Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

A contract is an implied contract if the conduct of the parties creates and defines some of the terms.

Accepted Answer

A) True 
 B)False

Question 3

On May 1, Bok and Che orally agree that Che will guide a party from the base of Mount Denai to its summit and from the summit to a return to the base. Under the agreement, Bok will pay for the service after the completion of the climb on July 31. On May 1, is this contract express or implied? On July 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 4

What a party said when entering into a contract is a subjective fact.

Accepted Answer

A) True 
 B)False

Question 5

Jana, a nurse practitioner, renders aid to Kurtz, who is injured and unconscious. Jana can recover the cost of the aid from Kurtz

Accepted Answer

A)  on a quasi contract theory.
B)  only if Kurtz recovers because of the aid.
C)  only if Kurtz was aware of the aid.
D)  under no circumstances.E) A) and B)
F) A) and C)

Question 6

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Accepted Answer

A)  an express contract.
B)  an implied contract.
C)  a quasi contract.
D)  no contract.E) A) and B)
F) A) and C)

Question 7

Demi buys a lottery ticket. The ticket has the winning numbers for a prize. She submits the ticket to claim the prize. Demi accepted an offer for

Accepted Answer

A)  a bilateral contract.
B)  a unilateral contract.
C)  a quasi contract.
D)  an unenforceable contract.E) A) and B)
F) A) and C)

Question 8

Only one party entering into a contract must possess characteristics that qualify him or her as competent for a valid contract to exist.

Accepted Answer

A) True 
 B)False

Question 9

Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.

Accepted Answer

A) True 
 B)False

Question 10

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 11

Steel Mill Inc. makes an offer to Tag to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Tag accepts the offer. This is a valid contract because it includes

Accepted Answer

A)  a price and a subject.
B)  a duration and a termination.
C)  an offer and an acceptance.
D)  specific quality standards.E) A) and B)
F) A) and C)

Question 12

Sales Corporation and Real Estate Inc. negotiate an agreement under which only one of the parties can elect to avoid any duty to perform or to ratify the deal. With respect to this arrangement as a contract, if ratified, both parties

Accepted Answer

A)  are released.
B)  must perform their respective legal obligations.
C)  must renegotiate new or modified terms.
D)  can seek its enforcement on the ground of unjust enrichment.E) A) and B)
F) All of the above

Exam 11: Nature and Terminology

Only one party entering into a contract must possess characteristics that qualify him or her as competent for a valid contract to exist.

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

Demi buys a lottery ticket. The ticket has the winning numbers for a prize. She submits the ticket to claim the prize. Demi accepted an offer for

Correct Answer
verified

Sales Corporation and Real Estate Inc. negotiate an agreement under which only one of the parties can elect to avoid any duty to perform or to ratify the deal. With respect to this arrangement as a contract, if ratified, both parties

Correct Answer
verified

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

What a party said when entering into a contract is a subjective fact.

Correct Answer
verified

Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.

Correct Answer
verified

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

Correct Answer
verified

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Correct Answer
verified

A contract is an implied contract if the conduct of the parties creates and defines some of the terms.

Correct Answer
verified

Steel Mill Inc. makes an offer to Tag to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Tag accepts the offer. This is a valid contract because it includes

Correct Answer
verified

Jana, a nurse practitioner, renders aid to Kurtz, who is injured and unconscious. Jana can recover the cost of the aid from Kurtz

Correct Answer
verified

Exam 11: Nature and Terminology

Only one party entering into a contract must possess characteristics that qualify him or her as competent for a valid contract to exist.

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

Demi buys a lottery ticket. The ticket has the winning numbers for a prize. She submits the ticket to claim the prize. Demi accepted an offer for

Correct AnswerverifiedShow Answer

Sales Corporation and Real Estate Inc. negotiate an agreement under which only one of the parties can elect to avoid any duty to perform or to ratify the deal. With respect to this arrangement as a contract, if ratified, both parties

Correct AnswerverifiedShow Answer

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

What a party said when entering into a contract is a subjective fact.

Correct AnswerverifiedShow Answer

Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Correct AnswerverifiedShow Answer

A contract is an implied contract if the conduct of the parties creates and defines some of the terms.

Correct AnswerverifiedShow Answer

Steel Mill Inc. makes an offer to Tag to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Tag accepts the offer. This is a valid contract because it includes

Correct AnswerverifiedShow Answer

Jana, a nurse practitioner, renders aid to Kurtz, who is injured and unconscious. Jana can recover the cost of the aid from Kurtz

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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