Question 1

One of the requirements of a valid contract is an adequate price.

Accepted Answer

A) True 
 B)False

Question 2

The term consideration refers to the legality of the subject matter of a contract.

Accepted Answer

A) True 
 B)False

Question 3

An implied contract is not an actual contract.

Accepted Answer

A) True 
 B)False  False

Question 4

An offer may not be revoked before it is accepted.

Accepted Answer

A) True 
 B)False

Question 5

Jessie,a nurse practitioner,renders aid to Kruz,who is injured and unconscious. Jessie can recover the cost of the aid from Kruz

Accepted Answer

A)  on a quasi contract theory.
B)  only if Kruz recovers because of the aid.
C)  only if Kruz was aware of the aid.
D)  under no circumstances.E) A) and B)
F) A) and C)

Question 6

A quasi contract is a fictional contract.

Accepted Answer

A) True 
 B)False

Question 7

A unilateral contract is formed at the moment when the contract is performed.

Accepted Answer

A) True 
 B)False

Question 8

Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule,if the contract's writing is clear and unequivocal,the meaning of the terms must be determined from

Accepted Answer

A)  only evidence not contained in the document.
B)  any relevant extrinsic evidence.
C)  only the face of the instrument.
D)  the later testimony of the parties.E) None of the above
F) C) and D)

Question 9

Omar asserts that a deal he entered into with Patty to sponsor and host a motivational conference for independent sales representatives is an unenforce-able contract. Defenses to the enforcement of a contract include

Accepted Answer

A)  a desire not to perform.
B)  insufficient capital.
C)  preliminary indications of unsatisfactory results.
D)  the lack of a party's voluntary consent.E) None of the above
F) A) and D)

Question 10

A promise is a declaration that something will or will not happen in the future.

Accepted Answer

A) True 
 B)False

Question 11

Smith & Jones,Accountants,agrees to perform an audit for Brick & Mortar Stores,Inc. Whether or not this agreement meets all of the requirements of a contract,the parties are likely to follow the rules of contract law because they

Accepted Answer

A)  want to avoid potential disputes.
B)  are conscious of those rules.
C)  arenot conscious of those rules.
D)  have a moral obligation to do so.E) A) and B)
F) C) and D)

Question 12

An unenforceable contract is one that cannot be enforced because of cer-tain legal defenses against it.

Accepted Answer

A) True 
 B)False

Question 13

In an express contract,the terms are fully and explicitly stated in words.

Accepted Answer

A) True 
 B)False

Question 14

A quasi contract is not enforceable by a court.

Accepted Answer

A) True 
 B)False

Question 15

Clay offers to pay Dot $50 for a golf lesson for Eula. 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.E) All of the above
F) A) and D)

Question 16

Home & Barn Construction,Inc.,contracts with Idyll Farms to build a new dairy barn on Idyll's property for which Idyll agrees to pay.The elements of this,and any other,contract include

Accepted Answer

A)  the parties' capability.
B)  consideration.
C)  necessity of purpose.
D)  theprice.E) B) and C)
F) A) and D) B

Question 17

GR8 Marketing Company and Brainfreeze Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Brainfreeze,which agrees to pay GR8 for the service. GR8 and Brainfreeze have

Accepted Answer

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

Question 18

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.E) C) and D)
F) All of the above

Question 19

Contract law assures the parties to private agreements that the promises they make will be enforceable.

Accepted Answer

A) True 
 B)False

Question 20

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)  aquasi contract when Neil said that he would pay for certain work.
C)  aunilateral contract as soon as Outdoor began to perform.
D)  no contract.E) A) and D)
F) None of the above

Exam 10: Nature and Classification

One of the requirements of a valid contract is an adequate price.

Correct AnswerverifiedShow Answer

The term consideration refers to the legality of the subject matter of a contract.

Correct AnswerverifiedShow Answer

An implied contract is not an actual contract.

Correct AnswerverifiedFalse

An offer may not be revoked before it is accepted.

Correct AnswerverifiedShow Answer

Jessie,a nurse practitioner,renders aid to Kruz,who is injured and unconscious. Jessie can recover the cost of the aid from Kruz

Correct AnswerverifiedShow Answer

A quasi contract is a fictional contract.

Correct AnswerverifiedShow Answer

A unilateral contract is formed at the moment when the contract is performed.

Correct AnswerverifiedShow Answer

Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule,if the contract's writing is clear and unequivocal,the meaning of the terms must be determined from

Correct AnswerverifiedShow Answer

Omar asserts that a deal he entered into with Patty to sponsor and host a motivational conference for independent sales representatives is an unenforce-able contract. Defenses to the enforcement of a contract include

Correct AnswerverifiedShow Answer

A promise is a declaration that something will or will not happen in the future.

Correct AnswerverifiedShow Answer

Smith & Jones,Accountants,agrees to perform an audit for Brick & Mortar Stores,Inc. Whether or not this agreement meets all of the requirements of a contract,the parties are likely to follow the rules of contract law because they

Correct AnswerverifiedShow Answer

An unenforceable contract is one that cannot be enforced because of cer-tain legal defenses against it.

Correct AnswerverifiedShow Answer

In an express contract,the terms are fully and explicitly stated in words.

Correct AnswerverifiedShow Answer

A quasi contract is not enforceable by a court.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Home & Barn Construction,Inc.,contracts with Idyll Farms to build a new dairy barn on Idyll's property for which Idyll agrees to pay.The elements of this,and any other,contract include

Correct AnswerverifiedB

GR8 Marketing Company and Brainfreeze Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Brainfreeze,which agrees to pay GR8 for the service. GR8 and Brainfreeze have

Correct AnswerverifiedB

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

Contract law assures the parties to private agreements that the promises they make will be enforceable.

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

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B

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B

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