BLAW 2ND EXAM STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is a contract?
Answer:
Legally enforceable promises
Question:
2. Contracts for the sale of goods are governed by
common law.
Answer:
False
Question:
3. What is a covenant not to compete?
Answer:
It restricts what employees may do after leaving a company, and they often
dictate where, when, and with whom an employee may work
Question:
4. What is a void contract?
Answer:
A contract that is either illegal or has some defect so serious that it is not a
contract
Question:
5. What is not a main goal of the statue of frauds?
-to ensure that parties will not enter into contracts unless
they are all on the same page
-to prevent parties from entering into oral contracts
-to encourage individuals to have a "meeting of the
minds" when entering into contractual agreements
-to make contracting easier by requiring written
contracts
-to eliminate the possibility of "he said/she said" evidence
from complicating the meanings of contractual terms
Answer:
to prevent parties from entering into oral contracts
,Question:
6. Contracts with terms that make it impossible to be
completed within one year must be in writing in order to
be enforceable.
Answer:
True
Question:
7. Which of the following types of contracts would not
need to be in writing in order to be enforceable?
Answer:
An agreement to paint a house for $750
Question:
8. What is the rationale behind the parol evidence rule?
Answer:
to limit evidence that may contradict the written terms of a contract
Question:
9. Luella wants to sell her Webkinz collection to her friend
Blanch. Luella had her collection appraised for a value of
$300 and Blanch agreed to pay that price. Luella told
Blanche that she would deliver the collection to Blanch's
home. Luella is adamant that this contract for sale of her
Webkinz collection should be governed under common
law, however, Blanch is sure that it should be governed
under the Uniform Commercial Code ("UCC"). Who is
right?
Answer:
Blanch is correct because the UCC governs the sale of goods
Question:
10. Sean is selling his all-sports Mizzou season ticket pass to
his friend Timmy. Sean and Timmy meet at Kaldi's coffee
shop and Sean says, "Timmy, I am offering to sell you my
all-sports Mizzou season ticket pass to you for $200. You
must pay for it in cash. Do we have an agreement?"
Timmy replies by saying, "No, I already have an all-sports
Mizzou season ticket pass." What element of a contract is
missing from this scenario?
Answer:
Acceptance
, Question:
11. Once the offer is rejected, the offer is terminated.
Answer:
True
Question:
12. A counteroffer is an acceptance with caveats.
Answer:
False
Question:
13. Which is not an element of a valid offer?
-Communication to the offeror
-The intent to be bound by the accpetance
-Definite and certain terms
-Communication to the offeree
Answer:
Communication to the offeror
Question:
14. Contracts governed by the Uniform Commercial Code
generally require the acceptance to include a "mirror-
image" of the terms included in the offer.
Answer:
False
Question:
15. In determining intent to enter into a contract, the court
looks at the person's subjective manifestation of intent
and tries to interpret what they may have been secretly
thinking.
Answer:
False
Question:
16. What is the holding of Hamer v. Sidway?
Answer:
The plaintiff's promise to abandon his legal right to use tobacco and alcohol was
sufficient consideration to enforce the contract
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is a contract?
Answer:
Legally enforceable promises
Question:
2. Contracts for the sale of goods are governed by
common law.
Answer:
False
Question:
3. What is a covenant not to compete?
Answer:
It restricts what employees may do after leaving a company, and they often
dictate where, when, and with whom an employee may work
Question:
4. What is a void contract?
Answer:
A contract that is either illegal or has some defect so serious that it is not a
contract
Question:
5. What is not a main goal of the statue of frauds?
-to ensure that parties will not enter into contracts unless
they are all on the same page
-to prevent parties from entering into oral contracts
-to encourage individuals to have a "meeting of the
minds" when entering into contractual agreements
-to make contracting easier by requiring written
contracts
-to eliminate the possibility of "he said/she said" evidence
from complicating the meanings of contractual terms
Answer:
to prevent parties from entering into oral contracts
,Question:
6. Contracts with terms that make it impossible to be
completed within one year must be in writing in order to
be enforceable.
Answer:
True
Question:
7. Which of the following types of contracts would not
need to be in writing in order to be enforceable?
Answer:
An agreement to paint a house for $750
Question:
8. What is the rationale behind the parol evidence rule?
Answer:
to limit evidence that may contradict the written terms of a contract
Question:
9. Luella wants to sell her Webkinz collection to her friend
Blanch. Luella had her collection appraised for a value of
$300 and Blanch agreed to pay that price. Luella told
Blanche that she would deliver the collection to Blanch's
home. Luella is adamant that this contract for sale of her
Webkinz collection should be governed under common
law, however, Blanch is sure that it should be governed
under the Uniform Commercial Code ("UCC"). Who is
right?
Answer:
Blanch is correct because the UCC governs the sale of goods
Question:
10. Sean is selling his all-sports Mizzou season ticket pass to
his friend Timmy. Sean and Timmy meet at Kaldi's coffee
shop and Sean says, "Timmy, I am offering to sell you my
all-sports Mizzou season ticket pass to you for $200. You
must pay for it in cash. Do we have an agreement?"
Timmy replies by saying, "No, I already have an all-sports
Mizzou season ticket pass." What element of a contract is
missing from this scenario?
Answer:
Acceptance
, Question:
11. Once the offer is rejected, the offer is terminated.
Answer:
True
Question:
12. A counteroffer is an acceptance with caveats.
Answer:
False
Question:
13. Which is not an element of a valid offer?
-Communication to the offeror
-The intent to be bound by the accpetance
-Definite and certain terms
-Communication to the offeree
Answer:
Communication to the offeror
Question:
14. Contracts governed by the Uniform Commercial Code
generally require the acceptance to include a "mirror-
image" of the terms included in the offer.
Answer:
False
Question:
15. In determining intent to enter into a contract, the court
looks at the person's subjective manifestation of intent
and tries to interpret what they may have been secretly
thinking.
Answer:
False
Question:
16. What is the holding of Hamer v. Sidway?
Answer:
The plaintiff's promise to abandon his legal right to use tobacco and alcohol was
sufficient consideration to enforce the contract
