BUL 5810 Exam 3 Questions and
Answers 100% Pass
Most contracts are governed primarily by State ___________ ______, including contracts
involving employment, services, insurance, real property (land and anything attached
to it), patents, and copyrights. - ✔✔common law
Article 2 of the UCC governs the: - ✔✔sale of goods
"Sale" is defined as: - ✔✔the transfer of title from seller to buyer.
Goods are defined as: - ✔✔tangible personal property (personal property is all property
other than an interest in land)
International Contracts involve additional issues beyond those in domestic contracts,
such as: - ✔✔differences in language, legal systems, and currency.
T or F: The United Nations Convention on Contracts for the International Sales of
Goods (CISG) governs all contracts for international sales of goods between parties
located in different nations that have ratified the CISG. - ✔✔True
What is a contract? - ✔✔A binding agreement that the courts will enforce.
Failure to perform a contractual obligation properly is known as a: - ✔✔breach
The parties to a contract must manifest by words or conduct that they have agreed to
enter into a contract; this is known as: - ✔✔Mutual Assent
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, Each party to a contract must intentionally exchange a legal benefit or incur a legal
detriment as an inducement to the other party to make a return exchange; this is
according to the principle of: - ✔✔consideration.
T or F: The purpose of a contract may be criminal, tortious, or otherwise against public
policy. - ✔✔False
The parties to a contract must have contractual ________________. - ✔✔capacity
An express contract is: - ✔✔an agreement that is stated in words, either orally or in
writing.
An implied (in fact) contract is: - ✔✔a contract in which the agreement of the parties is
inferred from their conduct.
A contract in which both parties exchange promises is called a: - ✔✔bilateral contract
A contract in which only one party makes a promise, and that promise is exchanged for
an act or a forbearance to act, is called a: - ✔✔unilateral contract
A valid contract is one that: - ✔✔meets all of the requirements of a binding contract.
A void contract is no contract at all and has no: - ✔✔legal effect
A contract capable of being made void is known as: - ✔✔voidable
A contract for the breach of which the law provides no remedy is a(n): -
✔✔unenforceable contract
An executed contract: - ✔✔is a contract that has been fully performed by all of the
parties.
A contract that has yet to be fully performed is a(n): - ✔✔executory contract
COPYRIGHT © 2025 BY BRITTIE DONALD, ALL RIGHTS RESERVED 2
Answers 100% Pass
Most contracts are governed primarily by State ___________ ______, including contracts
involving employment, services, insurance, real property (land and anything attached
to it), patents, and copyrights. - ✔✔common law
Article 2 of the UCC governs the: - ✔✔sale of goods
"Sale" is defined as: - ✔✔the transfer of title from seller to buyer.
Goods are defined as: - ✔✔tangible personal property (personal property is all property
other than an interest in land)
International Contracts involve additional issues beyond those in domestic contracts,
such as: - ✔✔differences in language, legal systems, and currency.
T or F: The United Nations Convention on Contracts for the International Sales of
Goods (CISG) governs all contracts for international sales of goods between parties
located in different nations that have ratified the CISG. - ✔✔True
What is a contract? - ✔✔A binding agreement that the courts will enforce.
Failure to perform a contractual obligation properly is known as a: - ✔✔breach
The parties to a contract must manifest by words or conduct that they have agreed to
enter into a contract; this is known as: - ✔✔Mutual Assent
COPYRIGHT © 2025 BY BRITTIE DONALD, ALL RIGHTS RESERVED 1
, Each party to a contract must intentionally exchange a legal benefit or incur a legal
detriment as an inducement to the other party to make a return exchange; this is
according to the principle of: - ✔✔consideration.
T or F: The purpose of a contract may be criminal, tortious, or otherwise against public
policy. - ✔✔False
The parties to a contract must have contractual ________________. - ✔✔capacity
An express contract is: - ✔✔an agreement that is stated in words, either orally or in
writing.
An implied (in fact) contract is: - ✔✔a contract in which the agreement of the parties is
inferred from their conduct.
A contract in which both parties exchange promises is called a: - ✔✔bilateral contract
A contract in which only one party makes a promise, and that promise is exchanged for
an act or a forbearance to act, is called a: - ✔✔unilateral contract
A valid contract is one that: - ✔✔meets all of the requirements of a binding contract.
A void contract is no contract at all and has no: - ✔✔legal effect
A contract capable of being made void is known as: - ✔✔voidable
A contract for the breach of which the law provides no remedy is a(n): -
✔✔unenforceable contract
An executed contract: - ✔✔is a contract that has been fully performed by all of the
parties.
A contract that has yet to be fully performed is a(n): - ✔✔executory contract
COPYRIGHT © 2025 BY BRITTIE DONALD, ALL RIGHTS RESERVED 2
