Chapter 9 BLAW Quiz
According to the Restatement (Second) of Contracts, promissory estoppel requires
a promise that the promisor should forsee is likely to induce reliance
When two parties have directly, but orally, stated all of the terms of a contract at the time it was formed, they have:
made an express contract
Lorenzo offered Ida a job at his new law firm. In anticipation, Ida quit her job at Mega Firm, bought a new computer, and invested in a new set of law books. Shortly before her anticipated first day at Lorenzo's firm, Lorenzo informed Ida that he had changed his mind, and no longer wanted her to work for him. Ida may recover under the doctrine of _____.
promissory estoppel
Joe pays Ann to mow his lawn, but Ann mows Donna's lawn by mistake. Donna sees Ann but doesn't say anything. When Ann asks Donna for payment, she refuses saying that Donna never asked for her lawn to be mowed. Ann can recover payment on a _________ contract basis.
quasi
Article 2 of the UCC applies to all of the contracts for
sale of goods
An executory contract is a contract...
that has not yet been fully performed by all parties
The UCC (Uniform Commercial Code) applies to only commercial sales of goods, whereas the CIGS governs both consumer and commercial transactions. (T/F)
False
The Uniform Commercial Code has achieved complete uniformity of the laws governing commercial transactions. (T/F)
False
The doctrine of promissory estoppel...
Protects reliance not bargains.
Which of the following is true of the UCC? 1. it expressly recognizes the concept of an unconscionable contract 2. it always imposes the same standards on merchants and nonmerchants. 3. it regards everyone covered by the UCC as a merchant 4. it has no writing requirement unless the contract contains provision requiring that modifications for terminations be in writing.
1. It expressly recognizes the concept of an unconscionable contract
As used in the UCC, the concept "reasonable" 1. is a practical standard used to gauge what people really do in the marketplace 2. is a theoretical concept based on the "reasonable person standard" of tort law 3. refers to the capacity to contract 4. refers to what a reasonable person would do in the marketplace
1. is a practical standard used to gauge what people really do in the marketplace
Article 2 of the UCC applies to which of the following contracts? A.a contract for the sale of real estate B.a contract for the sale of appliances C.a contract for the sale of stocks D.a contract for the sale of information
B
Which of the following is true of the United Nations Convention on Contracts for the International Sale of Goods (CISG)? A.It requires contracts for the sale of goods in excess of $300 to be in writing. B.It mainly aims to unify and codify an international law of sales. C.It focuses on which terms of the offer and acceptance are the same. D.It applies to commercial and consumer transactions.
B
Which of the following is a change that took place in the legal system that led to the development of contract law in the process? A.Courts began to shift their emphasis from protecting consumers and workers to protecting business and promoting industrialization. B.Courts today are not willing to consider defenses based on inequality of bargaining power between the parties. C.Courts tend to view with great suspicion attempts by manufacturers to limit their responsibility for their products by contract. D.Courts are not given the authority to control any contractual relationships as they are left to private bargaining.
C
Which of the following statements is true of Article 2? A.Article 2 does not apply to contracts for the sale of goods. B.Article 2 applies to bonds, information, and other intangibles. C.Article 2 does not apply to service contracts. D.Article 2 applies to contracts for the sale of real estate or stocks.
C
Which of the following is true about a contract? A.It need not necessarily be an agreement. B.It need not necessarily be entered into by parties having capacity to contract. C.It must be voluntarily entered into, and it is to perform a legal act. D.It must always be supported by consideration.
C.
The Uniform Commercial Code (UCC) differs from the United Nations Convention on Contracts for the International Sale of Goods (CISG) in that the:
UCC holds merchants to higher standards in some circumstances, while the CISG does not make a distinction between merchants and nonmerchants.
In a contract involving elements of both goods and services, a court will determine whether Article 2 of the Uniform Commercial Code (UCC) applies by:
asking which element predominates in the contract
Yuan writes to Rita saying that he would sell her his car for $1,000. Rita writes back agreeing to buy the car on Yuan's terms. Given this information, the contract between Yuan and Rita is:
bilateral and executory
A void contract is enforceable against both parties unless a party with the right to cancel the contract has done so (T/F)
false
Ingrid and Michael want to buy a house. As they don't have sufficient money, they plan to steal their neighbor's car and sell it to make money. This is a valid contract. (T/F)
fasle
An unenforceable contract is one that meets the basic legal requirements for a contract but will not be enforced due to some other legal rule (T/F)
true
In a bilateral contract, both parties make a promise. (T/F)
true
Traditional contract law is basically designed to protect bargains that people make and that satisfy all the legal requirements for a binding contract. (T/F)
true
Maya makes an agreement with Ravi for Ravi to steal Professor Hussain's laptop computer. The agreement between Maya and Ravi is _____.
void