Question 1

In an express contract,the terms are fully and explicitly stated in words.

Accepted Answer

In an express contract, the terms are fully and explicitly stated in words, either orally or in writing.

Question 2

If a voidable contract is ratified,the parties must fully perform their respective legal obligations.

Accepted Answer

Ratification confirms the validity of a previously voidable contract, making it enforceable. Once ratified, the parties must fully perform their respective legal obligations as if the contract had been valid from the beginning.

Question 3

A quasi contract is a fictional contract.

Accepted Answer

A quasi contract is a type of contract that is not created by an agreement between the parties involved, but is instead created by a court to prevent one party from receiving unjust enrichment at the expense of another party. It is a fictional or implied contract created by law.

Question 4

A contract that has been fully performed by the parties is an executory contract.

Accepted Answer

A contract that has been fully performed by the parties is an executed contract. An executory contract is one where there are still obligations to be fulfilled by one or both parties.

Question 5

An unenforceable contract is one that cannot be enforced because of certain legal defenses against it.

Accepted Answer

An unenforceable contract is one that is not legally valid or binding, usually due to a defect in the formation of the contract or a violation of law or public policy. Therefore, it cannot be enforced by the parties to the contract or by a court. Common examples of unenforceable contracts include contracts that are based on illegal activities or contracts that are signed under duress.

Question 6

In Town Delivery Service promises to deliver a certain couch to Kurt,who promises to pay for the service.If InTown does not perform,it may be required to​

Accepted Answer

If InTown fails to deliver the promised couch, they would be in breach of their contract with Kurt. As a result, Kurt could hold them liable for any damages he suffered as a result of their failure to deliver. This could include paying for the cost of the couch or any other financial losses Kurt incurred due to InTown's breach. Therefore, InTown may be required to pay money damages.

Question 7

Informal contracts include all contracts other than formal contracts.

Accepted Answer

Informal contracts include verbal agreements, implied contracts, and contracts that are not in writing. Formal contracts, on the other hand, are contracts that are in writing and have specific legal requirements, such as signatures and witnesses. Therefore, informal contracts encompass all contracts other than formal contracts.

Question 8

Jonathon promises to pay child support and alimony to his ex-wife every month after their divorce.Jonathon has​

Accepted Answer

Jonathon has both a legal and a moral obligation to keep his promise of paying child support and alimony to his ex-wife every month. The legal obligation stems from the divorce agreement and court orders, while the moral obligation arises from his responsibility to provide financial support for his children and former spouse. Breaking his promise could lead to legal consequences such as fines or even imprisonment, and could also damage his reputation and relationships with his family.

Question 9

An executed contract is one that has been fully performed.

Accepted Answer

An executed contract is one where all parties involved have fulfilled their obligations as outlined in the contract, meaning it has been fully performed.

Question 10

An implied contract is not an actual contract.

Accepted Answer

An implied contract is an actual contract where the agreement between parties is inferred from their actions, conduct, or circumstances, rather than from written or spoken words.

Question 11

A court will normally interpret the language of a contract according to what the parties claim their intent was when they made it.

Accepted Answer

A court typically interprets the language of a contract based on the plain meaning of the words within the contract itself, rather than the subjective intent of the parties, unless the language is ambiguous.

Question 12

Informal contracts are usually based on their sub-stance rather than their form.

Accepted Answer

Informal contracts are typically based on the substance of the agreement between the parties involved, rather than any formal or legal requirements.

Question 13

The UETA gives the same legal effect to electronic records and signatures as is given to paper documents and signatures.

Accepted Answer

The Uniform Electronic Transactions Act (UETA) gives the same legal effect to electronic records and signatures as is given to paper documents and signatures. Therefore, the statement is true.

Question 14

A check is a formal contract.

Accepted Answer

A check is a formal written contract between the account holder and the bank. It includes the terms and conditions under which the bank agrees to pay the specified amount of money to the person or entity named on the check.

Question 15

Smith & Jones,Accountants,agrees to perform an audit for Brick & Mortar Stores,Inc.Whether or not this agreement meets all of the requirements of a contract,the parties are likely to follow the rules of contract law because they​

Accepted Answer

The parties are likely to follow the rules of contract law because they want to avoid potential problems, such as legal disputes, financial damages, or harm to their professional reputation. Adhering to the rules of contract law can help them achieve their goals, protect their interests, and maintain a positive business relationship. Therefore, even if the agreement does not meet all the technical requirements of a contract, the parties may still act as if it were valid and enforceable, to the extent possible.

Question 16

Jim tells Dana that he will take her out to lunch on Thursday.Jim has made Dana​

Accepted Answer

Jim has made a promise to Dana to take her out to lunch on Thursday. A promise is a commitment or assurance to someone to do something in the future, and it creates an obligation for the person making the promise to follow through. Therefore, option B is the correct answer.

Question 17

A quasi contract is not enforceable by a court.

Accepted Answer

A quasi contract, also known as an implied-in-law contract, is a legal fiction created by the courts to prevent one party from unjustly enriching themselves at the expense of another party. Although it is not technically a contract, the courts may enforce quasi-contractual obligations as if they were binding contracts in order to prevent unjust enrichment.

Question 18

Jack promises to buy Lizette's used textbook for $60.Jack is​

Accepted Answer

Jack is the one making the promise to buy Lizette's textbook, so he is the promisor in this situation.

Question 19

When a contract's writing is not clear,a court will enforce it according to its obvious terms.

Accepted Answer

The answer of When a contract's writing is not clear,a...

Question 20

If a contract term is ambiguous,a court can consider outside evidence.

Accepted Answer

If a contract term is ambiguous, a court may consider evidence outside of the contract in order to determine its meaning. This is known as "extrinsic evidence."

Quiz 9: Introduction to Contracts