Test Bank For The Law of Contracts and the Uniform Commercial Code 2nd Edition by Pamela Tepper
Chapter 2 – Contract Basics: An Overview
TRUE/FALSE
1.The person who makes the promise is the promisee.
a. True
b. False
ANS: F PTS: 1
2.Consideration is a necessary element in a contract.
a. True
b. False
ANS: T PTS: 1
3.An express contract is one that is specifically stated.
a. True
b. False
ANS: T PTS: 1
4.An executory contract is a fully performed contract.
a. True
b. False
ANS: F PTS: 1
5.A void contract is one that may be avoided by one of the parties to the contract.
a. True
b. False
ANS: F PTS: 1
6.All contracts must have a formal seal to be legal and binding.
a. True
b. False
ANS: F PTS: 1
7.An informal contract may be oral or written.
a. True
b. False
ANS: T PTS: 1
8.Implied in fact contracts are inferred from the facts and circumstances surrounding the contract.
a. True
b. False
ANS: T PTS: 1
9.A distinguishing characteristic of bilateral and unilateral contracts is the method of exchange between the parties.
a. True
b. False
ANS: F PTS: 1
10.All contracts must be express and executed to be valid and binding on the parties.
a. True
b. False
ANS: F PTS: 1
MULTIPLE CHOICE
1.To have a binding contract, one necessary element is __________.
|
a. |
Mutual assent |
c. |
a and b |
|
b. |
Capacity |
d. |
None of the above |
ANS: C PTS: 1
2.The following is not an element of a contract __________.
|
a. |
Signature |
c. |
Offer |
|
b. |
Legality |
d. |
Consideration |
ANS: A PTS: 1
3.All contracts must be __________.
|
a. |
Archaic |
c. |
In writing |
|
b. |
Legal |
d. |
Signed by the parties |
ANS: B PTS: 1
4.A contract where there is an exchange of promises between the parties is __________.
|
a. |
Unilateral |
c. |
All of the above |
|
b. |
Bilateral |
d. |
None of the above |
ANS: B PTS: 1
5.A quasi contract is an __________.
|
a. |
Implied in law contract |
c. |
Illegal contract |
|
b. |
Implied in fact contract |
d. |
Informal contract |
ANS: A PTS: 1
6.A contract that has no legal effect is __________.
|
a. |
Formal |
c. |
Valid |
|
b. |
Voidable |
d. |
Void |
ANS: D PTS: 1
7.A formal contract may require __________.
|
a. |
Seal |
c. |
All of the above |
|
b. |
Signatures |
d. |
None of the above |
ANS: C PTS: 1
8.The statute that requires contracts to be in writing is __________.
|
a. |
The statute of limitations |
c. |
UCITA |
|
b. |
The statute of frauds |
d. |
None of the above |
ANS: B PTS: 1
9.Consideration can be __________.
|
a. |
Money |
c. |
Services |
|
b. |
Property |
d. |
All of the above |
ANS: D PTS: 1
10.The person that makes the offer is called the__________.
|
a. |
Offeree |
c. |
Promisee |
|
b. |
Offeror |
d. |
Acceptor |
ANS: B PTS: 1
MATCHING
|
a. |
promisee |
|
b. |
valid contract |
|
c. |
contract |
|
d. |
executed contract |
|
e. |
quasi contract |
|
f. |
unilateral contract |
|
g. |
promisor |
|
h. |
void contract |
|
i. |
express contract |
|
j. |
capacity |
1.A contract that has all the necessary elements.
2.An agreement between parties for value that is legally enforceable.
3.A contract that promotes fairness and justice.
4.A fully performed contract.
5.A contract that has no legal effect.
6.The legal ability to enter into a contract.
7.The person to whom the promise is made.
8.A contract that is specifically stated.
9.The person making the promise in a contract.
10.A contract where the act of performing is the acceptance.
1.ANS:BPTS:1
2.ANS:CPTS:1
3.ANS:EPTS:1
4.ANS:DPTS:1
5.ANS:HPTS:1
6.ANS:JPTS:1
7.ANS:APTS:1
8.ANS:IPTS:1
9.ANS:GPTS:1
10.ANS:FPTS:1
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