BUL 5810 QUESTIONS AND ANSWERS
Contracts are primarily governed by the Uniform Commercial Code. - Answer -False
The difference between an express contract and an implied in fact contract is the
manner in
which assent is manifested. - Answer -True
A negotiable instrument, such as a check, is not a formal contract. - Answer -False
A quasi contract is another name for an oral contract. - Answer -False
"I promise to pay you $100 if you will promise to fix my car next month." This is an offer
for a
unilateral contract. - Answer -False
A contract for the sale of a copyright is governed by Article 2 of the Uniform Commercial
Code. - Answer -False
Maria posted several signs in the neighborhood offering $50 for the return of her lost
cat. Dave
calls to get a description of the cat and tells Maria, "I'll look for your cat." A contract is
formed by
Dave's call to Maria - Answer -False
Malaki has a contract to purchase a new smartphone. The law governing this contract is
Article 2
of the UCC. - Answer -True
All written contracts are considered to be formal contracts. - Answer -False
If a person who has been declared incompetent by the courts enters into an agreement,
that
agreement is void, because it does not meet all the requirements of a binding contract. -
Answer -True
A contract to sell five acres of land is governed by Article 2 of the UCC. - Answer -False
The Restatement is not law, but is highly persuasive in the courts. - Answer -True
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. - Answer -True
There are two principal types of contracts: commercial contracts between a business
and a
,customer and personal contracts between two individuals. - Answer -True
Quasi contract is another name for a contract that is implied in fact. - Answer -False
Article 2 of the Uniform Commercial Codes does not apply to the sale of services. -
Answer -True
The usual method of showing the mutual assent necessary to create a contract is by
offer and acceptance. - Answer -True
A valid contract is one that meets all of the requirements of a binding contract. - Answer
-True
The Restatement defines a contract as "a promise or set of promises for the breach of
which the
law gives a remedy, or the performance of which the law in some way recognizes as a
duty." - Answer -True
A non contractual promise may be enforceable where there has been justifiable reliance
on the promise. - Answer -True
Edie says to Jeff, "If you will mow my lawn, I will give you fifteen dollars." Under these
facts, no contract is formed until Jeff finishes mowing the lawn. - Answer -True
A contract to sell life insurance is covered by Article 2 of the Uniform Commercial Code.
- Answer -False
Alice makes a material misrepresentation of fact to Lila, and based upon the
misrepresentation, Lila enters into a contract. Lila now realizes she was deceived and
wants to get
out of the contract. This contract is voidable at Lila's option. - Answer -True
Ann makes a material misrepresentation of fact to Brian, and based upon the
misrepresentation,
Brian enters into a contract. Ann now thinks that the contract is not fair to her. This
contract is
voidable at Ann's option. - Answer -False
Mike, the owner of a yogurt shop, orders 500 quarts of yogurt from his supplier. Nothing,
however, is said by either party about the price or method of payment. The supplier
ships the yogurt
as ordered. Since this is a contract implied in fact, Mike must pay his supplier for the
yogurt. - Answer -True
Amendments to Article 2 of the UCC were promulgated in 2003 to reflect developments
in the
,law and business practices and to accommodate electronic commerce. - Answer -True
Common law relating to the formation of contracts has little relevance in the business
world
today. - Answer -False
An implied in fact contract is formed by the conduct. - Answer -True
Ron says to Matt, "If you design and landscape my front lawn by the time I return from
Paris
next month, I will pay you $5,000." Matt does not respond but has the landscaping done
by the time
Ron returns. This is an example of a unilateral contract. - Answer -True
If a contract is not clearly unilateral or bilateral, the courts presume that the parties
intended a
unilateral contract. - Answer -False
The Uniform Commercial Code would be applied in which of the following situations? -
Answer -D A contract to buy living room furniture
Lee has been declared incompetent by the court and is under the care of his sister.
Without his
sister's knowledge, Lee rents the 30,000-seat civic center for his birthday party. Lee's
contract to
rent the civic center is best described as a: - Answer -C void contract
A contract in which both parties exchange promises is a: - Answer -(B) bilateral
contract.
Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of
two
years. This contract is governed by: - Answer -B - state common law
Contract law: - Answer -(C) today usually recognizes contractual obligations whenever
the parties manifest an intent to be bound.
Any property other than an interest in real property is: - Answer -(B) personal property.
Contracts are governed primarily by: - Answer -(A) state common law.
Promissory estoppel is a contractual doctrine that includes the following considerations:
- Answer -(B) Under this doctrine the promisor reasonably expects that the promisee, in
reliance on the
promise, will be induced by the nature of the promise to take action or refrain from
taking action
, and the promisee does so.
Article 2 of the Uniform Commercial Code deals with what type of property? - Answer -
(B) Personal
Steven intentionally makes a material misrepresentation of fact regarding his motorcycle
to
Thelma who agrees to buy the motorcycle based upon the misrepresentation. This
contract is: - Answer -(B) voidable.
Brian makes a material misrepresentation of fact regarding his horse to Rosalind while
out
riding one day. Later that day, Rosalind makes an offer to buy the horse. Brain accepts
without
correcting his earlier misrepresentation of fact. In this case: - Answer -(B) Rosalind may
avoid the contract.
Tate enters into a contract with Smith under the terms of which Smith is to pay Tate
$7,000 and
Tate is to build a garage, repair a boat, and build a doghouse. If the doghouse has not
yet been built,
which term describes the type of contract in existence? - Answer -(D) Executory
contract
Which of the following is correct with regard to a contract? - Answer -(B) A person who
deposits money in a bank account has entered into a contract with the bank.
According to the UCC, an enforceable agreement involving the transfer of title of goods
from a
seller to a buyer for a price is called a(n): - Answer -(D) sale.
Which of the following contracts is covered by Article 2 of the Uniform Commercial
Code? - Answer -(B) The sale of a new car
Contract law is significant in that it is basic to other fields of law such as: - Answer -(D)
All of these
Contracts that are implied in law: - Answer -(D) All of these.
Which of the following is characteristic of contract law during the twentieth century
compared
with contract law in the nineteenth century? - Answer -(B) Many of the formalities of
contract formation were relaxed.
Express contracts and implied contracts are:
(A) both genuine contracts.
Contracts are primarily governed by the Uniform Commercial Code. - Answer -False
The difference between an express contract and an implied in fact contract is the
manner in
which assent is manifested. - Answer -True
A negotiable instrument, such as a check, is not a formal contract. - Answer -False
A quasi contract is another name for an oral contract. - Answer -False
"I promise to pay you $100 if you will promise to fix my car next month." This is an offer
for a
unilateral contract. - Answer -False
A contract for the sale of a copyright is governed by Article 2 of the Uniform Commercial
Code. - Answer -False
Maria posted several signs in the neighborhood offering $50 for the return of her lost
cat. Dave
calls to get a description of the cat and tells Maria, "I'll look for your cat." A contract is
formed by
Dave's call to Maria - Answer -False
Malaki has a contract to purchase a new smartphone. The law governing this contract is
Article 2
of the UCC. - Answer -True
All written contracts are considered to be formal contracts. - Answer -False
If a person who has been declared incompetent by the courts enters into an agreement,
that
agreement is void, because it does not meet all the requirements of a binding contract. -
Answer -True
A contract to sell five acres of land is governed by Article 2 of the UCC. - Answer -False
The Restatement is not law, but is highly persuasive in the courts. - Answer -True
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. - Answer -True
There are two principal types of contracts: commercial contracts between a business
and a
,customer and personal contracts between two individuals. - Answer -True
Quasi contract is another name for a contract that is implied in fact. - Answer -False
Article 2 of the Uniform Commercial Codes does not apply to the sale of services. -
Answer -True
The usual method of showing the mutual assent necessary to create a contract is by
offer and acceptance. - Answer -True
A valid contract is one that meets all of the requirements of a binding contract. - Answer
-True
The Restatement defines a contract as "a promise or set of promises for the breach of
which the
law gives a remedy, or the performance of which the law in some way recognizes as a
duty." - Answer -True
A non contractual promise may be enforceable where there has been justifiable reliance
on the promise. - Answer -True
Edie says to Jeff, "If you will mow my lawn, I will give you fifteen dollars." Under these
facts, no contract is formed until Jeff finishes mowing the lawn. - Answer -True
A contract to sell life insurance is covered by Article 2 of the Uniform Commercial Code.
