BUL 5810 FINAL EXAM SCRIPT 2026
COMPLETE QUESTIONS AND ANSWERS 100%
CORRECT
◉ Any property other than an interest in real property, is/are:. Answer:
personal property
◉ Which of the following is NOT always necessary in order for a valid
contract to be formed?
-mutual assent
-legality of purpose
-a writing
-consideration. Answer: A writing
◉ In order to have a valid contract, in addition to the four basic
requirements of a contract, what must also occur?. Answer: There must
be an absence of invalidating conduct, such as duress
◉ What is a requirement of an express contract?. Answer: The terms are
stated in words
,◉ If both parties exchange promises, the contract is:. Answer: bilateral
◉ When might a contract might be unenforceable?. Answer: If the
statute of limitations has passed
◉ The doctrine of promissory estoppel:. Answer: is a doctrine that relies
on justice not contractual rights
◉ Another name for a quasi contract is:. Answer: an implied in law
contract
◉ Which of the following is required in order to recover in quasi
contract?. Answer: Acceptance or retention of a benefit conferred on the
defendant by the plaintiff
◉ Contracts that are implied in law are:. Answer: obligations imposed
by law on grounds of justice and equity
◉ Molly signs a contract with a publishing company to edit text
manuscripts. This contract is governed by. Answer: state common law
◉ Sally offers to sell her Business Law textbook from last semester to
Bob for $50.00. Bob accepts Sally's offer and tells her he will pay her on
Friday when he gets his paycheck. A contract is formed:. Answer: when
Bob accepts Sally's offer
,◉ Aaron's boss offers to pay him $500 if he will pretend he is sick so
that he does not have to show up for jury duty, but will go to work
instead. Aaron knows that this is against the law, but he would rather be
paid $500 from his boss than the $30 that the court will pay him for jury
duty. Aaron calls in sick and is excused from jury duty. This agreement
between Aaron and his boss is:. Answer: Not a contract
◉ Sid makes a material representation of fact regarding his car to
Barbara while out driving one day. The next day, Barbara calls Sid and
offers to buy his car. Sid accepts Barbara's offer without correcting the
misrepresentation of fact that he made the previous day. What is the
effect of the material representation on the agreement between Sid and
Barbara?. Answer: Barbara may avoid the contract
◉ Bill enters into a contract with Harry. The terms are that Bill will
build an addition to Harry's home, replace the roof on Harry's garage,
and make repave Harry's driveway in exchange for Bill's payment to
Harry of several thousand dollars once all of the projects have been
completed. If the driveway repavement has not yet been completed, but
the addition and the roof have been completed, which term describes the
type of contract in existence?. Answer: Executory
◉ Vince has lost his job and is having difficulty making ends meet. Last
week, the bank repossessed Vince's car. He is telling his neighbor Paul
about his bad luck and Paul says he wishes he could help Vince. Paul
suggests that maybe Vince could have the old car sitting in Paul's garage
, if Vince could get it to run. He ends the conversation by saying "Let me
think about it." The next day while Paul is at work, Vince goes into
Paul's garage and begins working on the old car. He gets it running and
drives it out of Paul's garage and into Vince's driveway. When Paul gets
home from work, Vince shows Paul the car and asks him for the title to
the car. Paul tells Vince he had not made up his mind about whether or
not he would give Vince the car. Vince:. Answer: has no claim to the car
because Paul did not make a promise
◉ Daniel is a self-made millionaire, but he has been medically
committed to a mental health facility. A court also ordered Daniel's
sister, Michelle, to preside over Daniel's business affairs. Once inside the
mental health facility, Daniel befriends his nurse, Amanda. One day,
Amanda tells Daniel about her invention to help identify stray dogs and
cats. Daniel was so impressed by Amanda's invention that he offers to
buy it for $500,000. Amanda accepts Daniel's offer. Did Daniel and
Amanda form a contract?. Answer: No because Daniel lack the capacity
to contract
◉ Mary induces James to enter into a contract. James subsequently
discovers that Mary intentionally misrepresented the terms of their
contract. Upon this discovery, James tells Mary that he will not perform
his promise under the contract. If Mary sues James for breach of
contract, will Mary win?. Answer: No, because Mary induced James into
the contract by fraudulent misrepresentations, which makes the contract
voidable.
