Question 1

In an auction ________,the seller is treated as making an offer to accept the highest bid.

Accepted Answer

A)  for the sale of real estate
B)  for the sale of personal property
C)  without reserve
D)  with reserve
E)  per seF) A) and B)
G) B) and D)

Question 2

The mailbox rule provides that an acceptance is valid when it is received by the offeror.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following refers to the right of an offeror to revoke his offer,even if the offeror says he will hold the offer open for a stated period of time?

Accepted Answer

A)  The offeror is the "originator of his offer."
B)  The offeror is the "master of his offer."
C)  The offeror is the "proponent of his offer."
D)  The offeror is the "adjudicator of his offer."
E)  The offeror is the "arbiter of his offer."F) A) and B)
G) A) and D)

Question 4

An offeror is the party making an offer and the offeree is the party receiving the offer.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following modifies the mirror-image rule?

Accepted Answer

A)  The Uniform Contracts Code.
B)  The Uniform Commercial Code.
C)  The Restatement of Contracts,Second.
D)  The International Business Code.
E)  The International Commercial Code.F) D) and E)
G) A) and B)

Question 6

The Restatement of the Law Second,Contracts is not actually the law itself,so judges rarely cite it in cases since it is not an authoritative statement of what the law is.

Accepted Answer

A) True 
 B)False

Question 7

Consideration is defined as ________.

Accepted Answer

A)  being cordial in the negotiation of contracts
B)  refraining from unethical behavior in the negotiation of contracts
C)  being both cordial and refraining from unethical behavior in the negotiation of contracts
D)  a bargained-for exchange
E)  a contract negotiated in person rather than by telephone or e-mailF) A) and B)
G) B) and D)

Question 8

A ________ is an agreement by the person who issues the letter to pay a sum of money on receipt of an invoice and other documents.

Accepted Answer

A)  commercial bond
B)  letter of credit
C)  letter of acknowledgement
D)  negotiated credit instrument
E)  recognizanceF) A) and D)
G) C) and D)

Question 9

The term ________ 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
B)  implied-in-law
C)  under wax
D)  under seal
E)  in the King's handF) A) and B)
G) D) and E)

Question 10

Which of the following are examples of people who do not have the capacity to enter into legally binding contracts?

Accepted Answer

A)  Those over the age of majority and those suffering from a mental illness.
B)  People suffering from physical illness and intoxicated persons.
C)  Intoxicated persons and those over the age of majority.
D)  Those under the age of 21 and those over the age of 70.
E)  People under the age of majority,people suffering from mental illness,and intoxicated persons.F) B) and E)
G) None of the above

Question 11

Wrong Deck.Penny hires Jackson to paint the back deck on her house.She agrees to pay him $200 for the job and he accepts,sight unseen.They enter into the agreement on Tuesday,and he is to paint the deck on Saturday.When Jackson arrives,neither Penny nor her neighbor is at home.He mistakenly paints the neighbor's deck.Penny calls him the next day and asks him why he did not paint her deck.He informs her that he did paint the deck.It is then realized that he mistakenly painted the neighbor's deck.Penny tells him not to worry because the neighbor will be required to pay him.Jackson says that if the neighbor does not pay,he expects all of his funds from Penny.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 E)
G) B) and C)

Question 12

The ________ terms of an offer and a resulting contract are those terms that would allow a court to determine what the damages would be in the event that one of the parties breaches the contract.

Accepted Answer

A)  implied
B)  implied-in-law
C)  material
D)  equitable
E)  illusoryF) None of the above
G) A) and E)

Question 13

A bilateral contract is commonly defined as a promise in exchange for an act.

Accepted Answer

A) True 
 B)False

Question 14

If an acceptance is received after a rejection is received,the acceptance is not valid.

Accepted Answer

A) True 
 B)False

Question 15

Which element of a contract requires that the contract not be either illegal or against public policy?

Accepted Answer

A)  Consideration
B)  Contractual capacity
C)  Legal object
D)  Agreement
E)  Ethical litmus testF) B) and E)
G) A) and E)

Question 16

In 1952,the United States Congress enacted as federal law the Uniform Commercial Code (UCC).

