BUL 3310 Actual EXAM with 100%
Correct Solutions to Questions
A contract is:
a. an agreement that always involves parties who are not family members.
b. a promise or agreement that can be enforced in court.
c. a non-binding promise to act.
d. an agreement that always involves people over the age of twenty-one. - Answer b. a
promise or agreement that can be enforced in court.
In determining whether a contract has been formed, the element of intent is of
prime importance, and the intent is determined by the:
a. objective theory of contracts.
b. belief of a party.
c. subjective intent.
d. personal intent. - Answer a. objective theory of contracts.
The requirements for a valid contract do not include:
,a. agreement.
b. consideration.
c. acceptance.
d. a fair price. - Answer d. a fair price.
In contract law, consideration means:
a. something of value received or promised underlying the bargain.
b. the ability of a party to enter into a legal contract.
c. the legality of the subject matter of a contract.
d. the genuine consent of both parties. - Answer a. something of value received or
promised underlying the bargain.
An express contract is one in which:
a. a contract is implied from the conduct of the parties.
b. a special form is required.
c. the terms of the agreement are explicitly stated.
,d. the court implies a contract exists for fairness and justice. - Answer c. the terms of the
agreement are explicitly stated.
An executory contract is:
a. an offer only.
b. a contract not yet fully performed.
c. a contract between executives.
d. a fully performed contract. - Answer b. a contract not yet fully performed.
A contract that can be avoided by one of the parties is a:
a. unenforceable contract.
b. valid contract.
c. void contract.
d. voidable contract. - Answer d. voidable contract.
A contract that has no legal force is called a:
a. voidable contract.
b. unenforceable contract.
c. void contract.
d. valid contract. - Answer c. void contract.
John furnishes goods to Barry and expects to be paid for those goods. Barry receives
the goods and knows, or should know, that payment is expected. Barry has a chance to
, reject the goods from John but does not. John and Barry do not
otherwise communicate. This is known as a(n):
a. unenforceable contract.
b. express contract.
c. implied contract.
d. quasi contract. - Answer c. implied contract.
An effective offer does not require:
a. reasonably certain terms.
b. the offeror's serious, objective intent.
c. a reasonable price.
d. communication to the offeree. - Answer c. a reasonable price.
The requirement that an offer be communicated to the offeree means that the:
a. offeror must tell the offeree about the offer in person.
b. offeror must communicate the offer to the offeree resulting in the offeree's
knowledge.
c. offeree must accept an offer within seven days.
d. offeror must mail an offer to the offeree to make the communication valid. -
Answer b. offeror must communicate the offer to the offeree resulting in the offeree's
knowledge.
Correct Solutions to Questions
A contract is:
a. an agreement that always involves parties who are not family members.
b. a promise or agreement that can be enforced in court.
c. a non-binding promise to act.
d. an agreement that always involves people over the age of twenty-one. - Answer b. a
promise or agreement that can be enforced in court.
In determining whether a contract has been formed, the element of intent is of
prime importance, and the intent is determined by the:
a. objective theory of contracts.
b. belief of a party.
c. subjective intent.
d. personal intent. - Answer a. objective theory of contracts.
The requirements for a valid contract do not include:
,a. agreement.
b. consideration.
c. acceptance.
d. a fair price. - Answer d. a fair price.
In contract law, consideration means:
a. something of value received or promised underlying the bargain.
b. the ability of a party to enter into a legal contract.
c. the legality of the subject matter of a contract.
d. the genuine consent of both parties. - Answer a. something of value received or
promised underlying the bargain.
An express contract is one in which:
a. a contract is implied from the conduct of the parties.
b. a special form is required.
c. the terms of the agreement are explicitly stated.
,d. the court implies a contract exists for fairness and justice. - Answer c. the terms of the
agreement are explicitly stated.
An executory contract is:
a. an offer only.
b. a contract not yet fully performed.
c. a contract between executives.
d. a fully performed contract. - Answer b. a contract not yet fully performed.
A contract that can be avoided by one of the parties is a:
a. unenforceable contract.
b. valid contract.
c. void contract.
d. voidable contract. - Answer d. voidable contract.
A contract that has no legal force is called a:
a. voidable contract.
b. unenforceable contract.
c. void contract.
d. valid contract. - Answer c. void contract.
John furnishes goods to Barry and expects to be paid for those goods. Barry receives
the goods and knows, or should know, that payment is expected. Barry has a chance to
, reject the goods from John but does not. John and Barry do not
otherwise communicate. This is known as a(n):
a. unenforceable contract.
b. express contract.
c. implied contract.
d. quasi contract. - Answer c. implied contract.
An effective offer does not require:
a. reasonably certain terms.
b. the offeror's serious, objective intent.
c. a reasonable price.
d. communication to the offeree. - Answer c. a reasonable price.
The requirement that an offer be communicated to the offeree means that the:
a. offeror must tell the offeree about the offer in person.
b. offeror must communicate the offer to the offeree resulting in the offeree's
knowledge.
c. offeree must accept an offer within seven days.
d. offeror must mail an offer to the offeree to make the communication valid. -
Answer b. offeror must communicate the offer to the offeree resulting in the offeree's
knowledge.
