LES 305 Test 2, LES 305 Exam 2 Study
Guide Clark UPDATED ACTUAL
Questions and CORRECT Answers
A complete and well-written contract should contain all of the following except - CORRECT
ANSWER - Philosophy (Termination conditions
Clauses
Definitions)
Bill is a very skilled attorney with a very strong background in Latin. Therefore, when he writes
contracts for his clients, he uses as much legalese and Latin legal terminology as possible. Which
statement below is correct? - CORRECT ANSWER - Whenever possible, an attorney
should avoid legalese and instead use plain-English to make contracts easier to understand
The four required elements of a contract are - CORRECT ANSWER - Mutual assent,
consideration, capacity and legal purpose
When the reason and outcome of a contract are legal, the contract has - CORRECT
ANSWER - legal purpose
A professor tells a student that if she writes a 5,000-word paper on the evils of plagiarism by
May 13, he will pay her $750. Which of the following is true? - CORRECT ANSWER -
The offer is for a unilateral contract.
Evan promises to pay Joseph $100.00 if he does not swear for the entire weekend. This is an
example of a __________ contract. - CORRECT ANSWER - Unilateral
__________ is a medieval European law established a uniform and unbiased system for deciding
commercial disputes across borders and political boundaries. - CORRECT ANSWER -
The Lex Meracatoria
,In general, contracts for the sale of goods are governed by: - CORRECT ANSWER - state
statutory law based on the Uniform Commercial Code.
Eduardo emails Skyler "Hey, I will sell you my Business Law text for $50.00." Skyler
immediately responds, "$50??!! Cool! YES!" This example illustrates what concept of contract
formation? - CORRECT ANSWER - Meeting of the minds
All of the following are required for promissory estoppel except - CORRECT ANSWER -
The offeree was a minor (The offeree actually relied on the promise and suffered an injury.
The reliance was reasonably foreseeable.
The offeror makes a reasonable offer.)
In order to have mutual assent, there must be - CORRECT ANSWER - An offer and an
acceptance that is the precise mirror image of the offer
Morgan downloads some software for a video gaming system. She does not click "I agree" and
the terms are posted only in a link at the bottom of the page. By completing the download she
agrees to the terms in what type of agreement. - CORRECT ANSWER - Browse-Wrap
According to the mailbox rule, an acceptance if effective - CORRECT ANSWER - when
dispatched by the offeree in a commercially reasonable manner.
Gabrielle, a 19 year old college freshman, promises not to drink any alcohol while she is away at
college in exchange for her parents' promise to pay for her tuition. Is there consideration? -
CORRECT ANSWER - No because Gabrielle is not giving up something of legal value as
she is under 21 years.
Aimee and Claire both own their own bakeries in Edwardsville. They both agree with each other
to sell their cupcakes for $5.00. Is this contract enforceable? - CORRECT ANSWER - No
as it is a restraint on trade which is against public policy.
, 16 year old Grace agrees to quit school to work for Andrew in his flower shop full-time. When
Grace's mom finds out what she has done, she orders her to tell Andrew that she will quit the job.
This is called - CORRECT ANSWER - Disaffirmance
Tom is late for a class and tells his friend Shameem that he will pay her $100.00 to drive 20
miles over the speed limit so that he can make it to class on time. Is there a contract? -
CORRECT ANSWER - No as an agreement to violate a statue is illegal and void
Mandy, a minor, disaffirms an agreement to purchase a car from Jamie, an adult, for $1000.00.
Must Mandy give back the car? - CORRECT ANSWER - Yes in order to disaffirm it, the
minor must return whatever consideration received.
