Question 1

Equity was resorted to when ________ would not be the proper remedy.

Accepted Answer

A)   the application of natural law
B)   an award that is morally just
C)   an award of money damages
D)   maxims based on fairnessE) A) and B)
F) A) and C)

Question 2

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon.Once Sherry starts running the marathon,Alan ________.

Accepted Answer

A)   can revoke the contract as informal verbal agreements are not binding
B)   cannot revoke the contract
C)   can reduce the money on offer
D)   can only increase the money on offerE) All of the above
F) B) and D)

Question 3

One requirement of an express contract is that it has to be in writing.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is true of contracts?

Accepted Answer

A)   A void contract is one where a party has the option to avoid his or her contractual liability.
B)   A voidable contract is one in which a party has the option to nullify his or her obligation under the contract.
C)   A voidable contract is one that has no legal effect because one of the essential elements is missing.
D)   An executory contract is considered unenforceable.E) A) and B)
F) B) and D)

Question 5

An offer to form a unilateral contract can be revoked ________.

Accepted Answer

A)   before the offeree begins performance
B)   after the offeree begins performance, but before the performance is completed
C)   after completion of performance
D)   only by the offereeE) B) and D)
F) None of the above

Question 6

A contract is formed only by the performance of the requested act in a(n) ________ contract.

Accepted Answer

A)   bilateral
B)   unilateral
C)   void
D)   unconscionableE) None of the above
F) A) and C)

Question 7

A(n) ________ contract is inferred from the conduct of the parties.

Accepted Answer

A)   express
B)   action-oriented
C)   implied-in-fact
D)   implied-in-lawE) C) and D)
F) B) and C)

Question 8

The Uniform Computer Information Transactions Act was passed by the U.S.Congress and is the exclusive law in the area of electronic contracts and licenses,preempting state law.

Accepted Answer

A) True 
 B)False

Question 9

The offeror is the party to whom the offer is made.

Accepted Answer

A) True 
 B)False

Question 10

Ross makes an offer to Elizabeth to sell his automobile to her for $10,000.In this case,Ross is the offeree and Elizabeth is the offeror.

Accepted Answer

A) True 
 B)False

Question 11

Common law of contracts refers to contract law developed primarily by state courts.

Accepted Answer

A) True 
 B)False

Question 12

The doctrine of quasi-contract is intended to prevent unjust enrichment but not unjust detriment.

Accepted Answer

A) True 
 B)False

Question 13

Mike is a painter who makes a verbal offer to paint Betty's house for $2,000 by May 1??.Betty verbally promises to pay Mike $2,000 for the paint job if he completes it by May 1??.This is an example of a(n) ________.

Accepted Answer

A)   void contract
B)   quasi-contract
C)   executed contract
D)   bilateral contractE) B) and C)
F) A) and B)

Question 14

Which of the following classifications of contacts is based on performance?

Accepted Answer

A)   informal contracts
B)   unilateral contracts
C)   voidable contracts
D)   executory contractsE) All of the above
F) B) and C)

Question 15

What is the distinguishing characteristic that makes a contract a formal contract?

Accepted Answer

A)   it requires a signature by both parties
B)   it requires the contract to be orally agreed upon
C)   it requires a special form or method of creation
D)   it addresses all possible scenarios in the contractE) A) and B)
F) A) and C)

Question 16

A unilateral contract is ________.

Accepted Answer

A)   a promise for an act
B)   a promise for a promise
C)   an act for an act
D)   an exchange of moneyE) C) and D)
F) B) and C)

Question 17

An actual contract may be either ________.

Accepted Answer

A)   quasi-contractual or implied-in-law
B)   quasi-contractual or implied-in-equity
C)   express or implied-in-fact
D)   express or implied-in-lawE) None of the above
F) C) and D)

Question 18

As applied to a contract,the terms "bilateral" and "unilateral" are based on ________.

Accepted Answer

A)   the goods or services involved in the contract
B)   the number of attempts made to form a contract
C)   the number of parties who make a promise in the formation of a contract
D)   the number of attempts it took for a contract to be successfully performedE) A) and D)
F) C) and D)

Question 19

A contract is an agreement that is enforceable by a court of law or equity.

Accepted Answer

A) True 
 B)False

Question 20

According to the objective theory of contracts,the intent to enter into an express or implied-in-fact contract is judged by the ________.

Accepted Answer

A)   reasonable person standard
B)   Supremacy Clause
C)   doctrine of equity
D)   common law of contractsE) A) and D)
F) C) and D)

Exam 9: Nature of Traditional and E-Contracts

As applied to a contract,the terms "bilateral" and "unilateral" are based on ________.

Correct AnswerverifiedShow Answer

A(n) ________ contract is inferred from the conduct of the parties.

Correct AnswerverifiedShow Answer

Ross makes an offer to Elizabeth to sell his automobile to her for $10,000.In this case,Ross is the offeree and Elizabeth is the offeror.

Correct AnswerverifiedShow Answer

Common law of contracts refers to contract law developed primarily by state courts.

Correct AnswerverifiedShow Answer

A contract is an agreement that is enforceable by a court of law or equity.

Correct AnswerverifiedShow Answer

The offeror is the party to whom the offer is made.

Correct AnswerverifiedShow Answer

The Uniform Computer Information Transactions Act was passed by the U.S.Congress and is the exclusive law in the area of electronic contracts and licenses,preempting state law.

Correct AnswerverifiedShow Answer

The doctrine of quasi-contract is intended to prevent unjust enrichment but not unjust detriment.

Correct AnswerverifiedShow Answer

Which of the following classifications of contacts is based on performance?

Correct AnswerverifiedShow Answer

Mike is a painter who makes a verbal offer to paint Betty's house for $2,000 by May 1??.Betty verbally promises to pay Mike $2,000 for the paint job if he completes it by May 1??.This is an example of a(n) ________.

Correct AnswerverifiedShow Answer

An offer to form a unilateral contract can be revoked ________.

Correct AnswerverifiedShow Answer

Which of the following is true of contracts?

Correct AnswerverifiedShow Answer

A unilateral contract is ________.

Correct AnswerverifiedShow Answer

An actual contract may be either ________.

Correct AnswerverifiedShow Answer

A contract is formed only by the performance of the requested act in a(n) ________ contract.

Correct AnswerverifiedShow Answer

What is the distinguishing characteristic that makes a contract a formal contract?

Correct AnswerverifiedShow Answer

According to the objective theory of contracts,the intent to enter into an express or implied-in-fact contract is judged by the ________.

Correct AnswerverifiedShow Answer

Equity was resorted to when ________ would not be the proper remedy.

Correct AnswerverifiedShow Answer

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon.Once Sherry starts running the marathon,Alan ________.

Correct AnswerverifiedShow Answer

One requirement of an express contract is that it has to be in writing.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified