Question 1

Today's law of contracts originated from judicial decisions in ______.

Accepted Answer

A)   France
B)   Italy
C)   Spain
D)   England
E)   SwitzerlandF) B) and E)
G) A) and B)

Question 2

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car. At what point is there a binding contract?

Accepted Answer

A)   When the agreement is made.
B)   When the money is paid.
C)   When the car is delivered.
D)   Ten days after the car is delivered and approved.
E)   Twenty days after the car is delivered and approved.F) A) and B)
G) A) and E)

Question 3

Which of the following references the requirement that a contract not be either illegal or against public policy?

Accepted Answer

A)   Consideration
B)   Capacity
C)   Legal object
D)   Illegal prohibition
E)   Ethical requirementF) A) and C)
G) B) and E)

Question 4

Which of the following is in effect not a contract at all?

Accepted Answer

A)   A voidable contract
B)   An executory contract
C)   An implied contract
D)   An executed contract
E)   A void contractF) B) and C)
G) None of the above

Question 5

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Accepted Answer

A)   The amount set forth in the contract.
B)   The fair market value of the matter involved.
C)   The wholesale price of any good involved.
D)   The amount sought by the plaintiff in the Complaint.
E)   Damages will be computed the same way as they are computed for any other contract.F) C) and D)
G) A) and E)

Question 6

A[n] _____________ contract is one that contains all the legal elements of a contract.

Accepted Answer

A)   Voidable
B)   Executed
C)   Formal
D)   Valid
E)   ApprovedF) A) and E)
G) A) and D)

Question 7

Which of the following is true regarding the type of marriage contract discussed in the text called the muta'a?

Accepted Answer

A)   It is a type of premarital contract typical to the U.S. in which the parties agree ahead of time how property and assets should be divided in the event of divorce.
B)   It is a contract by which the female agrees to a divorce if there are no children from the marriage within five years.
C)   It is a contract by which the female agrees to a divorce if there are no children from the marriage within three years.
D)   It is a temporary type of arrangement called a "responsibility marriage" in which the female is paid to care for the male's elderly parents.
E)   It is a temporary type of arrangement called a "pleasure marriage" in which the female is paid for sexual intimacy.F) B) and C)
G) A) and C)

Question 8

In order to recover under quasi-contract, there is no requirement that enrichment be unjust.

Accepted Answer

A) True 
 B)False

Question 9

The Restatement (Second) of the Law of Contracts is not actually the law itself.

Accepted Answer

A) True 
 B)False

Question 10

"Book Sale." Beverly offered to sell Rick a used business law book for $50. She told him that he could use it in his upcoming business law class the next semester. In fact, there was a problem with the book; it was several editions old. Rick was not aware of that fact, and neither was Beverly. When Rick took the book to class and realized the problem, he went back to Beverly requesting a refund. Beverly refused to return his money. She claimed that subjectively she thought that the book was correct, that she did not commit fraud, and that a binding contract existed. The book, however, is outdated and cannot be appropriately used in the class.
-Which of the following is the term representing the $50 to be provided by Rick and the book to be provided by Beverly?

Accepted Answer

A)   Encouragement
B)   Material
C)   Consideration
D)   Inducement
E)   ProvisionsF) A) and D)
G) C) and D)

Question 11

If a[n] _____________ misunderstanding between the parties exists, and as a result of that misunderstanding the parties do not really come to a meeting of the minds, there is no contract.

Accepted Answer

A)   Mutual
B)   Unilateral
C)   Comprehensive
D)   Subjective
E)   ReasonableF) B) and D)
G) B) and C)

Exam 13: Introduction to Contracts

Which of the following references the requirement that a contract not be either illegal or against public policy?

Correct Answer
verified

The Restatement (Second) of the Law of Contracts is not actually the law itself.

Correct Answer
verified

Today's law of contracts originated from judicial decisions in ______.

Correct Answer
verified

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car. At what point is there a binding contract?

Correct Answer
verified

If a[n] _____________ misunderstanding between the parties exists, and as a result of that misunderstanding the parties do not really come to a meeting of the minds, there is no contract.

Correct Answer
verified

Which of the following is true regarding the type of marriage contract discussed in the text called the muta'a?

Correct Answer
verified

A[n] _____________ contract is one that contains all the legal elements of a contract.

Correct Answer
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Correct Answer
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Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Correct Answer
verified

In order to recover under quasi-contract, there is no requirement that enrichment be unjust.

Correct Answer
verified

Which of the following is in effect not a contract at all?

Correct Answer
verified

Exam 13: Introduction to Contracts

Which of the following references the requirement that a contract not be either illegal or against public policy?

Correct AnswerverifiedShow Answer

The Restatement (Second) of the Law of Contracts is not actually the law itself.

Correct AnswerverifiedShow Answer

Today's law of contracts originated from judicial decisions in ______.

Correct AnswerverifiedShow Answer

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car. At what point is there a binding contract?

Correct AnswerverifiedShow Answer

If a[n] _____________ misunderstanding between the parties exists, and as a result of that misunderstanding the parties do not really come to a meeting of the minds, there is no contract.

Correct AnswerverifiedShow Answer

Which of the following is true regarding the type of marriage contract discussed in the text called the muta'a?

Correct AnswerverifiedShow Answer

A[n] _____________ contract is one that contains all the legal elements of a contract.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

Correct AnswerverifiedShow Answer

In order to recover under quasi-contract, there is no requirement that enrichment be unjust.

Correct AnswerverifiedShow Answer

Which of the following is in effect not a contract at all?

Correct AnswerverifiedShow Answer

Correct Answer
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