GBL 385 Final Exam Practice Questions
With Correct Answers
The |requirement |that |each |party |to |a |contract |must |intentionally |exchange |something |of |value
|as |an |inducement |to |the |other |party |to |make |a |return |exchange |is |known |as: |- |CORRECT |
ANSWER✔✔-consideration
The |Uniform |Commercial |Code |does |not |apply |to: |- |CORRECT |ANSWER✔✔-employment |
contracts, |service |contracts, |insurance |contracts, |contracts |involving |real |property |(all |of |
these)
Steven |makes |a |material |misrepresentation |of |fact |regarding |his |motorcycle |to |Thelma |who |
agrees |to |buy |the |motorcycle |based |upon |the |misrepresentation. |This |contract |is: |- |CORRECT |
ANSWER✔✔-voidable
James |offers |to |sell |his |fishing |boat |to |Brenda |for |$3000. |Brenda |says |she |will |apply |for |a |loan |
and |will |buy |the |boat |within |a |week. |A |contract |is |formed: |- |CORRECT |ANSWER✔✔-when |
Brenda |tells |James |she |will |buy |the |boat
Which |of |the |following |contracts |is |covered |by |Article |2 |of |the |Uniform |Commercial |Code? |- |
CORRECT |ANSWER✔✔-the |sale |of |a |new |car
A |contract |in |which |both |parties |exchange |promises |is |a: |- |CORRECT |ANSWER✔✔-bilateral |
contract
Express |contracts |and |implied |in |fact |contracts: |- |CORRECT |ANSWER✔✔-are |both |genuine |
contracts |and |are |equally |enforceable |(two |of |these |are |true)
The |concept |of |consideration |in |contract |law |includes: |- |CORRECT |ANSWER✔✔-an |inducement
|to |each |party |to |make |a |return |exchange
, Sarah |offers |to |pay |Allison |$150 |if |Allison |will |paint |her |apartment |while |she |is |out |of |town |on
|vacation |for |two |weeks. |Allison |makes |no |promise |but |tells |Sarah |that |she |will |think |about |it. |
While |Sarah |is |out |of |town, |Allison |paints |the |apartment. |This |is |best |described |as: |- |CORRECT |
ANSWER✔✔-a |unilateral |contract
Contracts |that |are |implied |in |law: |- |CORRECT |ANSWER✔✔-are |obligations |imposed |by |law |on |
grounds |of |justice |and |equity, |are |intended |to |prevent |unjust |enrichment, |and |do |not |rest |
upon |the |assent |of |the |contracting |parties |(all |of |these)
The |doctrine |of |promissory |estoppel: |- |CORRECT |ANSWER✔✔-is |a |doctrine |enforcing |non |
contractual |promises, |includes |as |a |requirement |within |the |doctrine |that |there |has |been |
justifiable |reliance |on |the |promise, |and |a |doctrine |relying |on |justice |and |not |contractual |rights
|(all |of |these)
Which |of |the |following |is |not |generally |required |in |order |to |have |a |valid |contract? |- |CORRECT |
ANSWER✔✔-fairness |of |the |bargain
Promissory |estoppel |is |a |contractual |doctrine |that |includes |the |following |considerations: |- |
CORRECT |ANSWER✔✔-the |courts |use |the |doctrine |of |promissory |estoppel |to |enforce |non |
contractual |promises, |and |under |this |doctrine |the |promisor |reasonably |expects |that |the |
promisee |(in |reliance |on |the |promise) |will |be |induced |by |the |nature |of |the |promise |to |take |
action |or |refrain |from |taking |action |and |the |promisee |does |so |(both |a |and |b)
To |be |effective, |an |offer |must: |- |CORRECT |ANSWER✔✔-be |sufficiently |definite |and |certain, |be |
communicated |to |the |offeree, |and |manifest |an |intent |to |enter |into |a |contract |(all |of |these)
If |there |is |no |time |specified |for |the |acceptance |of |an |offer, |when |does |the |offer |terminate? |- |
CORRECT |ANSWER✔✔-after |a |reasonable |period |of |time, |which |depends |on |the |
