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