BLAW 310 FINAL EXAM QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
1. Some promises are not legally binding.: true
2. In contract law, intent is determined by the personal or subjective intent, or
belief, of a party.: false
3. In contract law, the term consideration refers to the serious thought that
underlies a party's intent to enter into a contract.: false
4. The element of bargained-for exchange distinguishes contracts from gifts.: -
true
5. A contract entered into by a minor is voidable at the option of either of the
contracting parties.: false
6. A contract entered into by an intoxicated person is never valid.: false
7. Every state has a statute that stipulates what types of contracts must be in
writing.: true
8. The writing requirement under the Statute of Frauds means that an agree-
ment must be a formal written contract.: false
9. A bilateral contract comes into existence at the moment promises are ex-
changed.: true
10. An executed contract is one that has been fully performed.: true
11. If a voidable contract is ratified, the parties must fully perform their respec-
tive legal obligations.: true
12. A statement of future intent—"I plan to sell my car"—is an offer.:
13. An advertisement—"we buy gold"—is an offer.: false
14. A counteroffer is a rejection of the original offer and the simultaneous
,making of a new offer.: true
15. An acceptance that changes the terms of the original offer may be consid-
ered a counteroffer.: true
16. An acceptance sent by means not expressly or impliedly authorized is
not effective until it is received.: true
17. An e-contract must meet basic requirements that are different from those
required of a paper contract.: false
18. In certain circumstances, bargains are so oppressive that the courts relieve
innocent parties of part or all of their duties.: true
,19. Lucy agrees to work for Mung Manufacturing, Ltd., as a Chinese/ English/
French translator. In determining whether a contract has been formed, an
element of prime importance is
a. the parties' intent.
b. Mung's base of operations.
c. the duration of the work.
d. Lucy's language capabilities.: a. the parties' intent.
20. Cellphones & Calltime, Inc., makes an offer to Delores to enter into a contract
to work as a salesperson for a certain base salary plus commission for ninety
days subject to a one-year renewal based on her performance. Delores accepts
the offer. A valid contract requires
a. a price and a subject.
b. a duration and termination provision.
c. an offer and an acceptance.
d. specific quality standards.: c. an otter and an acceptance.
21. Omar asserts that a deal he entered into with Patty to sponsor and host
a motivational conference for independent sales representatives is an unen-
forceable contract. Defenses to the enforcement of a contract include
a. a desire not to perform.
b. insufficient capital.
c. preliminary indications of unsatisfactory results.
d. the lack of a party's voluntary consent.: d. the lack of a party's voluntary consent.
, 22. Henry promises not to open his Hank's Lunchbox Café before 10:00 A. M.
if Isis, who owns Isis's Danish & Donuts next door, promises to close by 4:00 P. M.
Henry's consideration is
a. the destruction of a legal relationship.
b. the creation of a legal relationship.
ACCURATE ANSWERS
1. Some promises are not legally binding.: true
2. In contract law, intent is determined by the personal or subjective intent, or
belief, of a party.: false
3. In contract law, the term consideration refers to the serious thought that
underlies a party's intent to enter into a contract.: false
4. The element of bargained-for exchange distinguishes contracts from gifts.: -
true
5. A contract entered into by a minor is voidable at the option of either of the
contracting parties.: false
6. A contract entered into by an intoxicated person is never valid.: false
7. Every state has a statute that stipulates what types of contracts must be in
writing.: true
8. The writing requirement under the Statute of Frauds means that an agree-
ment must be a formal written contract.: false
9. A bilateral contract comes into existence at the moment promises are ex-
changed.: true
10. An executed contract is one that has been fully performed.: true
11. If a voidable contract is ratified, the parties must fully perform their respec-
tive legal obligations.: true
12. A statement of future intent—"I plan to sell my car"—is an offer.:
13. An advertisement—"we buy gold"—is an offer.: false
14. A counteroffer is a rejection of the original offer and the simultaneous
,making of a new offer.: true
15. An acceptance that changes the terms of the original offer may be consid-
ered a counteroffer.: true
16. An acceptance sent by means not expressly or impliedly authorized is
not effective until it is received.: true
17. An e-contract must meet basic requirements that are different from those
required of a paper contract.: false
18. In certain circumstances, bargains are so oppressive that the courts relieve
innocent parties of part or all of their duties.: true
,19. Lucy agrees to work for Mung Manufacturing, Ltd., as a Chinese/ English/
French translator. In determining whether a contract has been formed, an
element of prime importance is
a. the parties' intent.
b. Mung's base of operations.
c. the duration of the work.
d. Lucy's language capabilities.: a. the parties' intent.
20. Cellphones & Calltime, Inc., makes an offer to Delores to enter into a contract
to work as a salesperson for a certain base salary plus commission for ninety
days subject to a one-year renewal based on her performance. Delores accepts
the offer. A valid contract requires
a. a price and a subject.
b. a duration and termination provision.
c. an offer and an acceptance.
d. specific quality standards.: c. an otter and an acceptance.
21. Omar asserts that a deal he entered into with Patty to sponsor and host
a motivational conference for independent sales representatives is an unen-
forceable contract. Defenses to the enforcement of a contract include
a. a desire not to perform.
b. insufficient capital.
c. preliminary indications of unsatisfactory results.
d. the lack of a party's voluntary consent.: d. the lack of a party's voluntary consent.
, 22. Henry promises not to open his Hank's Lunchbox Café before 10:00 A. M.
if Isis, who owns Isis's Danish & Donuts next door, promises to close by 4:00 P. M.
Henry's consideration is
a. the destruction of a legal relationship.
b. the creation of a legal relationship.