Accepted Answer

A) True 
 B)False

Question 17

Which of the following describes a contract as "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)  The Restatement (Second) of Contracts
B)  The Uniform Contracts Code
C)  The United States Constitution
D)  The International Commercial Code
E)  The Restatement of TortsF) C) and D)
G) A) and C)

Question 18

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

Accepted Answer

A bilateral contract is commonly defined...

Question 19

How can an offer terminate?

Accepted Answer

A)  Only through the offeror's revocation of the offer.
B)  Only through the offeror's revocation of the offer,the offeree's rejection of the offer,or the offeree's counteroffer.
C)  Through the offeror's revocation of the offer,the offeree's rejection of the offer,or destruction of the subject matter of the offer.
D)  Through the offeror's revocation of the offer,but not before the offer is held open for five days.
E)  Through the offeror's revocation of the offer,but not before the offer is held open for seven days.F) B) and D)
G) B) and C)

Exam 9: Introduction to Contracts and Agreement

The Restatement of the Law Second,Contracts is not actually the law itself,so judges rarely cite it in cases since it is not an authoritative statement of what the law is.

Correct Answer
verified

Which of the following refers to the right of an offeror to revoke his offer,even if the offeror says he will hold the offer open for a stated period of time?

Correct Answer
verified

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

Correct Answer
verified

How can an offer terminate?

Correct Answer
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The ________ terms of an offer and a resulting contract are those terms that would allow a court to determine what the damages would be in the event that one of the parties breaches the contract.

Correct Answer
verified

A bilateral contract is commonly defined as a promise in exchange for an act.

Correct Answer
verified

Consideration is defined as ________.

Correct Answer
verified

If an acceptance is received after a rejection is received,the acceptance is not valid.

Correct Answer
verified

The mailbox rule provides that an acceptance is valid when it is received by the offeror.

Correct Answer
verified

In an auction ________,the seller is treated as making an offer to accept the highest bid.

Correct Answer
verified

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

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

Which of the following are examples of people who do not have the capacity to enter into legally binding contracts?

Correct Answer
verified

An offeror is the party making an offer and the offeree is the party receiving the offer.

Correct Answer
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Which of the following modifies the mirror-image rule?

Correct Answer
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Correct Answer
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A ________ is an agreement by the person who issues the letter to pay a sum of money on receipt of an invoice and other documents.

Correct Answer
verified

In 1952,the United States Congress enacted as federal law the Uniform Commercial Code (UCC).

Correct Answer
verified

Which of the following describes a contract as "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

Which element of a contract requires that the contract not be either illegal or against public policy?

Correct Answer
verified

Exam 9: Introduction to Contracts and Agreement

The Restatement of the Law Second,Contracts is not actually the law itself,so judges rarely cite it in cases since it is not an authoritative statement of what the law is.

Correct AnswerverifiedShow Answer

Which of the following refers to the right of an offeror to revoke his offer,even if the offeror says he will hold the offer open for a stated period of time?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

How can an offer terminate?

Correct AnswerverifiedShow Answer

The ________ terms of an offer and a resulting contract are those terms that would allow a court to determine what the damages would be in the event that one of the parties breaches the contract.

Correct AnswerverifiedShow Answer

A bilateral contract is commonly defined as a promise in exchange for an act.

Correct AnswerverifiedShow Answer

Consideration is defined as ________.

Correct AnswerverifiedShow Answer

If an acceptance is received after a rejection is received,the acceptance is not valid.

Correct AnswerverifiedShow Answer

The mailbox rule provides that an acceptance is valid when it is received by the offeror.

Correct AnswerverifiedShow Answer

In an auction ________,the seller is treated as making an offer to accept the highest bid.

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 are examples of people who do not have the capacity to enter into legally binding contracts?

Correct AnswerverifiedShow Answer

An offeror is the party making an offer and the offeree is the party receiving the offer.

Correct AnswerverifiedShow Answer

Which of the following modifies the mirror-image rule?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A ________ is an agreement by the person who issues the letter to pay a sum of money on receipt of an invoice and other documents.

Correct AnswerverifiedShow Answer

In 1952,the United States Congress enacted as federal law the Uniform Commercial Code (UCC).

Correct AnswerverifiedShow Answer

Which of the following describes a contract as "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

Which element of a contract requires that the contract not be either illegal or against public policy?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

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
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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