Question 1

The purpose of a covenant not to compete,in the employer/employee context,is to restrict what an employee may do after leaving a company.

Accepted Answer

A) True 
 B)False

Question 2

Patrick and Britt are in agreement that Patrick will pay Britt $2,000 for a used vehicle.At what point is there a binding contract?

Accepted Answer

A)  When the money is paid.
B)  Twenty days after the car is delivered and approved.
C)  When the agreement is made.
D)  Ten days after the car is delivered and approved.
E)  When the car is delivered.F) B) and D)
G) C) and D)

Question 3

A[n] ________ arises when a person acknowledges in court that he or she will perform some specified act or will pay a price upon failure to do so.

Accepted Answer

A)  Implied-in-fact
B)  Contract under seal
C)  Voidable contract
D)  Recognizance
E)  Informal contractF) All of the above
G) B) and C)

Question 4

Which of the following are examples of formal contracts?

Accepted Answer

A)  Letters of credit and contracts under seal,but not executed contracts.
B)  Contracts under seal,letters of credit,and also executed contracts.
C)  Executed contracts but not contracts under seal or letters of credit.
D)  Contracts under seal,letters of credit,but not executory contracts.
E)  Contracts under seal but not executed contracts or letters of credit.F) A) and E)
G) B) and E)

Question 5

When there is a law that prohibits the courts from enforcing a valid contract,it may be valid but ________.

Accepted Answer

A)  Novated
B)  Condoned
C)  Unenforceable
D)  Executed
E)  ExecutoryF) A) and E)
G) C) and E)

Question 6

A[n] ________ contract is commonly defined as a promise in exchange for a promise.

Accepted Answer

A)  Bilateral
B)  Complete
C)  Unilateral
D)  Classified
E)  TrilateralF) C) and E)
G) All of the above

Question 7

Congress passed the Uniform Electronic Transactions Act UETA).

Accepted Answer

A) True 
 B)False

Question 8

A[n] _ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Accepted Answer

A)  Acceptance
B)  Legal object
C)  Contract
D)  Offer
E)  ConsiderationF) A) and E)
G) A) and B)

Question 9

Of the following,which was introduced by prominent legal scholars who were recruited by the American Law Institute?

Accepted Answer

A)  Common law.
B)  The Restatement of the Law Second,Contracts.
C)  Common law and the Convention on Contracts for International Sales of Goods.
D)  The Convention on Contracts for the National Sales of Goods.
E)  The Convention on Contracts for the National Sales of Goods and the Restatement of the Law Second,Contracts.F) All of the above
G) A) and E)

Question 10

The Restatement Second)of the Law of Contracts is not actually the law itself.

Accepted Answer

A) True 
 B)False

Question 11

[Book Sale] Yasmeen offered to sell Dylan a used business law book for $50.She told him that he could use it in his upcoming business law class the next semester.However,there was a problem with the book;it was several editions old.Dylan was not aware of that fact,and neither was Yasmeen.When Dylan took the book to class and realized the problem,he went back to Yasmeen requesting a refund.Yasmeen refused to return his money.She claimed that she did not commit fraud because subjectively she thought that the book was correct,and that a binding contract existed.The book,however,is outdated and cannot be appropriately used in the class.
-Which of the following would describe Yasmeen's role in the transaction?

Accepted Answer

A)  She was the assentor.
B)  She was the offeree and the assentee.
C)  She was the offeree.
D)  She was the offeror.
E)  She was the assentee.F) None of the above
G) B) and E)

Question 12

Which of the following is sometimes referred to as an implied-in-law contract?

Accepted Answer

A)  Express contracts
B)  Quasi-contracts
C)  Express contracts and quasi-contracts
D)  Implied-in-fact contracts
E)  Express contracts and implied-in-fact contractsF) A) and C)
G) A) and D)

Question 13

Today,courts hold that once an offeree begins performance on a unilateral contract,the offeror must hold the offer open for a reasonable time to allow the offeree to complete the performance.

Accepted Answer

A) True 
 B)False  True

Question 14

A contract is said to be ,once all the terms of the contract have been fully performed.

Accepted Answer

A)  Executed
B)  Stopped
C)  Anticipatory
D)  Ended
E)  ExecutoryF) A) and E)
G) A) and B)

Question 15

Which of the following is true regarding Brendan's statement that he did not have to pay the emergency room charges?

Accepted Answer

A)  He is incorrect because there was a bilateral,express contract.
B)  He is partially correct in that because a quasi-contract existed,he would have to pay;but he would only have to pay fair market value,not what the hospital requested.
C)  He is correct.
D)  He is incorrect because there was a binding implied contract.
E)  He is incorrect because there was a unilateral,express contract.F) A) and D)
G) B) and E)

Question 16

Which of the following statements is true about both ESIGN and UETA?

Accepted Answer

A)  Not every state has adopted ESIGN,but every state has adopted UETA.
B)  ESIGN affirms e-contracts as legally valid,but under UETA,e-contracts do not have the same effect as a paper contract.
C)  Congress passed ESIGN and UETA to facilitate e-commerce.
D)  A few states have not adopted ESIGN and UETA.
E)  Both ESIGN and UETA affirm e-contracts as legally valid.F) A) and B)
G) A) and E)

Question 17

Serena tells Flo that any judge would find that the contract calls for purple flowers,and that Flo breached the contract by providing pink flowers instead of purple.Is she correct?

