Click here for more: Scholars nexus
BUAD 322 Questions with Detailed Verified
Answers
9.8
Ans:
Which of the following is true about e-commerce?
Ans: In many situations, traditional contract rules apply to e-contracts.
The Uniform Computer Information Transactions Act is a ______ act that helps
_______ govern the creation and enforcement of cyberspace contracts and licenses.
Ans: model; states
Technology companies licensing the use of their software over the internet is a form
of _____.
Ans: e commerce
ch 10 warm up
Ans:
A contract may not be enforced if the _____ of one or both parties to the contract
was not genuine or real.
Ans: assent
© Get it right 2025 Getaway - Stuvia US All rights reserved
,Click here for more: Scholars nexus
Genuineness of assent may be missing because a party entered into a contract based
on _____, fraudulent misrepresentation, _____, or undue influence.
Ans: mistake; duress
According to the Statute of Frauds, an _____ contract that cannot be performed by
its own terms within _____ of its formation must be in writing.
Ans: executory; one year
Suppose Edward enters into an oral contract to sell his house to Lana for $400,000,
with the closing of the transaction to be in 30 days. At the time of closing, Edward
signs the deed to the property to Lana, and Lana pays Edward the $400,000 purchase
price. Will either Edward or Lana be able to effectively raise the Statute of Frauds to
rescind their contract?
Ans: No; the oral contract has already been executed.
A(n) _____ is the transfer of contractual rights by an obligee to another party.
Ans: assignment
A(n) _____ third-party beneficiary is a third party who did not enter the contract but
who has rights under the contract and can enforce the contract against the promisor.
Ans: intended
A covenant is a(n) _____ promise to perform.
Ans: unconditional
If a contract requires the occurrence or nonoccurrence of an event before a party is
obligated to perform a contractual duty, this is a(n) _____.
© Get it right 2025 Getaway - Stuvia US All rights reserved
,Click here for more: Scholars nexus
Ans: condition precedent
Which of the following is an INCORRECT statement regarding discharge by
impossibility?
Ans: Impossibility of performance involves subjective impossibility.
Suppose that an art dealer contracts to purchase native art found in a foreign country.
The contract is discharged due to _____ if the foreign country enacts a law forbidding
native art from being exported from the country before the contract is performed.
Ans: impossibility
Complete performance is also known as _____ performance.
Ans: strict
_____ is an action to undo a contract.
Ans: Rescission
_____ damages place the non-breaching party in the same position as if the contract
had been fully performed by restoring the "benefit of the bargain."
Ans: Compensatory
If parties agree as part of their contract to the amount a breaching party will be
required to pay, they have agreed to ______ damages and _____ be able to recover
additional damages if their advance agreement is determined to be enforceable.
Ans: liquidated; will not
Which of the following is a correct statement regarding specific performance?
© Get it right 2025 Getaway - Stuvia US All rights reserved
, Click here for more: Scholars nexus
Ans: Courts have the discretion to award specific performance if the subject matter of
the contract is unique.
_____ is a(n) _____ doctrine that permits the court to rewrite a contract to express
the parties' true intentions.
Ans: Reformation; equitable
Which of the following is NOT an accurate statement regarding arbitration?
Ans: If a consumer does not understand an arbitration clause included in a credit card
agreement or other consumer contract, she can obtain an injunction to stop the
arbitration.
The Federal Arbitration Act promotes the arbitration of contract disputes
__________.
Ans: whether the dispute involves federal or state law
Ch 10 Dynamic Study Module
Ans:
Tianhan, a recent college graduate, is about to buy his first car. At the dealership, he
offers to purchase a new Honda on credit from the dealership. However, because
Tianhan does not have a credit history, the dealer will agree to sell the car to him only
if there is a guarantor. Tianhan's father signs a certain contract, and thus he becomes
responsible for any payments his son fails to make.
Tianhan's father signed which of the following?
