Question 1

Ed, a businessperson, is a friend of Fran, the owner of Good Morning, a coffee pastries kiosk. Every day, Ed spends five minutes at the kiosk, looking at the goods and usually buying one or two cinnamon buns or bagels. One afternoon, Ed looks at the items, and picks up a $1 chocolate brownie. He waves the brownie at Fran without saying a word and walks on. Is there a contract? If so, how would it be classified in terms of formation, performance, and enforceability?

Accepted Answer

The facts presented here indicate the pr...

Question 2

To avoid a contract, both parties must fully perform their respective legal obligations.

Accepted Answer

A) True 
 B)False

Question 3

If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.

Accepted Answer

A) True 
 B)False

Question 4

Contracts relating to real estate are governed by the common law.

Accepted Answer

A) True 
 B)False

Question 5

Once an offer is made, the offeror cannot revoke it.

Accepted Answer

A) True 
 B)False

Question 6

If one party to a contract has fully performed but the other has not, the contract is executory.

Accepted Answer

A) True 
 B)False

Question 7

Marketing Inc. offers to create a campaign to increase N'Ice Cream Inc.'s online business. N'Ice agrees to pay for the service. These parties have

Accepted Answer

A)   no contract.
B)   an express contract.
C)   an implied contract.
D)   a quasi contract.E) None of the above
F) B) and C)

Question 8

Quasi contracts are imposed on parties in the interest of fairness and justice.

Accepted Answer

A) True 
 B)False

Question 9

Anyone can avoid a contractual obligation by claiming that he or she did not read the contract.

Accepted Answer

A) True 
 B)False

Question 10

On May 1, Ramona and Santo orally agree that Santo will guide a party from the base of Mount McKinley to its summit and from the summit to a return to the base. Under the agreement, Ramona will pay for the service after the completion of the climb on June 1. On May 1, is this contract express or implied? On May 31, after the climb has been made but before payment is paid, is the contract executed or executory?

Accepted Answer

An express contract is one in which the ...

Question 11

A contract that only one of the parties can enforce in a court is not valid.

Accepted Answer

A) True 
 B)False

Question 12

A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.

Accepted Answer

A) True 
 B)False

Exam 10: Nature and Classification

If one party to a contract has fully performed but the other has not, the contract is executory.

Correct Answer
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Correct Answer
verified
An express contract is one in which the ...
View Answer

Quasi contracts are imposed on parties in the interest of fairness and justice.

Correct Answer
verified

If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.

Correct Answer
verified

Marketing Inc. offers to create a campaign to increase N'Ice Cream Inc.'s online business. N'Ice agrees to pay for the service. These parties have

Correct Answer
verified

Contracts relating to real estate are governed by the common law.

Correct Answer
verified

A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.

Correct Answer
verified

Once an offer is made, the offeror cannot revoke it.

Correct Answer
verified

A contract that only one of the parties can enforce in a court is not valid.

Correct Answer
verified

Correct Answer
verified
The facts presented here indicate the pr...
View Answer

To avoid a contract, both parties must fully perform their respective legal obligations.

Correct Answer
verified

Anyone can avoid a contractual obligation by claiming that he or she did not read the contract.

Correct Answer
verified

Exam 10: Nature and Classification

If one party to a contract has fully performed but the other has not, the contract is executory.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedAn express contract is one in which the ...View AnswerShow Answer

Quasi contracts are imposed on parties in the interest of fairness and justice.

Correct AnswerverifiedShow Answer

If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.

Correct AnswerverifiedShow Answer

Marketing Inc. offers to create a campaign to increase N'Ice Cream Inc.'s online business. N'Ice agrees to pay for the service. These parties have

Correct AnswerverifiedShow Answer

Contracts relating to real estate are governed by the common law.

Correct AnswerverifiedShow Answer

A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.

Correct AnswerverifiedShow Answer

Once an offer is made, the offeror cannot revoke it.

Correct AnswerverifiedShow Answer

A contract that only one of the parties can enforce in a court is not valid.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe facts presented here indicate the pr...View AnswerShow Answer

To avoid a contract, both parties must fully perform their respective legal obligations.

Correct AnswerverifiedShow Answer

Anyone can avoid a contractual obligation by claiming that he or she did not read the contract.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
An express contract is one in which the ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The facts presented here indicate the pr...
View Answer

Correct Answer
verified

Correct Answer
verified