LES 305 Exam 2 UPDATED Exam
Questions and CORRECT Answers
"Honesty in fact and the observance of reasonable commercial standards of fair dealing" is the
definition of good faith according to - CORRECT ANSWER - The Uniform Commercial
Code and common law
When the reason and outcome of a contract are legal, the contract has - CORRECT
ANSWER - legal purpose.
A complete and well-written contract should contain all of the following except
Termination conditions
Definitions
Clauses
Philosophy - CORRECT ANSWER - Philosophy
Amaya is a new attorney who is focusing on business matters especially contract negotiations.
When she is hired by Holshauser Industries to negotiate all of their product purchase contracts
for their car detailing business, as a strategically qualified attorney, she should do all the
following except,
Translate legal terminology to explain to clients
Use strong-arm techniques to exploit maximum advantage over opposing interests
Analyze the "big picture" to determine the effect
Draft customized contracts to fit the specific needs of the client - CORRECT ANSWER -
Use strong-arm techniques to exploit maximum advantage over opposing interests
Brandi orally tells Mike, her landscaper, "If you trim my hedges, I'll pay you $" Mike trims her
hedges. Which of the following is correct? - CORRECT ANSWER - This is a unilateral
contract.
, A consulting contract between a management consulting firm and a software company is
governed by what source of law? - CORRECT ANSWER - Common law
Becker Corporation hires a social media influencer, Bekah, to use their product and post about it
on social media. This is an example of which type of an agreement? - CORRECT
ANSWER - Employment
In general, contracts for the sale of goods are governed by: - CORRECT ANSWER - state
statutory law based on the Uniform Commercial Code.
A meeting of the mind requires - CORRECT ANSWER - a true understanding, and
acceptance, of the terms of the offer.
Chris, the owner of Bloom's Aglow, offers to contract with Lisa for her upcoming wedding
bouquet and decoration needs. Chris specifically states in the offer that he will only use the
Western Prairie Fringed Orchids in all arrangements. While contemplating the offer, the federal
government passes a law that classifies the Western Prairie Fringed Orchids as a near extinct
flower and makes it illegal to use, to sell or to kill it. Does this affect the offer between Chris and
Lisa? - CORRECT ANSWER - Yes because the change in law constitutes a supervening
illegality and therefore, the offer is revoked.
Herb offers to sell Ron a cow that both parties believe is newly pregnant. A few months later they
both realize that the cow is not pregnant. Can either party avoid the contract? - CORRECT
ANSWER - Yes because it was a mutual mistake.
All of the following are required for promissory estoppel except
The offeror makes a reasonable offer.
The offeree actually relied on the promise and suffered an injury.
The offeree was a minor
Questions and CORRECT Answers
"Honesty in fact and the observance of reasonable commercial standards of fair dealing" is the
definition of good faith according to - CORRECT ANSWER - The Uniform Commercial
Code and common law
When the reason and outcome of a contract are legal, the contract has - CORRECT
ANSWER - legal purpose.
A complete and well-written contract should contain all of the following except
Termination conditions
Definitions
Clauses
Philosophy - CORRECT ANSWER - Philosophy
Amaya is a new attorney who is focusing on business matters especially contract negotiations.
When she is hired by Holshauser Industries to negotiate all of their product purchase contracts
for their car detailing business, as a strategically qualified attorney, she should do all the
following except,
Translate legal terminology to explain to clients
Use strong-arm techniques to exploit maximum advantage over opposing interests
Analyze the "big picture" to determine the effect
Draft customized contracts to fit the specific needs of the client - CORRECT ANSWER -
Use strong-arm techniques to exploit maximum advantage over opposing interests
Brandi orally tells Mike, her landscaper, "If you trim my hedges, I'll pay you $" Mike trims her
hedges. Which of the following is correct? - CORRECT ANSWER - This is a unilateral
contract.
, A consulting contract between a management consulting firm and a software company is
governed by what source of law? - CORRECT ANSWER - Common law
Becker Corporation hires a social media influencer, Bekah, to use their product and post about it
on social media. This is an example of which type of an agreement? - CORRECT
ANSWER - Employment
In general, contracts for the sale of goods are governed by: - CORRECT ANSWER - state
statutory law based on the Uniform Commercial Code.
A meeting of the mind requires - CORRECT ANSWER - a true understanding, and
acceptance, of the terms of the offer.
Chris, the owner of Bloom's Aglow, offers to contract with Lisa for her upcoming wedding
bouquet and decoration needs. Chris specifically states in the offer that he will only use the
Western Prairie Fringed Orchids in all arrangements. While contemplating the offer, the federal
government passes a law that classifies the Western Prairie Fringed Orchids as a near extinct
flower and makes it illegal to use, to sell or to kill it. Does this affect the offer between Chris and
Lisa? - CORRECT ANSWER - Yes because the change in law constitutes a supervening
illegality and therefore, the offer is revoked.
Herb offers to sell Ron a cow that both parties believe is newly pregnant. A few months later they
both realize that the cow is not pregnant. Can either party avoid the contract? - CORRECT
ANSWER - Yes because it was a mutual mistake.
All of the following are required for promissory estoppel except
The offeror makes a reasonable offer.
The offeree actually relied on the promise and suffered an injury.
The offeree was a minor
