Question 1

Following negotiations with Merchants Storage Company,Lonny enters into an informal contract to clean the loading dock.This means that the parties' contract

Accepted Answer

A)  requires no special form.
B)  must be drafted "in form" to be valid.
C)  is indefinite and imprecise.
D)  does not exist.

Question 2

Some promises are not legally binding.

Accepted Answer

A) True 
 B)False  True

Question 3

On May 1,Local Cartage Company and Modern Computers,Inc. ,orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain num?ber of computer chips on each Monday in May.Under the agree?ment,Modern Computers will pay for the delivery services on June 1.On May 1,is this contract express,implied in fact,or implied in law? On May 31,after all of the deliveries have been made,is the contract exe?cuted or executory?

Accepted Answer

An express contract is one in which the ...

Question 4

When Jeff's car breaks down,he asks Kwik Tow,Inc. ,to tow it from its location to Loyal Repair Shop.There is no discussion of a price,and Jeff and Kwik do not sign any documents.After the tow,Kwik sends Jeff a bill.With respect to Jeff's obligation to pay the bill,this is

Accepted Answer

A)  an express contract.
B)  an implied contract.
C)  a quasi contract.
D)  no contract.

Question 5

Resolving whether a promise should be enforced is a function of contract law.

Accepted Answer

A) True 
 B)False

Question 6

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option.If she elects to avoid any duty to perform under the contract

Accepted Answer

A)  both parties are released from it.
B)  neither party is released from it.
C)  only Scot is released from it.
D)  only Tiffany is released from it.

Question 7

A quasi contract is a fictional contract.

Accepted Answer

A) True 
 B)False

Question 8

Diaz and Cuzco enter an express contract for the construction of a warehouse.Express contract terms are given,in relation to the parties' course of performance,

Accepted Answer

A)  less priority.
B)  the same priority.
C)  no priority.
D)  more priority.

Question 9

The doctrine of quasi contract can be used only when there is an actual con?tract that covers the matter in controversy.

Accepted Answer

A) True 
 B)False

Question 10

Mia,a physician,renders aid to Noel,who is injured and unconscious.Mia can recover the cost of the aid from Noel

Accepted Answer

A)  even if Noel was not aware of the aid.
B)  only if Noel recovers because of the aid.
C)  only if Noel was aware of the aid.
D)  under no circumstances.

Question 11

"Consideration" refers to the voluntary consent of all of the parties to a contract.

Accepted Answer

A) True 
 B)False

Question 12

An implied contract is not an actual contract.

Accepted Answer

A) True 
 B)False  False

Question 13

The intention to enter into a con?tract is judged by outward,objective facts as interpreted by a reasonable person.

Accepted Answer

A) True 
 B)False

Question 14

A reasonable,lawful,and effective meaning will normally be given to all of a contract's terms.

Accepted Answer

A) True 
 B)False

Question 15

On Monday,Neil tells Outdoor Landscaping,Inc. ,that he will pay Outdoor $500 if a variety of tasks are completed by Friday.On Wednesday,when Outdoor is more than half done with the work,Neil says that he has changed his mind.Under the present-day view,these parties had

Accepted Answer

A)  an expired contract when Neil said that he had changed his mind.
B)  a quasi contract when Neil said that he would pay for certain work.
C)  a unilateral contract as soon as Outdoor began to perform.
D)  no contract.

Question 16

Crosby believes that he and Dakota agreed he would act as her personal sports trainer for seven workout sessions.In a later dispute,the existence of any contract can be judged by

Accepted Answer

A)  the parties' statements at the time of their alleged contract.
B)  what the defendant claims was the parties' intent.
C)  what the plaintiff claims was the parties' intent.
D)  what the parties agree they intended.

Question 17

Holiday Sales Company and Global Distributors,Inc. ,enter into a contract for the delivery of imported specialty goods.Until the goods are delivered and paid for,these parties have

Accepted Answer

A)  an executory contract.
B)  no contract.
C)  a quasi contract.
D)  an informal contract.

Question 18

Flo tells Gregor that she will buy his textbook from last semester for $65.Gregor agrees.Flo and Gregor have

Accepted Answer

A)  an executed contract.
B)  an express contract.
C)  an implied contract.
D)  a quasi contract.

Question 19

Clay offers to pay Dorianne $50 for a golf lesson for Estee.They agree to meet the day after tomorrow to exchange the cash for the lesson.These parties have

Accepted Answer

A)  a bilateral contract.
B)  a trilateral contract.
C)  a unilateral contract.
D)  no contract. A

Question 20

If a voidable contract is ratified,the parties must fully perform their respective legal obligations.

Accepted Answer

A) True 
 B)False

Exam 10: B: Nature and Terminology

Following negotiations with Merchants Storage Company,Lonny enters into an informal contract to clean the loading dock.This means that the parties' contract

Correct Answer
verified

Some promises are not legally binding.

Correct Answer
verified
True

Correct Answer
verified
An express contract is one in which the ...
View Answer

When Jeff's car breaks down,he asks Kwik Tow,Inc. ,to tow it from its location to Loyal Repair Shop.There is no discussion of a price,and Jeff and Kwik do not sign any documents.After the tow,Kwik sends Jeff a bill.With respect to Jeff's obligation to pay the bill,this is

Correct Answer
verified

Resolving whether a promise should be enforced is a function of contract law.

