Question 1

Movers LLC promises to deliver a certain couch to Nora, who promises to pay for the service. If Movers does not perform, it may be required to

Accepted Answer

A)  none of the choices.
B)  make another promise.
C)  pay damages.
D)  perform a different service.E) A) and D)
F) None of the above

Question 2

A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.

Accepted Answer

A) True 
 B)False

Question 3

If a voidable contract is ratified, both parties are released from it.

Accepted Answer

A) True 
 B)False

Question 4

Rough Water LLC and Schafer enter into a contract for the delivery of a certain number of river rafts. Until the rafts are delivered and paid for, the parties have

Accepted Answer

A)  an executory contract.
B)  no contract.
C)  a quasi contract.
D)  an executed contract.E) A) and D)
F) C) and D)

Question 5

Red offers to pay Sari to deliver certain documents within thirty minutes. Sari can accept the offer only by completing the task within the deadline. If she does, Red and Sari will have

Accepted Answer

A)  a bilateral contract.
B)  a unilateral contract.
C)  a void contract.
D)  an executive contract.E) C) and D)
F) None of the above

Question 6

Sy enters into a contract with Truck Company to work as a driver. If a dispute arises over the deal, under the plain meaning rule, the court cannot consider any evidence not contained in the document if

Accepted Answer

A)  the parties' intent cannot be determined from the contract's language.
B)  the contract lacks a provision on a disputed issue.
C)  the words in the contract appear clear.
D)  a contract term can be interpreted in more than one way.E) A) and B)
F) C) and D)

Question 7

Yuri agrees to zed.com's terms of service and downloads the site's app. Yuri then reverse-engineers the app to create a competing product. This is

Accepted Answer

A)  within the rights of a contracting party.
B)  a fair use of the app, with or without a contract.
C)  acceptable as long as the site's owners are unaware of the activity.
D)  a breach of contract.E) A) and C)
F) All of the above

Question 8

An agreement to form a contract cannot modify the terms of a previous contract.

Accepted Answer

A) True 
 B)False

Question 9

Anyone can avoid a contractual obligation by claiming that he or she did not read the contract.

Accepted Answer

A) True 
 B)False

Question 10

Juno tells Liu she will give him her old car if he babysits her son Marc weekday evenings for six months. Liu agrees. Juno and Lee have formed

Accepted Answer

A)  a bilateral contract.
B)  a unilateral contract.
C)  a void contract.
D)  an unenforceable contract.E) A) and B)
F) B) and D)

Question 11

Saul claims that his agreement with Teri for saxophone lessons is voidable. If this contract is avoided, both parties

Accepted Answer

A)  are released from it.
B)  must fully perform their obligations under it.
C)  effectively postpone their obligations to fulfill it.
D)  are proscribed from making another contract on the same subject.E) B) and D)
F) All of the above

Question 12

Alyssa hires Bret to mow Alyssa's lawn every Friday. Although they do not discuss the terms of payment, after each of the first three Friday mows, Alyssa pays Bret on Saturday. The payment term is

Accepted Answer

A)  express.
B)  implied.
C)  quasi.
D)  non-existent.E) A) and B)
F) A) and C)

Question 13

In interpreting a contract, a court will give greater weight to the course of performance between the parties than to the express terms.

Accepted Answer

A) True 
 B)False

Question 14

Ocean Inc., a seafood distributor, agrees to buy from Paul, a commercial fisher, any "overstock" of fish that he catches in excess of the legal limit. This agreement is most likely

Accepted Answer

A)  enforceable.
B)  quasi.
C)  void.
D)  voidable.E) B) and D)
F) A) and D)

Question 15

Quasi contracts are imposed on parties in the interest of fairness and justice.

Accepted Answer

A) True 
 B)False

Question 16

If one party to a contract has fully performed but the other has not, the contract is executory.

Accepted Answer

A) True 
 B)False

Question 17

A declaration that binds the person who makes it to do a certain act is a promise.

Accepted Answer

A) True 
 B)False

Question 18

Macy offers to sell his fitness watch for $50 to Nona. Nona promises to pay Macy the price. Later, they exchange the watch for the funds. A contract was created when

Accepted Answer

A)  Macy offered to sell the watch.
B)  Macy delivered the watch.
C)  Nona promised to pay for the watch.
D)  Nona paid for the watch.E) B) and C)
F) A) and C)

Question 19

Without a legal framework of reasonably assured expectations within which to make plans, businesspersons would most reliably be able to count only on others'

Accepted Answer

A)  moral standards.
B)  empathy.
C)  good faith.
D)  innocence.E) A) and C)
F) B) and D)

Question 20

Contract law does not distinguish between moral and legal obligations.

Accepted Answer

A) True 
 B)False

Exam 11: Nature and Terminology

Rough Water LLC and Schafer enter into a contract for the delivery of a certain number of river rafts. Until the rafts are delivered and paid for, the parties have

Correct AnswerverifiedShow Answer

Sy enters into a contract with Truck Company to work as a driver. If a dispute arises over the deal, under the plain meaning rule, the court cannot consider any evidence not contained in the document if

Correct AnswerverifiedShow Answer

Yuri agrees to zed.com's terms of service and downloads the site's app. Yuri then reverse-engineers the app to create a competing product. This is

Correct AnswerverifiedShow Answer

Saul claims that his agreement with Teri for saxophone lessons is voidable. If this contract is avoided, both parties

Correct AnswerverifiedShow Answer

Macy offers to sell his fitness watch for $50 to Nona. Nona promises to pay Macy the price. Later, they exchange the watch for the funds. A contract was created when

Correct AnswerverifiedShow Answer

Contract law does not distinguish between moral and legal obligations.

Correct AnswerverifiedShow Answer

In interpreting a contract, a court will give greater weight to the course of performance between the parties than to the express terms.

Correct AnswerverifiedShow Answer

An agreement to form a contract cannot modify the terms of a previous contract.

Correct AnswerverifiedShow Answer

Alyssa hires Bret to mow Alyssa's lawn every Friday. Although they do not discuss the terms of payment, after each of the first three Friday mows, Alyssa pays Bret on Saturday. The payment term is

Correct AnswerverifiedShow Answer

A declaration that binds the person who makes it to do a certain act is a promise.

Correct AnswerverifiedShow Answer

If one party to a contract has fully performed but the other has not, the contract is executory.

Correct AnswerverifiedShow Answer

Movers LLC promises to deliver a certain couch to Nora, who promises to pay for the service. If Movers does not perform, it may be required to

Correct AnswerverifiedShow Answer

Juno tells Liu she will give him her old car if he babysits her son Marc weekday evenings for six months. Liu agrees. Juno and Lee have formed

Correct AnswerverifiedShow Answer

If a voidable contract is ratified, both parties are released from it.

Correct AnswerverifiedShow Answer

A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.

Correct AnswerverifiedShow Answer

Without a legal framework of reasonably assured expectations within which to make plans, businesspersons would most reliably be able to count only on others'

Correct AnswerverifiedShow Answer

Ocean Inc., a seafood distributor, agrees to buy from Paul, a commercial fisher, any "overstock" of fish that he catches in excess of the legal limit. This agreement is most likely

Correct AnswerverifiedShow Answer

Quasi contracts are imposed on parties in the interest of fairness and justice.

Correct AnswerverifiedShow Answer

Anyone can avoid a contractual obligation by claiming that he or she did not read the contract.

Correct AnswerverifiedShow Answer

Red offers to pay Sari to deliver certain documents within thirty minutes. Sari can accept the offer only by completing the task within the deadline. If she does, Red and Sari will have

Correct AnswerverifiedShow Answer

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