Accepted Answer

A)  No,because where there is a conflict between preprinted and handwritten terms,the preprinted ones prevail unless ambiguous.
B)  No,because Serena could not change the terms of the contract.
C)  Yes,but only because more specific provisions take precedence over general ones in a contract.
D)  Yes,because a judge should interpret a contract so as to give effect to the parties' intentions at the time they entered into the contract,and there is evidence that they discussed and intended to have purple flowers.
E)  No,because the technical terms of Section 29 take precedence.F) B) and D)
G) B) and C)

Question 18

When written documents are signed by a party that makes an unconditional promise to pay the holder of the instrument a specific sum of money on demand,or at a certain time,they are called?

Accepted Answer

A)  Formal contracts
B)  Recognizances
C)  Simple contracts
D)  Informal contracts
E)  Negotiable instrumentsF) A) and E)
G) C) and D) E

Question 19

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 20

What number of states will still allow a contract without consideration to be enforced if it is under seal?

Accepted Answer

A)  Five
B)  Twenty
C)  Eight
D)  Ten
E)  ThirtyF) B) and D)
G) A) and D) D

Exam 13: Introduction to Contracts

The purpose of a covenant not to compete,in the employer/employee context,is to restrict what an employee may do after leaving a company.

Correct Answer
verified

Patrick and Britt are in agreement that Patrick will pay Britt $2,000 for a used vehicle.At what point is there a binding contract?

Correct Answer
verified

A[n] ________ arises when a person acknowledges in court that he or she will perform some specified act or will pay a price upon failure to do so.

Correct Answer
verified

Which of the following are examples of formal contracts?

Correct Answer
verified

When there is a law that prohibits the courts from enforcing a valid contract,it may be valid but ________.

Correct Answer
verified

A[n] ________ contract is commonly defined as a promise in exchange for a promise.

Correct Answer
verified

Congress passed the Uniform Electronic Transactions Act UETA).

Correct Answer
verified

A[n] _ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Correct Answer
verified

Of the following,which was introduced by prominent legal scholars who were recruited by the American Law Institute?

Correct Answer
verified

The Restatement Second)of the Law of Contracts is not actually the law itself.

Correct Answer
verified

Correct Answer
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Which of the following is sometimes referred to as an implied-in-law contract?

Correct Answer
verified

Today,courts hold that once an offeree begins performance on a unilateral contract,the offeror must hold the offer open for a reasonable time to allow the offeree to complete the performance.

Correct Answer
verified
True

A contract is said to be ,once all the terms of the contract have been fully performed.

Correct Answer
verified

Which of the following is true regarding Brendan's statement that he did not have to pay the emergency room charges?

Correct Answer
verified

Which of the following statements is true about both ESIGN and UETA?

Correct Answer
verified

Serena tells Flo that any judge would find that the contract calls for purple flowers,and that Flo breached the contract by providing pink flowers instead of purple.Is she correct?

Correct Answer
verified

When written documents are signed by a party that makes an unconditional promise to pay the holder of the instrument a specific sum of money on demand,or at a certain time,they are called?

Correct Answer
verified
E

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

What number of states will still allow a contract without consideration to be enforced if it is under seal?

Correct Answer
verified
D

Exam 13: Introduction to Contracts

The purpose of a covenant not to compete,in the employer/employee context,is to restrict what an employee may do after leaving a company.

Correct AnswerverifiedShow Answer

Patrick and Britt are in agreement that Patrick will pay Britt $2,000 for a used vehicle.At what point is there a binding contract?

Correct AnswerverifiedShow Answer

A[n] ________ arises when a person acknowledges in court that he or she will perform some specified act or will pay a price upon failure to do so.

Correct AnswerverifiedShow Answer

Which of the following are examples of formal contracts?

Correct AnswerverifiedShow Answer

When there is a law that prohibits the courts from enforcing a valid contract,it may be valid but ________.

Correct AnswerverifiedShow Answer

A[n] ________ contract is commonly defined as a promise in exchange for a promise.

Correct AnswerverifiedShow Answer

Congress passed the Uniform Electronic Transactions Act UETA).

Correct AnswerverifiedShow Answer

A[n] _ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Correct AnswerverifiedShow Answer

Of the following,which was introduced by prominent legal scholars who were recruited by the American Law Institute?

Correct AnswerverifiedShow Answer

The Restatement Second)of the Law of Contracts is not actually the law itself.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is sometimes referred to as an implied-in-law contract?

Correct AnswerverifiedShow Answer

Today,courts hold that once an offeree begins performance on a unilateral contract,the offeror must hold the offer open for a reasonable time to allow the offeree to complete the performance.

Correct AnswerverifiedTrue

A contract is said to be ,once all the terms of the contract have been fully performed.

Correct AnswerverifiedShow Answer

Which of the following is true regarding Brendan's statement that he did not have to pay the emergency room charges?

Correct AnswerverifiedShow Answer

Which of the following statements is true about both ESIGN and UETA?

Correct AnswerverifiedShow Answer

Serena tells Flo that any judge would find that the contract calls for purple flowers,and that Flo breached the contract by providing pink flowers instead of purple.Is she correct?

Correct AnswerverifiedShow Answer

When written documents are signed by a party that makes an unconditional promise to pay the holder of the instrument a specific sum of money on demand,or at a certain time,they are called?

Correct AnswerverifiedE

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

What number of states will still allow a contract without consideration to be enforced if it is under seal?

Correct AnswerverifiedD

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True

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E

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D