BUL 5810 Exam 3 Questions with Correct Answers Already Passed
Most contracts are governed primarily by State ___________ ______, including contracts involving
employment, services, insurance, real property (land and anything attached to it), patents, and
copyrights. - Answers common law
Article 2 of the UCC governs the: - Answers sale of goods
"Sale" is defined as: - Answers the transfer of title from seller to buyer.
Goods are defined as: - Answers tangible personal property (personal property is all property other than
an interest in land)
International Contracts involve additional issues beyond those in domestic contracts, such as: - Answers
differences in language, legal systems, and currency.
T or F: The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs
all contracts for international sales of goods between parties located in different nations that have
ratified the CISG. - Answers True
What is a contract? - Answers A binding agreement that the courts will enforce.
Failure to perform a contractual obligation properly is known as a: - Answers breach
The parties to a contract must manifest by words or conduct that they have agreed to enter into a
contract; this is known as: - Answers Mutual Assent
Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an
inducement to the other party to make a return exchange; this is according to the principle of: - Answers
consideration.
T or F: The purpose of a contract may be criminal, tortious, or otherwise against public policy. - Answers
False
The parties to a contract must have contractual ________________. - Answers capacity
An express contract is: - Answers an agreement that is stated in words, either orally or in writing.
An implied (in fact) contract is: - Answers a contract in which the agreement of the parties is inferred
from their conduct.
A contract in which both parties exchange promises is called a: - Answers bilateral contract
A contract in which only one party makes a promise, and that promise is exchanged for an act or a
forbearance to act, is called a: - Answers unilateral contract
A valid contract is one that: - Answers meets all of the requirements of a binding contract.
, A void contract is no contract at all and has no: - Answers legal effect
A contract capable of being made void is known as: - Answers voidable
A contract for the breach of which the law provides no remedy is a(n): - Answers unenforceable contract
An executed contract: - Answers is a contract that has been fully performed by all of the parties.
A contract that has yet to be fully performed is a(n): - Answers executory contract
A __________ ________________ is an agreement that is legally binding because of its particular form
or mode of expression. - Answers formal contract
All contracts other than formal contracts are: - Answers informal contracts
Promissory Estoppel is: - Answers a doctrine enforcing some noncontractual promises.
What are the requirements to qualify under Promissory Estoppel? - Answers A promise made under
circumstances that should lead the promisor reasonably to expect that the promise would induce the
promisee to take definite and substantial action and the promisee does take such action.
What is the remedy associated with Promissory Estoppel? - Answers A court will enforce the promise to
the extent necessary to avoid injustice.
An obligation not based on a contract that is imposed to avoid injustice is known as: - Answers a quasi
contract or restitution.
What are the requirements for quasi contracts/restitution? - Answers A court will impose a quasi
contract or restitution when (1) the plaintiff confers a benefit upon the defendant, (2) the defendant
knows or appreciates the benefit, and (3) the defendant's retention of the benefit is inequitable.
What remedy is available for quasi contracts/restitution? - Answers The plaintiff recovers the reasonable
value of the benefit she conferred upon the defendant.
An offer is defined as: - Answers indication of willingness to enter into a contract.
T or F: Offeree must have knowledge of the offer, and the offer must be made by the offeror to the
offeree. - Answers True
Intent is determined by: - Answers an objective standard of what a reasonable offeree would have
believed.
An offer's terms must be clear enough to provide a court with: - Answers a basis for giving an
appropriate remedy.
An offer remains open for the time period specified or, if no time is stated, for a: - Answers reasonable
period of time.
Most contracts are governed primarily by State ___________ ______, including contracts involving
employment, services, insurance, real property (land and anything attached to it), patents, and
copyrights. - Answers common law
Article 2 of the UCC governs the: - Answers sale of goods
"Sale" is defined as: - Answers the transfer of title from seller to buyer.
Goods are defined as: - Answers tangible personal property (personal property is all property other than
an interest in land)
International Contracts involve additional issues beyond those in domestic contracts, such as: - Answers
differences in language, legal systems, and currency.
T or F: The United Nations Convention on Contracts for the International Sales of Goods (CISG) governs
all contracts for international sales of goods between parties located in different nations that have
ratified the CISG. - Answers True
What is a contract? - Answers A binding agreement that the courts will enforce.
Failure to perform a contractual obligation properly is known as a: - Answers breach
The parties to a contract must manifest by words or conduct that they have agreed to enter into a
contract; this is known as: - Answers Mutual Assent
Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an
inducement to the other party to make a return exchange; this is according to the principle of: - Answers
consideration.
T or F: The purpose of a contract may be criminal, tortious, or otherwise against public policy. - Answers
False
The parties to a contract must have contractual ________________. - Answers capacity
An express contract is: - Answers an agreement that is stated in words, either orally or in writing.
An implied (in fact) contract is: - Answers a contract in which the agreement of the parties is inferred
from their conduct.
A contract in which both parties exchange promises is called a: - Answers bilateral contract
A contract in which only one party makes a promise, and that promise is exchanged for an act or a
forbearance to act, is called a: - Answers unilateral contract
A valid contract is one that: - Answers meets all of the requirements of a binding contract.
, A void contract is no contract at all and has no: - Answers legal effect
A contract capable of being made void is known as: - Answers voidable
A contract for the breach of which the law provides no remedy is a(n): - Answers unenforceable contract
An executed contract: - Answers is a contract that has been fully performed by all of the parties.
A contract that has yet to be fully performed is a(n): - Answers executory contract
A __________ ________________ is an agreement that is legally binding because of its particular form
or mode of expression. - Answers formal contract
All contracts other than formal contracts are: - Answers informal contracts
Promissory Estoppel is: - Answers a doctrine enforcing some noncontractual promises.
What are the requirements to qualify under Promissory Estoppel? - Answers A promise made under
circumstances that should lead the promisor reasonably to expect that the promise would induce the
promisee to take definite and substantial action and the promisee does take such action.
What is the remedy associated with Promissory Estoppel? - Answers A court will enforce the promise to
the extent necessary to avoid injustice.
An obligation not based on a contract that is imposed to avoid injustice is known as: - Answers a quasi
contract or restitution.
What are the requirements for quasi contracts/restitution? - Answers A court will impose a quasi
contract or restitution when (1) the plaintiff confers a benefit upon the defendant, (2) the defendant
knows or appreciates the benefit, and (3) the defendant's retention of the benefit is inequitable.
What remedy is available for quasi contracts/restitution? - Answers The plaintiff recovers the reasonable
value of the benefit she conferred upon the defendant.
An offer is defined as: - Answers indication of willingness to enter into a contract.
T or F: Offeree must have knowledge of the offer, and the offer must be made by the offeror to the
offeree. - Answers True
Intent is determined by: - Answers an objective standard of what a reasonable offeree would have
believed.
An offer's terms must be clear enough to provide a court with: - Answers a basis for giving an
appropriate remedy.
An offer remains open for the time period specified or, if no time is stated, for a: - Answers reasonable
period of time.
