Chapter 6 BL

The correct answer is: the Uniform Commercial Code (UCC)

23. A good example of modern statute law is: Select one: a. common law b. the Uniform Commercial Code (UCC) c. the Uniform Quasi Contract Code d. judge made law

The correct answer is: harder to prove than written contracts.

24. Oral contracts are Select one: a. unenforceable in court. b. easier to prove than written contracts. c. harder to prove than written contracts. d. illegal in some states.

The correct answer is: is enforceable against all parties unless a party has a right to back out of it.

25. A voidable contract Select one: a. is enforceable against all parties unless a party has a right to back out of it. b. lacks one of the essential elements of a contract. c. is required to be in writing. d. is limited to simple transactions.

The correct answer is 'True'.

26. An insurance policy is a good example of an express contract. Select one: True False

The correct answer is 'True'.

27. A voidable contract is completely enforceable against all parties unless and until the party legally entitled to avoid it does so. Select one: True False

The correct answer is: unilateral.

28. Martin promised Bellis $50 if Bellis found and returned Martin's cocker spaniel. This contract is Select one: a. bilateral. b. unenforceable. c. unilateral. d. executed.

The correct answer is: formal contract.

29. A check is an example of a Select one: a. contract implied in law. b. contract implied in fact. c. quasi contract. d. formal contract.

The correct answer is: implied in fact.

3. When a client accepts the services of his or her attorney without an agreement concerning fees to be paid, the agreement to pay the attorney's bill is Select one: a. implied in law. b. implied in fact. c. a voidable contract. d. no contract at all.

The correct answer is 'True'.

30. In a bilateral contract, the offeree's promise is the acceptance. Select one: True False

The correct answer is: all of these.

31. An informal contract should include Select one: a. the names of the parties. b. the consideration given by each party. c. the date. d. all of these.

The correct answer is: void.

32. Young offered to sell his boat to Alvarez for $2,000 without knowing that the boat had just been destroyed. This agreement is Select one: a. valid. b. void. c. unenforceable. d. voidable.

d. of sound mind

33. To create a legally binding contract, both parties to the agreement must be Select one: a. able to read and write. b. able to speak and understand English. c. financially responsible people. d. of sound mind.

The correct answer is: type of acceptance required of the offeree by the offeror.

4. Whether a contract is unilateral or bilateral depends on the Select one: a. offeree. b. performance required of the offeror. c. type of acceptance required of the offeree by the offeror. d. type of acceptance required of the offeror by the offeree.

The correct answer is: express, bilateral, executed contract.

9. Grimes promised to give Marks, his niece, $500 if she (Marks) promised to give up smoking for six months. Marks did promise to do so. At the end of six months, since Marks did not smoke, she received the $500 from Grimes. This is an example of an Select one: a. express, bilateral, executed contract. b. express, unilateral, executed contract. c. express, bilateral, executory contract. d. express, bilateral, quasi contract.

The correct answer is 'True'.

13. Each party to a contract obtains both rights and obligations. Select one: True False

The correct answer is 'True'.

14. An express contract is one in which the agreement is specifically stated. Select one: True False

The correct answer is 'True'.

15. A void contract has no legal effect. Select one: True False

The correct answer is 'False'.

16. The initial step toward forming a contract is to decide on the amount of consideration. Select one: True False

The correct answer is 'True'.

17. An implied contract in fact is one that is formed from the actions of the parties. Select one: True False

false

18. A contract is a mere promise between two or more persons who have the capacity to contract. Select one: True False

The correct answer is 'False'.

19. In a bilateral contract, only one party makes a promise. Select one: True False

The correct answer is: valid, unilateral, and executory.

2. Joy orally promised to pay Toth $150 if he repaired Joy's computer. Toth repaired the computer but has not yet been paid. At this point, this contract is Select one: a. valid, unilateral, and executory. b. valid, bilateral, and executory. c. valid, bilateral, and executed. d. valid, unilateral, and executed.

The correct answer is 'True'.

20. A quasi contract is not a real contract but rather a fictional contract created by the courts to prevent one party from being unjustly enriched at the expense of another party. Select one: True False

The correct answer is 'True'.

21. An executory contract is one that has not been fully performed by one or all of the parties. Select one: True False

The correct answer is: agreement, consideration, and other elements

22. The requirements of a contract include Select one: a. a statement that the contract is not voidable b. a promise of enforceability c. a precedent d. agreement, consideration, and other elements

The correct answer is: has not been completely performed by all parties.

11. An executory contract is one that Select one: a. is missing some requirement of the law. b. has not been completely performed by all parties. c. will not be enforced by a court of law. d. has been prepared in written form.

The correct answer is 'True'

12. Legally, all contracts are agreements, but not all agreements are contracts. Select one: True False

The correct answer is 'True'.

1.When a party to a contract fails to perform as agreed, a breach of contract occurs. Select one: True False

The correct answer is: must contain consideration.

10. A contract Select one: a. can never be implied from the actions of the parties. b. must contain consideration. c. cannot be terminated. d. must be in writing

d. The agreement must be in writing.

34. Four essential elements are necessary to create a valid contract. Which of the following is not one of these elements? Select one: a. Something of value must be given by each party. b. The offeror and offeree must reach agreement. c. The parties have the capacity to contract. d. The agreement must be in writing.

b. implied in fact.

35. When a client accepts the services of his or her attorney without an agreement concerning fees to be paid, the agreement to pay the attorney's bill is Select one: a. implied in law. b. implied in fact. c. a voidable contract. d. no contract at all.

The correct answer is 'False'

36. Voidable contracts are legal agreements that lack some requirement of the law. Select one: True False

The correct answer is: quasi contract.

5. A contract implied in law is known as a(n) Select one: a. quasi contract. b. express contract. c. voidable contract. d. unilateral contract.

The correct answer is: of sound mind.

6. To create a legally binding contract, both parties to the agreement must be Select one: a. able to read and write. b. able to speak and understand English. c. financially responsible people. d. of sound mind.

The correct answer is: a breach of contract.

7. Johnson entered into a contract to sell his computer to Madison for $950. Johnson then changed his mind and refused to deliver the computer to Madison as agreed. Johnson's failure to deliver the computer is considered to be Select one: a. an acceptance. b. a breach of contract. c. a quasi agreement. d. a performed contract.

The correct answer is: unilateral contract.

8. McManus promises to pay Gooding $150 if Gooding repairs his car. A day later Gooding repairs the car to McManus's satisfaction. This is an example of a Select one: a. bilateral contract. b. quasi contract. c. void contract. d. unilateral contract.