Question 1

A quasi-contract is the legal designation of an oral contract.

Accepted Answer

A quasi-contract is not a type of oral contract. Rather, it is a legal concept used to create an obligation where there is no prior agreement or contract between the parties. Quasi-contracts are also known as implied-in-law contracts.

Question 2

As English judges were developing the common law of contracts in the twelfth and thirteenth centuries:

Accepted Answer

During this time, the formalities of contract law were strict, and contracts were not seen as binding unless they were in a written and sealed form. Most promises were not enforceable unless there was tangible evidence of the agreement.

Question 3

Reliance on the promise made by the defendant doesn't need to be evidenced in order for promissory estoppel to apply.

Accepted Answer

For promissory estoppel to apply, the promisee must have relied on the promise made by the defendant, and this reliance must be evident.

Question 4

Unilateral contracts are usually considered illegal.

Accepted Answer

Unilateral contracts are not necessarily illegal. In fact, many contracts in business involve one party promising to perform an action in exchange for a potential reward from the other party. However, some unilateral contracts may be deemed illegal if they involve illegal activities or if they are against public policy.

Question 5

Contracts for the sale of patents,automobiles,cleaning services and paper clips would all be governed by Article 2 of the Uniform Commercial Code.

Accepted Answer

Article 2 of the Uniform Commercial Code governs the sale of goods, but not services or intangible assets like patents. Automobiles and paper clips are goods, but cleaning services and patents are not.

Question 6

When John comes home from work one evening,he finds that the leaves in his frontyard have been raked and put in bags.Later,a man comes to collect for the yard work done.John refuses to pay for the work since he has never seen the man before and did not hire him to do his yard work.Which of the following answers is most accurate?

Accepted Answer

John would not have to pay because he did not have the opportunity to reject the offer, as he did not request the service nor agree to it beforehand.

Question 7

Dawn and Isaac sign a contract in which Dawn agrees to deliver 8 bags of flour in exchange for Isaac's promise to pay $25 per bag.Dawn delivers the flour.Isaac pays for the goods.This contract is fully executory.

Accepted Answer

A contract is considered fully executory when both parties have yet to fulfill their obligations. In this case, since Dawn has delivered the flour and Isaac has paid for it, the contract is executed, not executory.

Question 8

Jerry offers to shovel the snow from Ben's driveway for $35.Ben grabs his shovel and begins to work.This is an example of:

Accepted Answer

The answer of Jerry offers to shovel the snow from...

Question 9

Strawly Corp.wants to sell land which has toxic waste underground.It may shift all the responsibility for environmental cleanup to the buyer by including such a provision in the sales contract.

Accepted Answer

In most jurisdictions, environmental laws hold the seller responsible for disclosing known environmental hazards, and liability for cleanup often remains with the seller regardless of contract provisions.

Question 10

A valid contract can legally be voided by either party.

Accepted Answer

A contract can only be voided under certain circumstances, such as when it was entered into under duress, coercion, or fraud. It cannot be voided simply because one party changes their mind or no longer wants to uphold their side of the agreement.

Question 11

Under a contract,Danielle is required to make a set of draperies out of fabric chosen by the homeowners,the Flynns.After Danielle makes the draperies according to the contract requirements,her duties under the contract are discharged.

Accepted Answer

Once Danielle fulfills her obligation to make the draperies according to the contract requirements, she has fulfilled her duties and the contract is discharged.

Question 12

When promissory estoppel is used by the courts,it is because there is NOT an enforceable contract present.

Accepted Answer

Promissory estoppel is used when there is no formal contract, but a party has relied on the promise of another to their detriment, and it would be unjust to not enforce the promise.

Question 13

Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.

Accepted Answer

This is a unilateral contract as Alex's promise is made in exchange for the act of finding and returning the watch, and Kate has fulfilled this act. The contract is enforceable because Kate has performed the requested act to claim the reward promised by Alex.

Question 14

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

Accepted Answer

For a contract to be enforceable, there must be an offer by one party and an acceptance of that offer by the other party.

Question 15

Erin goes into Great Buy Electronics store and purchases a TV.She agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan.This is an executed contract.

Accepted Answer

An executed contract is one where all parties have fulfilled their obligations. In this case, Erin has not yet paid for the TV, so the contract is executory, not executed.

Question 16

Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday.If Teresa cleans the house by noon on Saturday and Valerie pays the $75,then this is an implied,bilateral,executory contract.

Accepted Answer

This is an example of an express, bilateral, executed contract. It is express because the terms are clearly stated and communicated between the parties, bilateral because it involves a promise for a promise (Valerie's promise to pay and Teresa's promise to clean), and executed because both parties have fulfilled their obligations (Teresa cleaned the house and Valerie paid the $75).

Question 17

The common law governs contracts for:

Accepted Answer

The common law governs contracts for services, real estate, and employment, as well as many other types of contracts. Common law refers to the body of law that is developed over time by judges through their decisions in court cases, rather than from written laws or statutes. Therefore, it is applicable to a wide range of contracts, including those listed in options A, B, and C.

Question 18

The elements of a contract are agreement,consideration,legality,and capacity.

Accepted Answer

The elements of a contract are indeed agreement, consideration, legality, and capacity. These elements are necessary for a contract to be legally binding.

Question 19

Miles purchased a lawnmower with an attached warning that said,"The manufacturer is not responsible in the case of an injury caused by the lawnmower." If Miles is injured because of a defect in the mower and sues the lawnmower manufacturer,he will most likely:

Accepted Answer

The warning is likely unenforceable because the manufacturer has a duty to provide a reasonably safe product and cannot simply waive liability for any injuries caused by defects in their product.

Question 20

One purpose of contract law is to make business matters more predictable.

Accepted Answer

Contract law provides a framework for businesses to make agreements that are legally enforceable. This increases predictability and stability in business transactions, as the terms and obligations of each party are clearly defined.

Quiz 9: Introduction to Contracts