L201 Exam 2 BUSL 201 Indiana University-Bloomington | UPDATED
Questions with 100% Verified Answers
Question:
1) The essence of a contract is that it is a legally enforceable
promise or set of promises.
Answer:
TRUE
Question:
2) Contracts must always be in writing to be enforceable.
Answer:
FALSE
Question:
3) Generally, the terms of a standardized contract are
negotiable.
Answer:
FALSE
Question:
4) Not every promise is legally enforceable.
Answer:
TRUE
Question:
5) When contracting, one party is entering into an agreement
with the federal government to enforce behavior on another
party.
Answer:
FALSE
Question:
,6) Ms. White hired Mr. Blue to steal from Ms. Yellow. Ms. White
is upset with how everything turned out and wants to sue Mr.
Blue for breach of contract. But the court will refuse to
recognize the contract and subsequently a breach of it
because the contract is void.
Answer:
TRUE
Question:
7) Abby promises to pay Brian $50 if he mows her lawn. Brian
does not promise to mow Abby's lawn: however, later that day,
Brian completely and satisfactorily mowed Abby's lawn. This is
an example of a unilateral contract.
Answer:
TRUE
Question:
8) The mutual agreement necessary to create an express
contract must be evidenced by a writing.
Answer:
FALSE
Question:
9) Alan and Ben have a contract. Alan has performed 100
percent and Ben has performed 50 percent of it. This contract
is now executory.
Answer:
TRUE
Question:
10) A voidable contract creates no obligation and is not
enforceable by any party.
Answer:
,FALSE
Question:
11) If no Code rule applies to an issue regarding a sale of
goods contract, the common law rules apply.
Answer:
TRUE
Question:
12) The Uniform Commercial Code sufficiently addresses the
concerns that parties have when contracts are made to create
or distribute information.
Answer:
FALSE
Question:
13) Article 2 of the UCC never applies to mixed goods-
services contracts.
Answer:
FALSE
Question:
14) The UCC imposes a duty of good faith in the performance
and enforcement of every contract it covers.
Answer:
TRUE
Question:
15) The CISG applies only to sales of goods and commercial
parties.
Answer:
TRUE
Question:
, 16) Sometimes, Article 2 of the UCC holds merchants to
standards different from the standards it applies to
nonmerchants.
Answer:
TRUE
Question:
17) Pratt, an owner of an appliance store, has a garage sale at
his home where he sells old furniture and books. He sells a set
of books to his neighbor, Stacey. Pratt is considered a
merchant under Article 2 of the UCC in selling the books to
Stacey.
Answer:
FALSE
Question:
18) The rules promulgated by the Restatement (Second) of
Contracts often resemble the rules created by Article 2 of the
UCC.
Answer:
TRUE
Question:
19) Speaking generally, a quasi-contract applies where there
has been foreseeable reliance on an express promise.
Answer:
FALSE
Question:
20) Promissory estoppel protects reliance on a promise from
one party to another.
Answer:
TRUE
Questions with 100% Verified Answers
Question:
1) The essence of a contract is that it is a legally enforceable
promise or set of promises.
Answer:
TRUE
Question:
2) Contracts must always be in writing to be enforceable.
Answer:
FALSE
Question:
3) Generally, the terms of a standardized contract are
negotiable.
Answer:
FALSE
Question:
4) Not every promise is legally enforceable.
Answer:
TRUE
Question:
5) When contracting, one party is entering into an agreement
with the federal government to enforce behavior on another
party.
Answer:
FALSE
Question:
,6) Ms. White hired Mr. Blue to steal from Ms. Yellow. Ms. White
is upset with how everything turned out and wants to sue Mr.
Blue for breach of contract. But the court will refuse to
recognize the contract and subsequently a breach of it
because the contract is void.
Answer:
TRUE
Question:
7) Abby promises to pay Brian $50 if he mows her lawn. Brian
does not promise to mow Abby's lawn: however, later that day,
Brian completely and satisfactorily mowed Abby's lawn. This is
an example of a unilateral contract.
Answer:
TRUE
Question:
8) The mutual agreement necessary to create an express
contract must be evidenced by a writing.
Answer:
FALSE
Question:
9) Alan and Ben have a contract. Alan has performed 100
percent and Ben has performed 50 percent of it. This contract
is now executory.
Answer:
TRUE
Question:
10) A voidable contract creates no obligation and is not
enforceable by any party.
Answer:
,FALSE
Question:
11) If no Code rule applies to an issue regarding a sale of
goods contract, the common law rules apply.
Answer:
TRUE
Question:
12) The Uniform Commercial Code sufficiently addresses the
concerns that parties have when contracts are made to create
or distribute information.
Answer:
FALSE
Question:
13) Article 2 of the UCC never applies to mixed goods-
services contracts.
Answer:
FALSE
Question:
14) The UCC imposes a duty of good faith in the performance
and enforcement of every contract it covers.
Answer:
TRUE
Question:
15) The CISG applies only to sales of goods and commercial
parties.
Answer:
TRUE
Question:
, 16) Sometimes, Article 2 of the UCC holds merchants to
standards different from the standards it applies to
nonmerchants.
Answer:
TRUE
Question:
17) Pratt, an owner of an appliance store, has a garage sale at
his home where he sells old furniture and books. He sells a set
of books to his neighbor, Stacey. Pratt is considered a
merchant under Article 2 of the UCC in selling the books to
Stacey.
Answer:
FALSE
Question:
18) The rules promulgated by the Restatement (Second) of
Contracts often resemble the rules created by Article 2 of the
UCC.
Answer:
TRUE
Question:
19) Speaking generally, a quasi-contract applies where there
has been foreseeable reliance on an express promise.
Answer:
FALSE
Question:
20) Promissory estoppel protects reliance on a promise from
one party to another.
Answer:
TRUE