COMPLETE QUESTIONS AND ANSWERS 100%
CORRECT
◉ Any property other than an interest in real property, is/are:. Answer:
personal property
◉ Which of the following is NOT always necessary in order for a valid
contract to be formed?
-mutual assent
-legality of purpose
-a writing
-consideration. Answer: A writing
◉ In order to have a valid contract, in addition to the four basic
requirements of a contract, what must also occur?. Answer: There must
be an absence of invalidating conduct, such as duress
◉ What is a requirement of an express contract?. Answer: The terms are
stated in words
,◉ If both parties exchange promises, the contract is:. Answer: bilateral
◉ When might a contract might be unenforceable?. Answer: If the
statute of limitations has passed
◉ The doctrine of promissory estoppel:. Answer: is a doctrine that relies
on justice not contractual rights
◉ Another name for a quasi contract is:. Answer: an implied in law
contract
◉ Which of the following is required in order to recover in quasi
contract?. Answer: Acceptance or retention of a benefit conferred on the
defendant by the plaintiff
◉ Contracts that are implied in law are:. Answer: obligations imposed
by law on grounds of justice and equity
◉ Molly signs a contract with a publishing company to edit text
manuscripts. This contract is governed by. Answer: state common law
◉ Sally offers to sell her Business Law textbook from last semester to
Bob for $50.00. Bob accepts Sally's offer and tells her he will pay her on
Friday when he gets his paycheck. A contract is formed:. Answer: when
Bob accepts Sally's offer
,◉ Aaron's boss offers to pay him $500 if he will pretend he is sick so
that he does not have to show up for jury duty, but will go to work
instead. Aaron knows that this is against the law, but he would rather be
paid $500 from his boss than the $30 that the court will pay him for jury
duty. Aaron calls in sick and is excused from jury duty. This agreement
between Aaron and his boss is:. Answer: Not a contract
◉ Sid makes a material representation of fact regarding his car to
Barbara while out driving one day. The next day, Barbara calls Sid and
offers to buy his car. Sid accepts Barbara's offer without correcting the
misrepresentation of fact that he made the previous day. What is the
effect of the material representation on the agreement between Sid and
Barbara?. Answer: Barbara may avoid the contract
◉ Bill enters into a contract with Harry. The terms are that Bill will
build an addition to Harry's home, replace the roof on Harry's garage,
and make repave Harry's driveway in exchange for Bill's payment to
Harry of several thousand dollars once all of the projects have been
completed. If the driveway repavement has not yet been completed, but
the addition and the roof have been completed, which term describes the
type of contract in existence?. Answer: Executory
◉ Vince has lost his job and is having difficulty making ends meet. Last
week, the bank repossessed Vince's car. He is telling his neighbor Paul
about his bad luck and Paul says he wishes he could help Vince. Paul
suggests that maybe Vince could have the old car sitting in Paul's garage
, if Vince could get it to run. He ends the conversation by saying "Let me
think about it." The next day while Paul is at work, Vince goes into
Paul's garage and begins working on the old car. He gets it running and
drives it out of Paul's garage and into Vince's driveway. When Paul gets
home from work, Vince shows Paul the car and asks him for the title to
the car. Paul tells Vince he had not made up his mind about whether or
not he would give Vince the car. Vince:. Answer: has no claim to the car
because Paul did not make a promise
◉ Daniel is a self-made millionaire, but he has been medically
committed to a mental health facility. A court also ordered Daniel's
sister, Michelle, to preside over Daniel's business affairs. Once inside the
mental health facility, Daniel befriends his nurse, Amanda. One day,
Amanda tells Daniel about her invention to help identify stray dogs and
cats. Daniel was so impressed by Amanda's invention that he offers to
buy it for $500,000. Amanda accepts Daniel's offer. Did Daniel and
Amanda form a contract?. Answer: No because Daniel lack the capacity
to contract
◉ Mary induces James to enter into a contract. James subsequently
discovers that Mary intentionally misrepresented the terms of their
contract. Upon this discovery, James tells Mary that he will not perform
his promise under the contract. If Mary sues James for breach of
contract, will Mary win?. Answer: No, because Mary induced James into
the contract by fraudulent misrepresentations, which makes the contract
voidable.
