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Exam 6: Overview and Language of Contracts

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Question 31

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___________ is the element of a contract that requires a bargained-for exchange of goods and/or services that are recognized as valuable.

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Question 32

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Jason writes a check to the university bookstore to pay for textbooks and supplies. This is an example of an informal contract.

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Question 33

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Elise hires an artist to paint a portrait of her family. This contract is governed by common law.

Unjust enrichment is a theory used to impose an obligation in the absence of an actual agreement.

Randy is home when a landscaping crew enters his yard and begins working on his front garden beds and lawn. Randy did not hire the crew, but he allows them to continue working. Explain whether Randy will have to pay for the work.

A contract is a promise or set of promises __________ by law.

An investigation period during which a party can examine the suitability of a transaction is called _____________.

In Advanced Technology Services Inc., v. KM Docs, LLC, company employees signed an employment agreement that contained a noncompetition covenant, a nonsolicitation agreement, and a nondisclosure agreement. It also contained a severability clause. The employees, who resigned and started their own competing company, claimed that the noncompetition agreement was too broad and the entire agreement was unenforceable. What did the court determine about the severability of the contract?

In general, contracts for the sale of goods are governed by:

Sophia stops at a coffee shop after class and orders a latte. This is an example of an implied contract.

Void contracts are seemingly valid contracts that one party has the right to declare void.

An agreement to buy cocaine from a dealer is:

Divisible contracts are often referred to as severable contracts in many states.

Contracts that involve goods and services are known as ________ contracts.

When Maria comes home from work, she finds that her yard has been mowed and trimmed. An hour later a man comes to her door to collect payment for the yard work. Maria refuses to pay him because she has never seen him before and had not hired him to do the work. Which of the following is accurate?

The Uniform Commercial Code (UCC) is law that governs contracts for the sale of goods.

The terms agreement and contract have the same meaning.

An offer of a reward, if it is fulfilled, forms:

All contracts can be described in seven ways.

Aimee goes online and orders a pair of jeans, three T-shirts, and a pair of boots. This is an example of: