Question 1

A n express contract is stated in words, oral or written.

Accepted Answer

A) True 
 B)False

Question 2

Jan tells Lee she will give him her old car if he babysits her son Mark weekday evenings for six months. Lee agrees. Jan and Lee have formed

Accepted Answer

A)   a bilateral contract.
B)   a unilateral contract.
C)   a void contract.
D)   an unenforceable contract.

Question 3

A unilateral contract comes into existence at the moment promises are exchanged.

Accepted Answer

A) True 
 B)False

Question 4

Some contracts must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 5

A n unenforceable contract is one that cannot be enforced because of certain legal defenses against it.

Accepted Answer

A) True 
 B)False

Question 6

Foster promises to buy Gideon's trumpet for $75. Gideon is

Accepted Answer

A)   an offeree.
B)   an offeror.
C)   a promisee.
D)   a promisor.

Question 7

The term consideration refers to the apparent voluntary consent of the parties to contract.

Accepted Answer

A) True 
 B)False

Question 8

A declaration that something will happen in the future is a promise .

Accepted Answer

A) True 
 B)False

Question 9

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have

Accepted Answer

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

Question 10

In contract law, intent is determined by the subjective theory of contracts.

Accepted Answer

A) True 
 B)False

Question 11

Failure to perform a moral obligation usually creates legal liability.

Accepted Answer

A) True 
 B)False

Question 12

Informal contracts are usually based on their substance rather than their form.

Accepted Answer

A) True 
 B)False

Question 13

Alyssa hires Bret to mow Alyssa's lawn every Friday. Although they do not discuss the terms of payment, after each of the first three Friday mows, Alyssa pays Bret on Saturday. The payment term is

Accepted Answer

A)   express.
B)   implied.
C)   quasi.
D)   non-existent.

Question 14

If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.

Accepted Answer

A) True 
 B)False

Question 15

A letter-of-credit agreement between Rural Feed Corporation and Soy Farms Inc. requires Rural's bank to pay Soy on receipt of invoices. This is

Accepted Answer

A)   a formal contract.
B)   an informal contract.
C)   an implied contract.
D)   a quasi contract.

Question 16

E-contracts require the same basic requirements as valid paper contracts.

Accepted Answer

A) True 
 B)False

Question 17

A bilateral contract is a promise for a promise.

Accepted Answer

A) True 
 B)False

Question 18

A contract that has been fully performed by the parties is an executory contract .

Accepted Answer

A) True 
 B)False

Question 19

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. 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 20

The party making a promise is the promisor .

Accepted Answer

A) True 
 B)False

Exam 8: Introduction to Contracts

Jan tells Lee she will give him her old car if he babysits her son Mark weekday evenings for six months. Lee agrees. Jan and Lee have formed

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. These parties had

Correct AnswerverifiedShow Answer

Informal contracts are usually based on their substance rather than their form.

Correct AnswerverifiedShow Answer

In contract law, intent is determined by the subjective theory of contracts.

Correct AnswerverifiedShow Answer

The term consideration refers to the apparent voluntary consent of the parties to contract.

Correct AnswerverifiedShow Answer

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have

Correct AnswerverifiedShow Answer

E-contracts require the same basic requirements as valid paper contracts.

Correct AnswerverifiedShow Answer

Some contracts must be in writing to be enforceable.

Correct AnswerverifiedShow Answer

A contract that has been fully performed by the parties is an executory contract .

Correct AnswerverifiedShow Answer

Foster promises to buy Gideon's trumpet for $75. Gideon is

Correct AnswerverifiedShow Answer

A n unenforceable contract is one that cannot be enforced because of certain legal defenses against it.

Correct AnswerverifiedShow Answer

A n express contract is stated in words, oral or written.

Correct AnswerverifiedShow Answer

A declaration that something will happen in the future is a promise .

Correct AnswerverifiedShow Answer

The party making a promise is the promisor .

Correct AnswerverifiedShow Answer

Failure to perform a moral obligation usually creates legal liability.

Correct AnswerverifiedShow Answer

If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.

Correct AnswerverifiedShow Answer

Alyssa hires Bret to mow Alyssa's lawn every Friday. Although they do not discuss the terms of payment, after each of the first three Friday mows, Alyssa pays Bret on Saturday. The payment term is

Correct AnswerverifiedShow Answer

A bilateral contract is a promise for a promise.

Correct AnswerverifiedShow Answer

A unilateral contract comes into existence at the moment promises are exchanged.

Correct AnswerverifiedShow Answer

A letter-of-credit agreement between Rural Feed Corporation and Soy Farms Inc. requires Rural's bank to pay Soy on receipt of invoices. This is

Correct AnswerverifiedShow Answer

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