upon the price for the job?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is an appropriate characterization of the agreement between Debby and Max?

Correct AnswerverifiedShow Answer

Which of the following contracts are usually voidable?

Correct AnswerverifiedShow Answer

If a quasi-contract is imposed,the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Correct AnswerverifiedShow Answer

Which of the following is true regarding Jackson's assertion that Penny must pay him at this point if the neighbor fails to do so?

Correct AnswerverifiedShow Answer

The term "consideration" in relation to contracts involves parties acting in an ethical manner.

Correct AnswerverifiedShow Answer

Which of the following is the term representing the $50 to be provided by Rick and the book to be provided by Beverly?

Correct AnswerverifiedShow Answer

Quasi-contracts are actual contracts.

Correct AnswerverifiedShow Answer

As a general rule,the ________ intent of the parties is not relevant when determining whether a contract exists; rather,what is relevant is how they represented their intent through their actions and words.

Correct AnswerverifiedShow Answer

A[n] _____________ contract is one that contains all the legal elements of a contract.

Correct AnswerverifiedShow Answer

Which of the following consists of an offer by one party and an acceptance of the terms by another party?

Correct AnswerverifiedShow Answer

An attorney who says that a contract lacks "the proper form" is typically referencing which of the following?

Correct AnswerverifiedShow Answer

Congress passed the Uniform Electronic Transactions Act (UETA).

Correct AnswerverifiedShow Answer

The law of contracts is primarily _______________ law.

Correct AnswerverifiedShow Answer

The person who agrees to the terms of an offer made by the other party is called the _________.

Correct AnswerverifiedShow Answer

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