Ans: a guaranty contract
© Get it right 2025 Getaway - Stuvia US All rights reserved
BUAD 322 Questions with Detailed Verified
Answers
9.8
Ans:
Which of the following is true about e-commerce?
Ans: In many situations, traditional contract rules apply to e-contracts.
The Uniform Computer Information Transactions Act is a ______ act that helps
_______ govern the creation and enforcement of cyberspace contracts and licenses.
Ans: model; states
Technology companies licensing the use of their software over the internet is a form
of _____.
Ans: e commerce
ch 10 warm up
Ans:
A contract may not be enforced if the _____ of one or both parties to the contract
was not genuine or real.
Ans: assent
© Get it right 2025 Getaway - Stuvia US All rights reserved
,Click here for more: Scholars nexus
Genuineness of assent may be missing because a party entered into a contract based
on _____, fraudulent misrepresentation, _____, or undue influence.
Ans: mistake; duress
According to the Statute of Frauds, an _____ contract that cannot be performed by
its own terms within _____ of its formation must be in writing.
Ans: executory; one year
Suppose Edward enters into an oral contract to sell his house to Lana for $400,000,
with the closing of the transaction to be in 30 days. At the time of closing, Edward
signs the deed to the property to Lana, and Lana pays Edward the $400,000 purchase
price. Will either Edward or Lana be able to effectively raise the Statute of Frauds to
rescind their contract?
Ans: No; the oral contract has already been executed.
A(n) _____ is the transfer of contractual rights by an obligee to another party.
Ans: assignment
A(n) _____ third-party beneficiary is a third party who did not enter the contract but
who has rights under the contract and can enforce the contract against the promisor.
Ans: intended
A covenant is a(n) _____ promise to perform.
Ans: unconditional
If a contract requires the occurrence or nonoccurrence of an event before a party is
obligated to perform a contractual duty, this is a(n) _____.
© Get it right 2025 Getaway - Stuvia US All rights reserved
,Click here for more: Scholars nexus
Ans: condition precedent
Which of the following is an INCORRECT statement regarding discharge by
impossibility?
Ans: Impossibility of performance involves subjective impossibility.
Suppose that an art dealer contracts to purchase native art found in a foreign country.
The contract is discharged due to _____ if the foreign country enacts a law forbidding
native art from being exported from the country before the contract is performed.
Ans: impossibility
Complete performance is also known as _____ performance.
Ans: strict
_____ is an action to undo a contract.
Ans: Rescission
_____ damages place the non-breaching party in the same position as if the contract
had been fully performed by restoring the "benefit of the bargain."
Ans: Compensatory
If parties agree as part of their contract to the amount a breaching party will be
required to pay, they have agreed to ______ damages and _____ be able to recover
additional damages if their advance agreement is determined to be enforceable.
Ans: liquidated; will not
Which of the following is a correct statement regarding specific performance?
© Get it right 2025 Getaway - Stuvia US All rights reserved
, Click here for more: Scholars nexus
Ans: Courts have the discretion to award specific performance if the subject matter of
the contract is unique.
_____ is a(n) _____ doctrine that permits the court to rewrite a contract to express
the parties' true intentions.
Ans: Reformation; equitable
Which of the following is NOT an accurate statement regarding arbitration?
Ans: If a consumer does not understand an arbitration clause included in a credit card
agreement or other consumer contract, she can obtain an injunction to stop the
arbitration.
The Federal Arbitration Act promotes the arbitration of contract disputes
__________.
Ans: whether the dispute involves federal or state law
Ch 10 Dynamic Study Module
Ans:
Tianhan, a recent college graduate, is about to buy his first car. At the dealership, he
offers to purchase a new Honda on credit from the dealership. However, because
Tianhan does not have a credit history, the dealer will agree to sell the car to him only
if there is a guarantor. Tianhan's father signs a certain contract, and thus he becomes
responsible for any payments his son fails to make.
Tianhan's father signed which of the following?
Ans: a guaranty contract
© Get it right 2025 Getaway - Stuvia US All rights reserved
