Question 1

All contracts can be categorized as either ___________ or __________.

Accepted Answer

A)   Unilateral; complete
B)   Unilateral; trilateral
C)   Bilateral; trilateral
D)   Unilateral; bilateral
E)   Bilateral; completeF) A) and B)
G) A) and C)

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Which of the following was the result in the Case Opener in which Hallmark claimed that an arbitration ruling against a former employee should be upheld?

Accepted Answer

A)   The former employee was barred from proceeding in court because of the binding arbitration clause.
B)   The former employee was barred from proceeding in court based on the statute of limitations which expired while she was pursuing her remedies in arbitration.
C)   The former employee was allowed to proceed in court because she had exhausted her remedies in the arbitration arena.
D)   The former employee could proceed with an action in court because there was no consideration for the arbitration agreement and, therefore, no valid agreement.
E)   The former employee could proceed with an action in court because, as a matter of law, arbitration agreements are barred in the arbitration context.F) A) and B)
G) B) and D)

Question 4

In which of the following does a contract arise not from words but from the conduct of the parties?

Accepted Answer

A)   Implied contracts
B)   Express contracts
C)   Liquidated contracts
D)   Bilateral contracts
E)   Unilateral contractsF) A) and E)
G) A) and B)

Question 5

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car.At what point is there a binding contract?

Accepted Answer

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

Question 6

Which of the following is correct regarding Betty's statement that there was no contract?

Accepted Answer

A)   Betty is correct. There was no contract because she had not started working.
B)   Betty is incorrect because there was a bilateral, express agreement.
C)   Betty is incorrect because there was a bilateral, implied agreement.
D)   Betty is incorrect because there was a unilateral, express agreement.
E)   Betty is incorrect because there was a unilateral, implied agreement.F) A) and B)
G) A) and D) B

Question 7

Which of the following was propounded by prominent legal scholars,recruited by the American Law Institute?

Accepted Answer

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

Question 8

If a contract is valid,then it is enforceable.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)   He is correct.
B)   He is incorrect because there was a bilateral, express contract.
C)   He is incorrect because there was a unilateral, express contract.
D)   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.
E)   He is incorrect because there was a binding implied contract.F) B) and C)
G) None of the above

Question 10

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

Accepted Answer

A)   Unilateral
B)   Trilateral
C)   Complete
D)   Bilateral
E)   ClassifiedF) C) and D)
G) A) and B)

Question 11

The reference to __________________ comes from the days when the contract was literally sealed by a piece of soft wax into which an impression was made.

Accepted Answer

A)   Implied-in-fact contracts
B)   Implied-in-law contracts
C)   Contracts under wax
D)   Contracts under seal
E)   Contracts under pressureF) A) and B)
G) C) and E) D

Question 12

A person who is intoxicated when signing a contract may not avoid the contract based on being intoxicated because being intoxicated is a voluntary condition.

Accepted Answer

A) True 
 B)False

Question 13

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)   Contract under seal
B)   Voidable contract
C)   Recognizance
D)   Implied-in-fact
E)   Informal contractF) A) and B)
G) None of the above

Question 14

Which of the following describes Rick's role in the transaction?

Accepted Answer

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

Question 15

Define a bilateral contract and a unilateral contract,and give an example of each.

Accepted Answer

A bilateral contract is commonly defined...

Question 16

Which of the following is correct regarding Penny's assertion that the neighbor will be required to pay Jackson?

Accepted Answer

A)   She is correct. The neighbor will be required to pay Jackson under a theory of quasi-contract.
B)   She is correct. The neighbor will be required to pay Jackson based upon an implied-in-fact contract.
C)   She is correct. The neighbor will be required to pay Jackson based upon an implied-in-law contract.
D)   She is correct. The neighbor will be required to pay Jackson based upon an express contract.
E)   She is incorrect. The neighbor will not be required to pay Jackson.F) A) and D)
G) A) and C)

Question 17

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Accepted Answer

A)   The amount set forth in the contract.
B)   The fair market value of the matter involved.
C)   The wholesale price of any good involved.
D)   The amount sought by the plaintiff in the Complaint.
E)   Damages will be computed the same way as they are computed for any other contract.F) B) and E)
G) None of the above B

Question 18

If a[n] _____________ misunderstanding between the parties exists,and as a result of that misunderstanding the parties do not really come to a meeting of the minds,there is no contract.

Accepted Answer

A)   Mutual
B)   Unilateral
C)   Comprehensive
D)   Subjective
E)   ReasonableF) All of the above
G) C) and D)

Question 19

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

Accepted Answer

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

Question 20

Identify and describe the four elements that are necessary for a contract to exist.

Accepted Answer

The four elements necessary for a contra...

Exam 13: Introduction to Contracts

All contracts can be categorized as either ___________ or __________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following was the result in the Case Opener in which Hallmark claimed that an arbitration ruling against a former employee should be upheld?

Correct AnswerverifiedShow Answer

In which of the following does a contract arise not from words but from the conduct of the parties?

Correct AnswerverifiedShow Answer

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car.At what point is there a binding contract?

Correct AnswerverifiedShow Answer

Which of the following is correct regarding Betty's statement that there was no contract?

Correct AnswerverifiedB

Which of the following was propounded by prominent legal scholars,recruited by the American Law Institute?

Correct AnswerverifiedShow Answer

If a contract is valid,then it is enforceable.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The reference to __________________ comes from the days when the contract was literally sealed by a piece of soft wax into which an impression was made.

Correct AnswerverifiedD

A person who is intoxicated when signing a contract may not avoid the contract based on being intoxicated because being intoxicated is a voluntary condition.

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 describes Rick's role in the transaction?

Correct AnswerverifiedShow Answer

Define a bilateral contract and a unilateral contract,and give an example of each.

Correct AnswerverifiedA bilateral contract is commonly defined...View AnswerShow Answer

Which of the following is correct regarding Penny's assertion that the neighbor will be required to pay Jackson?

Correct AnswerverifiedShow Answer

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Correct AnswerverifiedB

If a[n] _____________ misunderstanding between the parties exists,and as a result of that misunderstanding the parties do not really come to a meeting of the minds,there is no contract.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Identify and describe the four elements that are necessary for a contract to exist.

Correct AnswerverifiedThe four elements necessary for a contra...View AnswerShow Answer

All contracts can be categorized as either _ or .

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
D

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A bilateral contract is commonly defined...
View Answer

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The four elements necessary for a contra...
View Answer