Dottie, 15 years old, purchases a pint of milk and drinks it all. While she is not old enough to
have contractual capacity, under what theory would she be held liable for this item that is
necessary for her health and welfare? - CORRECT ANSWER - Necessaries
The requirement that both the subject matter and performance of a contract must be legal is
called - CORRECT ANSWER - Legality
Consent defects include all of the following except - CORRECT ANSWER - Unwiseness
(Unconscionability
Misrepresentation
Fraud)
When one person has more or better information than the other is an example of - CORRECT
ANSWER - Information asymmetry
Fraudulent misrepresentation requires - CORRECT ANSWER - Scienter
In general, when dealing with an adhesion contract, courts will - CORRECT ANSWER -
Assume that the non-drafter had no real opportunity to bargain for the terms
Guide Clark UPDATED ACTUAL
Questions and CORRECT Answers
A complete and well-written contract should contain all of the following except - CORRECT
ANSWER - Philosophy (Termination conditions
Clauses
Definitions)
Bill is a very skilled attorney with a very strong background in Latin. Therefore, when he writes
contracts for his clients, he uses as much legalese and Latin legal terminology as possible. Which
statement below is correct? - CORRECT ANSWER - Whenever possible, an attorney
should avoid legalese and instead use plain-English to make contracts easier to understand
The four required elements of a contract are - CORRECT ANSWER - Mutual assent,
consideration, capacity and legal purpose
When the reason and outcome of a contract are legal, the contract has - CORRECT
ANSWER - legal purpose
A professor tells a student that if she writes a 5,000-word paper on the evils of plagiarism by
May 13, he will pay her $750. Which of the following is true? - CORRECT ANSWER -
The offer is for a unilateral contract.
Evan promises to pay Joseph $100.00 if he does not swear for the entire weekend. This is an
example of a __________ contract. - CORRECT ANSWER - Unilateral
__________ is a medieval European law established a uniform and unbiased system for deciding
commercial disputes across borders and political boundaries. - CORRECT ANSWER -
The Lex Meracatoria
,In general, contracts for the sale of goods are governed by: - CORRECT ANSWER - state
statutory law based on the Uniform Commercial Code.
Eduardo emails Skyler "Hey, I will sell you my Business Law text for $50.00." Skyler
immediately responds, "$50??!! Cool! YES!" This example illustrates what concept of contract
formation? - CORRECT ANSWER - Meeting of the minds
All of the following are required for promissory estoppel except - CORRECT ANSWER -
The offeree was a minor (The offeree actually relied on the promise and suffered an injury.
The reliance was reasonably foreseeable.
The offeror makes a reasonable offer.)
In order to have mutual assent, there must be - CORRECT ANSWER - An offer and an
acceptance that is the precise mirror image of the offer
Morgan downloads some software for a video gaming system. She does not click "I agree" and
the terms are posted only in a link at the bottom of the page. By completing the download she
agrees to the terms in what type of agreement. - CORRECT ANSWER - Browse-Wrap
According to the mailbox rule, an acceptance if effective - CORRECT ANSWER - when
dispatched by the offeree in a commercially reasonable manner.
Gabrielle, a 19 year old college freshman, promises not to drink any alcohol while she is away at
college in exchange for her parents' promise to pay for her tuition. Is there consideration? -
CORRECT ANSWER - No because Gabrielle is not giving up something of legal value as
she is under 21 years.
Aimee and Claire both own their own bakeries in Edwardsville. They both agree with each other
to sell their cupcakes for $5.00. Is this contract enforceable? - CORRECT ANSWER - No
as it is a restraint on trade which is against public policy.
, 16 year old Grace agrees to quit school to work for Andrew in his flower shop full-time. When
Grace's mom finds out what she has done, she orders her to tell Andrew that she will quit the job.
This is called - CORRECT ANSWER - Disaffirmance
Tom is late for a class and tells his friend Shameem that he will pay her $100.00 to drive 20
miles over the speed limit so that he can make it to class on time. Is there a contract? -
CORRECT ANSWER - No as an agreement to violate a statue is illegal and void
Mandy, a minor, disaffirms an agreement to purchase a car from Jamie, an adult, for $1000.00.
Must Mandy give back the car? - CORRECT ANSWER - Yes in order to disaffirm it, the
minor must return whatever consideration received.
Dottie, 15 years old, purchases a pint of milk and drinks it all. While she is not old enough to
have contractual capacity, under what theory would she be held liable for this item that is
necessary for her health and welfare? - CORRECT ANSWER - Necessaries
The requirement that both the subject matter and performance of a contract must be legal is
called - CORRECT ANSWER - Legality
Consent defects include all of the following except - CORRECT ANSWER - Unwiseness
(Unconscionability
Misrepresentation
Fraud)
When one person has more or better information than the other is an example of - CORRECT
ANSWER - Information asymmetry
Fraudulent misrepresentation requires - CORRECT ANSWER - Scienter
In general, when dealing with an adhesion contract, courts will - CORRECT ANSWER -
Assume that the non-drafter had no real opportunity to bargain for the terms