Correct Answer
verified

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option.If she elects to avoid any duty to perform under the contract

Correct Answer
verified

A quasi contract is a fictional contract.

Correct Answer
verified

Diaz and Cuzco enter an express contract for the construction of a warehouse.Express contract terms are given,in relation to the parties' course of performance,

Correct Answer
verified

The doctrine of quasi contract can be used only when there is an actual con?tract that covers the matter in controversy.

Correct Answer
verified

Mia,a physician,renders aid to Noel,who is injured and unconscious.Mia can recover the cost of the aid from Noel

Correct Answer
verified

"Consideration" refers to the voluntary consent of all of the parties to a contract.

Correct Answer
verified

An implied contract is not an actual contract.

Correct Answer
verified
False

The intention to enter into a con?tract is judged by outward,objective facts as interpreted by a reasonable person.

Correct Answer
verified

A reasonable,lawful,and effective meaning will normally be given to all of a contract's terms.

Correct Answer
verified

On Monday,Neil tells Outdoor Landscaping,Inc. ,that he will pay Outdoor $500 if a variety of tasks are completed by Friday.On Wednesday,when Outdoor is more than half done with the work,Neil says that he has changed his mind.Under the present-day view,these parties had

Correct Answer
verified

Crosby believes that he and Dakota agreed he would act as her personal sports trainer for seven workout sessions.In a later dispute,the existence of any contract can be judged by

Correct Answer
verified

Holiday Sales Company and Global Distributors,Inc. ,enter into a contract for the delivery of imported specialty goods.Until the goods are delivered and paid for,these parties have

Correct Answer
verified

Flo tells Gregor that she will buy his textbook from last semester for $65.Gregor agrees.Flo and Gregor have

Correct Answer
verified

Clay offers to pay Dorianne $50 for a golf lesson for Estee.They agree to meet the day after tomorrow to exchange the cash for the lesson.These parties have

Correct Answer
verified
A

If a voidable contract is ratified,the parties must fully perform their respective legal obligations.

Correct Answer
verified

Exam 10: B: Nature and Terminology

Following negotiations with Merchants Storage Company,Lonny enters into an informal contract to clean the loading dock.This means that the parties' contract

Correct AnswerverifiedShow Answer

Some promises are not legally binding.

Correct AnswerverifiedTrue

Correct AnswerverifiedAn express contract is one in which the ...View AnswerShow Answer

When Jeff's car breaks down,he asks Kwik Tow,Inc. ,to tow it from its location to Loyal Repair Shop.There is no discussion of a price,and Jeff and Kwik do not sign any documents.After the tow,Kwik sends Jeff a bill.With respect to Jeff's obligation to pay the bill,this is

Correct AnswerverifiedShow Answer

Resolving whether a promise should be enforced is a function of contract law.

Correct AnswerverifiedShow Answer

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option.If she elects to avoid any duty to perform under the contract

Correct AnswerverifiedShow Answer

A quasi contract is a fictional contract.

Correct AnswerverifiedShow Answer

Diaz and Cuzco enter an express contract for the construction of a warehouse.Express contract terms are given,in relation to the parties' course of performance,

Correct AnswerverifiedShow Answer

The doctrine of quasi contract can be used only when there is an actual con?tract that covers the matter in controversy.

Correct AnswerverifiedShow Answer

Mia,a physician,renders aid to Noel,who is injured and unconscious.Mia can recover the cost of the aid from Noel

Correct AnswerverifiedShow Answer

"Consideration" refers to the voluntary consent of all of the parties to a contract.

Correct AnswerverifiedShow Answer

An implied contract is not an actual contract.

Correct AnswerverifiedFalse

The intention to enter into a con?tract is judged by outward,objective facts as interpreted by a reasonable person.

Correct AnswerverifiedShow Answer

A reasonable,lawful,and effective meaning will normally be given to all of a contract's terms.

Correct AnswerverifiedShow Answer

On Monday,Neil tells Outdoor Landscaping,Inc. ,that he will pay Outdoor $500 if a variety of tasks are completed by Friday.On Wednesday,when Outdoor is more than half done with the work,Neil says that he has changed his mind.Under the present-day view,these parties had

Correct AnswerverifiedShow Answer

Crosby believes that he and Dakota agreed he would act as her personal sports trainer for seven workout sessions.In a later dispute,the existence of any contract can be judged by

Correct AnswerverifiedShow Answer

Holiday Sales Company and Global Distributors,Inc. ,enter into a contract for the delivery of imported specialty goods.Until the goods are delivered and paid for,these parties have

Correct AnswerverifiedShow Answer

Flo tells Gregor that she will buy his textbook from last semester for $65.Gregor agrees.Flo and Gregor have

Correct AnswerverifiedShow Answer

Clay offers to pay Dorianne $50 for a golf lesson for Estee.They agree to meet the day after tomorrow to exchange the cash for the lesson.These parties have

Correct AnswerverifiedA

If a voidable contract is ratified,the parties must fully perform their respective legal obligations.

Correct AnswerverifiedShow Answer

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True

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An express contract is one in which the ...
View Answer

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False

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A

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