Business 104 || 100% Errorless Answers.
A _____ is a promise or a 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.
Select one:
a. tort
b. tender
c. contract
d. law
e. bailment correct answers c
Which of the following is the only "national" law not enacted by Congress?
Select one:
a. Common law
b. Uniform Commercial Code
c. Quasi-contract
d. Legal detriment
e. Promissory estoppel correct answers b
How does the common law differ from the Uniform Commercial Code?
Select one:
a. It provides special treatment to "merchants."
b. It is more liberal in upholding the existence of a contract.
c. It does not require good faith in the performance of a contract.
d. It applies to every person equally.
e. It is not enacted by Congress. correct answers d
The Uniform Commercial Code is a statute enacted by Congress.
Select one:
True
False correct answers false
The UCC is more liberal than the common law in upholding the existence of a contract.
Select one:
True
False correct answers true
Governs all sales transactions (exchange of good or services between two or more people) in the
U.S. correct answers Uniform Commercial Code
_____ is the dimension of a contract that is concerned with the degree to which the agreement is
manifest to those not party to it.
Select one:
a. Mutuality
b. Explicitness
c. Enforceability
, d. Completion
e. Acceptance correct answers b
When classifying contracts, the dimension of enforceability is concerned with:
Select one:
a. the degree to which the agreement is manifest to those not party to it.
b. whether the parties involved created a valid, enforceable contract or not.
c. whether promises are exchanged between two parties or one.
d. the degree to which a given contract is binding.
e. whether the contract is yet to be performed or the obligations have been fully discharged by
one or both parties. correct answers d
A(n) _____ contract is one in which the terms are spelled out directly and the parties are
conscious that they are making an enforceable agreement.
Select one:
a. quasi-
b. implied
c. express
d. voidable
e. void correct answers c
An executory contract refers to an agreement:
Select one:
a. in which one promise or set of terms has been fulfilled.
b. that is lacking one of the legal elements of a contract.
c. consisting of a set of promises, before either promise is carried out.
d. that has been carried out fully by both parties.
e. that is unenforceable by one party but enforceable by the other. correct answers c
The Restatement (Second) of Contracts defines agreement as:
Select one:
a. an act, a forbearance, or a promise of such from a promisee.
b. a contract that is inferred from the action of the parties.
c. a manifestation of mutual assent by two or more persons to one another.
d. an obligation said to be imposed by law in order to avoid unjust enrichment of one person at
the expense of another.
e. an unspoken conduct between the parties. correct answers c
damages awarded for the purpose of punishing a defendant in a civil action, in which criminal
sanctions may be unavailable. correct answers punitive
If the breach caused no loss, the plaintiff is nevertheless entitled to a minor sum as damage,
perhaps one dollar correct answers nominal
damages that flow as a foreseeable consequence of the breach. For example, if you hire a roofer
to fix a leak in your roof, and he does a bad job so that the interior of your house suffers water
A _____ is a promise or a 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.
Select one:
a. tort
b. tender
c. contract
d. law
e. bailment correct answers c
Which of the following is the only "national" law not enacted by Congress?
Select one:
a. Common law
b. Uniform Commercial Code
c. Quasi-contract
d. Legal detriment
e. Promissory estoppel correct answers b
How does the common law differ from the Uniform Commercial Code?
Select one:
a. It provides special treatment to "merchants."
b. It is more liberal in upholding the existence of a contract.
c. It does not require good faith in the performance of a contract.
d. It applies to every person equally.
e. It is not enacted by Congress. correct answers d
The Uniform Commercial Code is a statute enacted by Congress.
Select one:
True
False correct answers false
The UCC is more liberal than the common law in upholding the existence of a contract.
Select one:
True
False correct answers true
Governs all sales transactions (exchange of good or services between two or more people) in the
U.S. correct answers Uniform Commercial Code
_____ is the dimension of a contract that is concerned with the degree to which the agreement is
manifest to those not party to it.
Select one:
a. Mutuality
b. Explicitness
c. Enforceability
, d. Completion
e. Acceptance correct answers b
When classifying contracts, the dimension of enforceability is concerned with:
Select one:
a. the degree to which the agreement is manifest to those not party to it.
b. whether the parties involved created a valid, enforceable contract or not.
c. whether promises are exchanged between two parties or one.
d. the degree to which a given contract is binding.
e. whether the contract is yet to be performed or the obligations have been fully discharged by
one or both parties. correct answers d
A(n) _____ contract is one in which the terms are spelled out directly and the parties are
conscious that they are making an enforceable agreement.
Select one:
a. quasi-
b. implied
c. express
d. voidable
e. void correct answers c
An executory contract refers to an agreement:
Select one:
a. in which one promise or set of terms has been fulfilled.
b. that is lacking one of the legal elements of a contract.
c. consisting of a set of promises, before either promise is carried out.
d. that has been carried out fully by both parties.
e. that is unenforceable by one party but enforceable by the other. correct answers c
The Restatement (Second) of Contracts defines agreement as:
Select one:
a. an act, a forbearance, or a promise of such from a promisee.
b. a contract that is inferred from the action of the parties.
c. a manifestation of mutual assent by two or more persons to one another.
d. an obligation said to be imposed by law in order to avoid unjust enrichment of one person at
the expense of another.
e. an unspoken conduct between the parties. correct answers c
damages awarded for the purpose of punishing a defendant in a civil action, in which criminal
sanctions may be unavailable. correct answers punitive
If the breach caused no loss, the plaintiff is nevertheless entitled to a minor sum as damage,
perhaps one dollar correct answers nominal
damages that flow as a foreseeable consequence of the breach. For example, if you hire a roofer
to fix a leak in your roof, and he does a bad job so that the interior of your house suffers water
