Contract Law

Question 1

Which of the following is an example of an implied contract.

Accepted Answer

You fill up your car at the gas pump.

Question 2

One exception to the rule requiring consideration is:

Accepted Answer

promissory estoppel

Question 3

Three of the rules of consideration include: adequacy of consideration, illusory promise, and past consideration.

Accepted Answer

True

Question 4

The UCC is a guide to the modern common law of contracts relied on and adopted by courts nationwide.

Accepted Answer

True

Question 5

The UCC is the set of federal laws that govern all national business contracts in the United States.

Accepted Answer

False

Question 6

One classification of contract law is:

Accepted Answer

Bilateral

Question 7

Elements of the offer include:

Accepted Answer

intent, definite terms, and communication to the offeree

Question 8

A valid contract must have:

Accepted Answer

Agreement, consideration, legal purpose, and capacity

Question 9

What is consideration?

Accepted Answer

What a person will receive for performing a contractual obligation

Question 10

An implied contract exists when the written language in the contract is ambiguous.

Accepted Answer

False

Question 11

Contracts are agreements that the law will enforce.

Accepted Answer

True

Question 12

One type of consideration is:

Accepted Answer

A promise to do something

Question 13

Sources of contract law include:

Accepted Answer

common law and the UCC

Question 14

A unilateral contract is exchanged between two corporations to express intellectual property rights.

Accepted Answer

False

Question 15

An express contract exists when the terms are clearly set forth either in writing or verbally.

Accepted Answer

True

Question 16

This is BUS 353 - Making Sense out of Shades of Gray

Accepted Answer

False

Questions 16