circumstances
With Correct Answers
The |requirement |that |each |party |to |a |contract |must |intentionally |exchange |something |of |value
|as |an |inducement |to |the |other |party |to |make |a |return |exchange |is |known |as: |- |CORRECT |
ANSWER✔✔-consideration
The |Uniform |Commercial |Code |does |not |apply |to: |- |CORRECT |ANSWER✔✔-employment |
contracts, |service |contracts, |insurance |contracts, |contracts |involving |real |property |(all |of |
these)
Steven |makes |a |material |misrepresentation |of |fact |regarding |his |motorcycle |to |Thelma |who |
agrees |to |buy |the |motorcycle |based |upon |the |misrepresentation. |This |contract |is: |- |CORRECT |
ANSWER✔✔-voidable
James |offers |to |sell |his |fishing |boat |to |Brenda |for |$3000. |Brenda |says |she |will |apply |for |a |loan |
and |will |buy |the |boat |within |a |week. |A |contract |is |formed: |- |CORRECT |ANSWER✔✔-when |
Brenda |tells |James |she |will |buy |the |boat
Which |of |the |following |contracts |is |covered |by |Article |2 |of |the |Uniform |Commercial |Code? |- |
CORRECT |ANSWER✔✔-the |sale |of |a |new |car
A |contract |in |which |both |parties |exchange |promises |is |a: |- |CORRECT |ANSWER✔✔-bilateral |
contract
Express |contracts |and |implied |in |fact |contracts: |- |CORRECT |ANSWER✔✔-are |both |genuine |
contracts |and |are |equally |enforceable |(two |of |these |are |true)
The |concept |of |consideration |in |contract |law |includes: |- |CORRECT |ANSWER✔✔-an |inducement
|to |each |party |to |make |a |return |exchange
, Sarah |offers |to |pay |Allison |$150 |if |Allison |will |paint |her |apartment |while |she |is |out |of |town |on
|vacation |for |two |weeks. |Allison |makes |no |promise |but |tells |Sarah |that |she |will |think |about |it. |
While |Sarah |is |out |of |town, |Allison |paints |the |apartment. |This |is |best |described |as: |- |CORRECT |
ANSWER✔✔-a |unilateral |contract
Contracts |that |are |implied |in |law: |- |CORRECT |ANSWER✔✔-are |obligations |imposed |by |law |on |
grounds |of |justice |and |equity, |are |intended |to |prevent |unjust |enrichment, |and |do |not |rest |
upon |the |assent |of |the |contracting |parties |(all |of |these)
The |doctrine |of |promissory |estoppel: |- |CORRECT |ANSWER✔✔-is |a |doctrine |enforcing |non |
contractual |promises, |includes |as |a |requirement |within |the |doctrine |that |there |has |been |
justifiable |reliance |on |the |promise, |and |a |doctrine |relying |on |justice |and |not |contractual |rights
|(all |of |these)
Which |of |the |following |is |not |generally |required |in |order |to |have |a |valid |contract? |- |CORRECT |
ANSWER✔✔-fairness |of |the |bargain
Promissory |estoppel |is |a |contractual |doctrine |that |includes |the |following |considerations: |- |
CORRECT |ANSWER✔✔-the |courts |use |the |doctrine |of |promissory |estoppel |to |enforce |non |
contractual |promises, |and |under |this |doctrine |the |promisor |reasonably |expects |that |the |
promisee |(in |reliance |on |the |promise) |will |be |induced |by |the |nature |of |the |promise |to |take |
action |or |refrain |from |taking |action |and |the |promisee |does |so |(both |a |and |b)
To |be |effective, |an |offer |must: |- |CORRECT |ANSWER✔✔-be |sufficiently |definite |and |certain, |be |
communicated |to |the |offeree, |and |manifest |an |intent |to |enter |into |a |contract |(all |of |these)
If |there |is |no |time |specified |for |the |acceptance |of |an |offer, |when |does |the |offer |terminate? |- |
CORRECT |ANSWER✔✔-after |a |reasonable |period |of |time, |which |depends |on |the |
circumstances