- Answer -False
Alice makes a material misrepresentation of fact to Lila, and based upon the
misrepresentation, Lila enters into a contract. Lila now realizes she was deceived and
wants to get
out of the contract. This contract is voidable at Lila's option. - Answer -True
Ann makes a material misrepresentation of fact to Brian, and based upon the
misrepresentation,
Brian enters into a contract. Ann now thinks that the contract is not fair to her. This
contract is
voidable at Ann's option. - Answer -False
Mike, the owner of a yogurt shop, orders 500 quarts of yogurt from his supplier. Nothing,
however, is said by either party about the price or method of payment. The supplier
ships the yogurt
as ordered. Since this is a contract implied in fact, Mike must pay his supplier for the
yogurt. - Answer -True
Amendments to Article 2 of the UCC were promulgated in 2003 to reflect developments
in the
,law and business practices and to accommodate electronic commerce. - Answer -True
Common law relating to the formation of contracts has little relevance in the business
world
today. - Answer -False
An implied in fact contract is formed by the conduct. - Answer -True
Ron says to Matt, "If you design and landscape my front lawn by the time I return from
Paris
next month, I will pay you $5,000." Matt does not respond but has the landscaping done
by the time
Ron returns. This is an example of a unilateral contract. - Answer -True
If a contract is not clearly unilateral or bilateral, the courts presume that the parties
intended a
unilateral contract. - Answer -False
The Uniform Commercial Code would be applied in which of the following situations? -
Answer -D A contract to buy living room furniture
Lee has been declared incompetent by the court and is under the care of his sister.
Without his
sister's knowledge, Lee rents the 30,000-seat civic center for his birthday party. Lee's
contract to
rent the civic center is best described as a: - Answer -C void contract
A contract in which both parties exchange promises is a: - Answer -(B) bilateral
contract.
Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of
two
years. This contract is governed by: - Answer -B - state common law
Contract law: - Answer -(C) today usually recognizes contractual obligations whenever
the parties manifest an intent to be bound.
Any property other than an interest in real property is: - Answer -(B) personal property.
Contracts are governed primarily by: - Answer -(A) state common law.
Promissory estoppel is a contractual doctrine that includes the following considerations:
- Answer -(B) Under this doctrine the promisor reasonably expects that the promisee, in
reliance on the
promise, will be induced by the nature of the promise to take action or refrain from
taking action
, and the promisee does so.
Article 2 of the Uniform Commercial Code deals with what type of property? - Answer -
(B) Personal
Steven intentionally makes a material misrepresentation of fact regarding his motorcycle
to
Thelma who agrees to buy the motorcycle based upon the misrepresentation. This
contract is: - Answer -(B) voidable.
Brian makes a material misrepresentation of fact regarding his horse to Rosalind while
out
riding one day. Later that day, Rosalind makes an offer to buy the horse. Brain accepts
without
correcting his earlier misrepresentation of fact. In this case: - Answer -(B) Rosalind may
avoid the contract.
Tate enters into a contract with Smith under the terms of which Smith is to pay Tate
$7,000 and
Tate is to build a garage, repair a boat, and build a doghouse. If the doghouse has not
yet been built,
which term describes the type of contract in existence? - Answer -(D) Executory
contract
Which of the following is correct with regard to a contract? - Answer -(B) A person who
deposits money in a bank account has entered into a contract with the bank.
According to the UCC, an enforceable agreement involving the transfer of title of goods
from a
seller to a buyer for a price is called a(n): - Answer -(D) sale.
Which of the following contracts is covered by Article 2 of the Uniform Commercial
Code? - Answer -(B) The sale of a new car
Contract law is significant in that it is basic to other fields of law such as: - Answer -(D)
All of these
Contracts that are implied in law: - Answer -(D) All of these.
Which of the following is characteristic of contract law during the twentieth century
compared
with contract law in the nineteenth century? - Answer -(B) Many of the formalities of
contract formation were relaxed.
Express contracts and implied contracts are:
(A) both genuine contracts.
