BUL3310 EXAM with 100% Correct
Solutions to Questions
Brenda was the lead detective assigned to investigate the murder of a prominent
local businessman. A local civic group offered a 10,000 reward to anyone who
provided information leading to the arrest and conviction of the murderer. The
murderer was found, tried, and convicted largely due to Brenda's efforts. Can Brenda
collect the reward? - Answer No, Brenda had a preexisting contractual duty to find
and try to convict the murderer
Sham consideration is sufficient for a unilateral contract, but not for a bilateral contract
- Answer False
Courts may look into the adequacy of consideration if there is evidence of fraud
or undue influence by one of the parties - Answer True
$1 is never legally adequate consideration in a contract because no one will legally incur
a legal detriment for $1 - Answer False
Which of the following statements is true about contracts in which $1 is offered as
consideration? - Answer $1 is accepted in the business community as consideration for
a signed option contract
$1 is accepted as consideration in contracts that transfer the title to deeds
, Mutuality of consideration is a requirement for a __________________ - Answer
Bilateral contract
The Uniform Commercial Code requires that any modification to a contract for the
sale of goods must be supported by new consideration - Answer False
What is another term for punitive damages? - Answer Exemplary
Plaintiff's duty to take steps to lesson the damages that result from a
defendant's breach of contract is the duty to _____________ - Answer Mitigate
The Uniform Commercial Code is an important source of contract law for businesses
in the United States - Answer True
Quantum meruit refers to the compensation owed party under an express contract
- Answer False
Liz read the following announcement in the newspaper: "100 reward for the return
of my lost dog, Duffy." This announcement is an offer to form what type of contract?
- Answer Unilateral
The award of a very small amount of money, such as 1, acknowledges that a wrong has
been done, even though there were no monetary losses. This award represents what
type of damages? - Answer Nominal
Since it is up to the parties to determine the dollar amount in a liquidated
damages clause, courts will enforce any amount called for in the contract - Answer
False
Solutions to Questions
Brenda was the lead detective assigned to investigate the murder of a prominent
local businessman. A local civic group offered a 10,000 reward to anyone who
provided information leading to the arrest and conviction of the murderer. The
murderer was found, tried, and convicted largely due to Brenda's efforts. Can Brenda
collect the reward? - Answer No, Brenda had a preexisting contractual duty to find
and try to convict the murderer
Sham consideration is sufficient for a unilateral contract, but not for a bilateral contract
- Answer False
Courts may look into the adequacy of consideration if there is evidence of fraud
or undue influence by one of the parties - Answer True
$1 is never legally adequate consideration in a contract because no one will legally incur
a legal detriment for $1 - Answer False
Which of the following statements is true about contracts in which $1 is offered as
consideration? - Answer $1 is accepted in the business community as consideration for
a signed option contract
$1 is accepted as consideration in contracts that transfer the title to deeds
, Mutuality of consideration is a requirement for a __________________ - Answer
Bilateral contract
The Uniform Commercial Code requires that any modification to a contract for the
sale of goods must be supported by new consideration - Answer False
What is another term for punitive damages? - Answer Exemplary
Plaintiff's duty to take steps to lesson the damages that result from a
defendant's breach of contract is the duty to _____________ - Answer Mitigate
The Uniform Commercial Code is an important source of contract law for businesses
in the United States - Answer True
Quantum meruit refers to the compensation owed party under an express contract
- Answer False
Liz read the following announcement in the newspaper: "100 reward for the return
of my lost dog, Duffy." This announcement is an offer to form what type of contract?
- Answer Unilateral
The award of a very small amount of money, such as 1, acknowledges that a wrong has
been done, even though there were no monetary losses. This award represents what
type of damages? - Answer Nominal
Since it is up to the parties to determine the dollar amount in a liquidated
damages clause, courts will enforce any amount called for in the contract - Answer
False
