MGT315
Which of the following is required for an implied contract? T*he plaintiff furnished some service or property. *The plaintiff expects to be paid for the service or property, and the defendant knew payment was expected. *The defendant had a chance to reject the services or property and did not. *All of the above
*All of the above
A third party receiving benefit from a contract cannot sue to enforce the contract if which of the following is true? *the benefit to the third party was not the reason for the contract *the third party's performance is rendered directly *the third party has no rights in the contract *both a & c
*both a & c
Which of the following is true about quasi contracts? *It is the preservation of the status quo until final disposition of a matter occurs. *It is a type of legal remedy. *It is an equitable remedy where a court determines the rights of the parties to an action. without awarding damages *It is not a contract at all but instead a type of equitable remedy that may be imposed on parties to avoid unjust enrichment to one party at the expense of the other.
It is not a contract at all but instead a type of equitable remedy that may be imposed on parties to avoid unjust enrichment to one party at the expense of the other.
True or false? A unilateral contract is a "promise for an act."
True
True or false? A unilateral contract is a "promise for an act." True False
True
True or false? When a legally enforceable promise is broken, the injured party can seek damages. True False
True
Which of the following are considerations for procedural unconscionability? *The print is inconspicuous. *The language is unintelligible. *One party did not have an opportunity to ask questions about the contract. *There was a disparity of bargaining powers between parties. *all of the above
all of the above
Article 2 of the Uniform Commercial Code provides that acceptance can be made by conduct. The Restatement (Second) of Contracts has a similar provision. Under these provisions, a binding contract can be created by a customer's _________ when clicking on the acceptance of the terms in a shrink-wrap or click-on agreement for an online purchase. *behavior *ability *perspective *conduct *physical signature
conduct
The Uniform Commercial Code (UCC) Article 2 _______. *governs land and houses *governs contracts for services *governs the sale of goods in contracts with merchants *governs contracts that are void or voidable
governs the sale of goods in contracts with merchants
If a contract concerns an illegal subject matter and a court will not step in to enforce its promises, it is an example of _______ as a defense to performance. lack of capacity duress unconscionability impossibility of performance
impossibility of performance
Quasi-contract _______. *is the preservation of the status quo until final disposition of a matter occurs *is a type of legal remedy *is an equitable remedy where a court determines the rights of the parties to an action without awarding damages *is a type of equitable remedy that may be imposed on parties to avoid unjust enrichment to one party at the expense of the other
is a type of equitable remedy that may be imposed on parties to avoid unjust enrichment to one party at the expense of the other
In common-law contracts, the acceptance must be a(n) _______ of the offer to constitute valid acceptance. counteroffer consideration equivocal and absolute acceptance requirement mirror image
mirror image
Which of the following is not an equitable remedy? *money damages *specific performance *injunction *rescission
money damages
In common law, a(n) _______ creates the power of acceptance in another party and includes the agreement's essential elements, which must be definite and certain. ability offer consideration capacity
offer
Which of the following, together, form mutual assent? legality and enforceability capacity and legality offer and acceptance offer and consideration acceptance and consideration
offer and acceptance
Identify the elements of contract formation. *mutual assent *offer, acceptance, and consideration *offer and rejection *Statute of Frauds
offer, acceptance, and consideration
A(n) _______ is a type of equitable remedy that may be imposed on parties to avoid injustice, when one party detrimentally relied on another party's promise. promissory estoppel specific performance injunction subrogation
promissory estoppel
The failure of one party to perform under a contract entitles the other party to ______ the contract. discharge contend rescind dispute
rescind
This defense is used when a contract contains markedly unfair terms against the party with less bargaining power or sophistication than the party who created the terms and induced the other party to sign it. impossibility substantive unconscionability duress undue influence the statute of limitations
substantive unconscionability
Which of the following requires certain types of contracts to be in writing to be enforceable? *the Statute of Frauds *UCC gap fillers *the substantive common law rule *rules of evidence
the Statute of Frauds
What is the most common way to discharge a contract? by failure of a condition by breech through the performance of contractual duties by operation of law by agreement
through the performance of contractual duties