Question 1

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Accepted Answer

A)   ​an express contract.
B)   ​an implied contract.
C)   ​a quasi contract.
D)   ​no contract.E) None of the above
F) A) and B)

Question 2

A check is a formal contract.

Accepted Answer

A) True 
 B)False

Question 3

Smith & Jones, Accountants, agrees to perform an audit for Brick & Mortar Stores, Inc. Whether or not this agreement meets all of the requirements of a contract, the parties are likely to follow the rules of contract law because they

Accepted Answer

A)   ​want to avoid potential disputes.
B)   ​are conscious of those rules.
C)   ​are not conscious of those rules.
D)   ​have a moral obligation to do so.E) B) and D)
F) B) and C)

Question 4

All contracts must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 5

Robin claims that her contract with Stroud for tennis lessons is voidable. If their contract is avoided​

Accepted Answer

A)   ​both parties are released from it.
B)   ​both parties must fully perform their obligations under it.
C)   ​a wholly different contract is agreed to.
D)   ​a wholly different contract is imposed "as if" the parties had agreed.E) A) and B)
F) A) and C)

Question 6

Moe asserts that a deal he entered into with Nina to sponsor and host a motivational conference for independent sales representatives is an unenforceable contract. Defenses to the enforcement of a contract include

Accepted Answer

A)   ​a desire not to perform.
B)   ​insufficient capital.
C)   ​preliminary indications of unsatisfactory results.
D)   ​the lack of a party's voluntary consent.E) C) and D)
F) A) and B)

Question 7

A letter-of-credit agreement between Rural Feed Corporation and Soy Farms, Inc., requires Rural's bank to pay Soy on receipt of invoices. This is

Accepted Answer

A)   ​a formal contract.
B)   ​an informal contract.
C)   ​an implied contract.
D)   ​a quasi contract.E) A) and B)
F) None of the above

Question 8

An offer may not be revoked until it is accepted.

Accepted Answer

A) True 
 B)False

Question 9

Wilson buys a lottery ticket. Wilson has accepted an offer for

Accepted Answer

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

Question 10

In contract law, intent is determined by the subjective theory of contracts.

Accepted Answer

A) True 
 B)False

Question 11

Jim tells Dana that he will take her out to lunch on Thursday. Jim has made Dana​

Accepted Answer

A)   ​a prediction.
B)   ​a promise.
C)   ​a bilateral contract.
D)   ​a void contract.E) A) and C)
F) B) and C)

Question 12

An express contract must be in writing.

Accepted Answer

A) True 
 B)False

Exam 7: Nature and Terminology

Jim tells Dana that he will take her out to lunch on Thursday. Jim has made Dana

Correct Answer
verified

In contract law, intent is determined by the subjective theory of contracts.

Correct Answer
verified

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Correct Answer
verified

Robin claims that her contract with Stroud for tennis lessons is voidable. If their contract is avoided

Correct Answer
verified

A check is a formal contract.

Correct Answer
verified

An offer may not be revoked until it is accepted.

Correct Answer
verified

A letter-of-credit agreement between Rural Feed Corporation and Soy Farms, Inc., requires Rural's bank to pay Soy on receipt of invoices. This is

Correct Answer
verified

An express contract must be in writing.

Correct Answer
verified

Wilson buys a lottery ticket. Wilson has accepted an offer for

Correct Answer
verified

Smith & Jones, Accountants, agrees to perform an audit for Brick & Mortar Stores, Inc. Whether or not this agreement meets all of the requirements of a contract, the parties are likely to follow the rules of contract law because they

Correct Answer
verified

All contracts must be in writing to be enforceable.

Correct Answer
verified

Moe asserts that a deal he entered into with Nina to sponsor and host a motivational conference for independent sales representatives is an unenforceable contract. Defenses to the enforcement of a contract include

Correct Answer
verified

Exam 7: Nature and Terminology

Jim tells Dana that he will take her out to lunch on Thursday. Jim has made Dana​

Correct AnswerverifiedShow Answer

In contract law, intent is determined by the subjective theory of contracts.

Correct AnswerverifiedShow Answer

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Correct AnswerverifiedShow Answer

Robin claims that her contract with Stroud for tennis lessons is voidable. If their contract is avoided​

Correct AnswerverifiedShow Answer

A check is a formal contract.

Correct AnswerverifiedShow Answer

An offer may not be revoked until it is accepted.

Correct AnswerverifiedShow Answer

A letter-of-credit agreement between Rural Feed Corporation and Soy Farms, Inc., requires Rural's bank to pay Soy on receipt of invoices. This is

Correct AnswerverifiedShow Answer

An express contract must be in writing.

Correct AnswerverifiedShow Answer

Wilson buys a lottery ticket. Wilson has accepted an offer for

Correct AnswerverifiedShow Answer

Smith & Jones, Accountants, agrees to perform an audit for Brick & Mortar Stores, Inc. Whether or not this agreement meets all of the requirements of a contract, the parties are likely to follow the rules of contract law because they

Correct AnswerverifiedShow Answer

All contracts must be in writing to be enforceable.

Correct AnswerverifiedShow Answer

Moe asserts that a deal he entered into with Nina to sponsor and host a motivational conference for independent sales representatives is an unenforceable contract. Defenses to the enforcement of a contract include

Correct AnswerverifiedShow Answer

Jim tells Dana that he will take her out to lunch on Thursday. Jim has made Dana

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Robin claims that her contract with Stroud for tennis lessons is voidable. If their contract is avoided

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified