les 305 exam 2, week 5 questions well
answered graded A+
Absent evidence of _______, _______, oppression, or _______, courts generally do not interfere with
the contracting process. (Choose three correct answers) - correct answer ✔✔Fraud, lack of legal
purpose, mistake
The Uniform Commercial Code defines good faith as "_________ and the observance of _______
commercial standards of fair dealing." (Choose two correct answers) - correct answer ✔✔Fraud, lack of
legal purpose, mistake
A valid contract has the following basic elements: _______, _______, ______, and _______, - correct
answer ✔✔Mutual assent, consideration, legality of purpose, capacity
The Code of Hammurabi is a _______ legal code that dates back to 1754 BC, most of which deals with
contract law. - correct answer ✔✔Babylonian
The lex mercatoria was an unbiased system of rules for deciding _______ disputes across borders and
political boundaries. - correct answer ✔✔commercial
________ in the United States allows persons to enforce contracts that are freely made and signed. -
correct answer ✔✔Freedom of contract
Every contract is premised on the notion of _______. - correct answer ✔✔good faith dealing
_____ is demonstrated when the parties to a contract indicate through words or behavior that they
willingly agree to enter into a contract - correct answer ✔✔Mutual assent
A contract is a legally _______ promise or set of promises. - correct answer ✔✔enforceable
Consideration requires both sides to obtain something of value (legal _______) and to give up something
of value (legal _______). - correct answer ✔✔benefit, detriment
, In medieval Europe merchants created the ______, a stable, uniform, and unbiased system of rules for
deciding commercial disputes across borders and political boundaries. - correct answer ✔✔lex
mercatoria, merchant law
_____ of purpose means that each contract must satisfy a legal purpose to be enforceable. - correct
answer ✔✔legality
Parties to the contract who are _______, _______, or ______ may lack the required capacity to enter
into an enforceable contract. - correct answer ✔✔mentally incapacitated, minors, intoxicated
A valid offer and acceptance is usually how parties demonstrate _ - correct answer ✔✔Mutual assent
When a contract has the required elements, it is called a(n) _______ contract - correct answer ✔✔valid
Jan and Carol agree to rob a bank and split the loot. The agreement is ______ from the outset. - correct
answer ✔✔void
A contract is _______ when the law gives one or more parties the right to cancel an otherwise valid
contract under the circumstances. - correct answer ✔✔voidable
If a contract has all the required elements and be considered valid, it may be still be _______ if one party
asserts a legal defense to performance of the contract. - correct answer ✔✔Unenforceable
All parties to a contract must have legal _______ to enter into the contract or the contract may become
voidable. - correct answer ✔✔capacity
Tim and Joe, both 22, make promises to each other about a loan for a car. If the agreement has all the
required elements, it will be considered a(n) ______ contract. - correct answer ✔✔valid
Commitment in a contract relates to the required element of __ - correct answer ✔✔consideration
answered graded A+
Absent evidence of _______, _______, oppression, or _______, courts generally do not interfere with
the contracting process. (Choose three correct answers) - correct answer ✔✔Fraud, lack of legal
purpose, mistake
The Uniform Commercial Code defines good faith as "_________ and the observance of _______
commercial standards of fair dealing." (Choose two correct answers) - correct answer ✔✔Fraud, lack of
legal purpose, mistake
A valid contract has the following basic elements: _______, _______, ______, and _______, - correct
answer ✔✔Mutual assent, consideration, legality of purpose, capacity
The Code of Hammurabi is a _______ legal code that dates back to 1754 BC, most of which deals with
contract law. - correct answer ✔✔Babylonian
The lex mercatoria was an unbiased system of rules for deciding _______ disputes across borders and
political boundaries. - correct answer ✔✔commercial
________ in the United States allows persons to enforce contracts that are freely made and signed. -
correct answer ✔✔Freedom of contract
Every contract is premised on the notion of _______. - correct answer ✔✔good faith dealing
_____ is demonstrated when the parties to a contract indicate through words or behavior that they
willingly agree to enter into a contract - correct answer ✔✔Mutual assent
A contract is a legally _______ promise or set of promises. - correct answer ✔✔enforceable
Consideration requires both sides to obtain something of value (legal _______) and to give up something
of value (legal _______). - correct answer ✔✔benefit, detriment
, In medieval Europe merchants created the ______, a stable, uniform, and unbiased system of rules for
deciding commercial disputes across borders and political boundaries. - correct answer ✔✔lex
mercatoria, merchant law
_____ of purpose means that each contract must satisfy a legal purpose to be enforceable. - correct
answer ✔✔legality
Parties to the contract who are _______, _______, or ______ may lack the required capacity to enter
into an enforceable contract. - correct answer ✔✔mentally incapacitated, minors, intoxicated
A valid offer and acceptance is usually how parties demonstrate _ - correct answer ✔✔Mutual assent
When a contract has the required elements, it is called a(n) _______ contract - correct answer ✔✔valid
Jan and Carol agree to rob a bank and split the loot. The agreement is ______ from the outset. - correct
answer ✔✔void
A contract is _______ when the law gives one or more parties the right to cancel an otherwise valid
contract under the circumstances. - correct answer ✔✔voidable
If a contract has all the required elements and be considered valid, it may be still be _______ if one party
asserts a legal defense to performance of the contract. - correct answer ✔✔Unenforceable
All parties to a contract must have legal _______ to enter into the contract or the contract may become
voidable. - correct answer ✔✔capacity
Tim and Joe, both 22, make promises to each other about a loan for a car. If the agreement has all the
required elements, it will be considered a(n) ______ contract. - correct answer ✔✔valid
Commitment in a contract relates to the required element of __ - correct answer ✔✔consideration
