Question 1

A contract for the sale of a good falls under Article 2 of the UCC.

Accepted Answer

A contract for the sale of a good is governed by Article 2 of the UCC (Uniform Commercial Code) in the United States.

Question 2

A bond used as bail in a criminal case is a recognizance,which is an example of a formal contract.

Accepted Answer

A recognizance is a formal contract used as bail in a criminal case.

Question 3

Today,courts hold that once an offeree begins performance on a unilateral contract,the offeror must hold the offer open for a reasonable time to allow the offeree to complete the performance.

Accepted Answer

This is known as the "doctrine of substantial performance" and is recognized by courts in most jurisdictions. Once the offeree has begun to perform on a unilateral contract, the offeror cannot revoke the offer and must allow the offeree a reasonable amount of time to complete the performance.

Question 4

Congress passed the Uniform Electronic Transactions Act UETA).

Accepted Answer

The Uniform Electronic Transactions Act (UETA) was not passed by Congress; it is a model law created by the National Conference of Commissioners on Uniform State Laws (NCCUSL) for adoption by individual states.

Question 5

Which of the following was the result on appeal in Reisenfeld & Co.v.The Network Group,Inc. ;Builders Square,Inc. ;Kmart Corp. ,the case in the text involving whether the plaintiff could recover from BSI in the situation in which BSI contracted with Network Group to lease property,and Network Group contracted with the plaintiff agreeing to pay a certain commission for his work but then defaulted on the contract?
A)The court ruled that because a quasi-contract was involved,BSI was required to pay the plaintiff the full amount of the commissions claimed.
B)The court ruled that because the plaintiff did not have a contract with BSI,the plaintiff was entitled to no recovery from BSI.
C)The court ruled that because it was a third-party beneficiary,BSI was required to pay the plaintiff the full amount of the commissions claimed.
D)The court ruled that because a quasi-contract was involved,BSI was required to pay the plaintiff the reasonable value of the services rendered,not necessarily the contractual amount promised for commissions.
E)The court ruled that because it was a third-party beneficiary,BSI was required to pay the plaintiff the reasonable value of the services rendered,not necessarily the contractual amount promised for commissions.

Accepted Answer

A)The court ruled that the plaintiff could hold BSI accountable on a theory of quasi-contract for the benefits it provided to BSI,but that liability under quasi-contract is measured by the reasonable value of services Reisenfeld provided to BSI.
B)The court ruled that the plaintiff could hold BSI accountable on a theory of quasi-contract for the benefits it provided to BSI,but that liability under quasi-contract is measured by the reasonable value of services Reisenfeld provided to BSI.
C)The court ruled that the plaintiff could hold BSI accountable on a theory of quasi-contract for the benefits it provided to BSI,but that liability under quasi-contract is measured by the reasonable value of services Reisenfeld provided to BSI.
D)The court ruled that the plaintiff could hold BSI accountable on a theory of quasi-contract for the benefits it provided to BSI,but that liability under quasi-contract is measured by the reasonable value of services Reisenfeld provided to BSI.
E)The court ruled that the plaintiff could hold BSI accountable on a theory of quasi-contract for the benefits it provided to BSI,but that liability under quasi-contract is measured by the reasonable value of services Reisenfeld provided to BSI.

Question 6

Any contract that is not a formal contract is an informal contract,also called a simple contract.

Accepted Answer

An informal contract is also called a simple contract and is not a formal contract. Therefore, the statement is true.

Question 7

The purpose of a covenant not to compete,in the employer/employee context,is to restrict what an employee may do after leaving a company.

Accepted Answer

A covenant not to compete is a legal agreement between an employer and employee that restricts the employee's ability to work for a competitor or start a similar business for a certain period of time after leaving the company. Its purpose is to protect the company's confidential information, trade secrets, and customer relationships.

Question 8

Which of the following is true regarding the type of marriage contract discussed in the text called the muta'a?
A)It is a contract by which the female agrees to a divorce if there are no children from the marriage within five years.
B)It is a temporary type of arrangement called a "responsibility marriage" in which the female is paid to care for the male's elderly parents.
C)It is a contract by which the female agrees to a divorce if there are no children from the marriage within three years.
D)It is a temporary type of arrangement called a "pleasure marriage" in which the female is paid for sexual intimacy.
E)It is a type of premarital contract typical to the U.S.in which the parties agree ahead of time how property and assets should be divided in the event of divorce.

Accepted Answer

A)In Iraq,under the muta'a "contract for a pleasure marriage"),a marriage can last anywhere from an hour to 10 years and is renewable.Under the contract,the male typically receives sexual intimacy,in exchange for which the woman receives money.
B)In Iraq,under the muta'a "contract for a pleasure marriage"),a marriage can last anywhere from an hour to 10 years and is renewable.Under the contract,the male typically receives sexual intimacy,in exchange for which the woman receives money.
C)In Iraq,under the muta'a "contract for a pleasure marriage"),a marriage can last anywhere from an hour to 10 years and is renewable.Under the contract,the male typically receives sexual intimacy,in exchange for which the woman receives money.
D)In Iraq,under the muta'a "contract for a pleasure marriage"),a marriage can last anywhere from an hour to 10 years and is renewable.Under the contract,the male typically receives sexual intimacy,in exchange for which the woman receives money.
E)In Iraq,under the muta'a "contract for a pleasure marriage"),a marriage can last anywhere from an hour to 10 years and is renewable.Under the contract,the male typically receives sexual intimacy,in exchange for which the woman receives money.

Question 9

If a contract is valid,then it is enforceable.

Accepted Answer

A valid contract is one that meets all the legal requirements, but it may not be enforceable if there are defenses such as duress, undue influence, or lack of capacity.

Question 10

If a quasi-contract is imposed,the amount of damages for a breach is based upon the fair market value of any service provided to the defendant.

Accepted Answer

A quasi-contract is a legal fiction created by courts to enforce fairness and equity when a contract does not exist, but one party has received a benefit from the other party. In such situations, the amount of damages for a breach is typically based upon the fair market value of any service provided to the defendant, as opposed to the actual cost incurred by the plaintiff. This helps to prevent unjust enrichment on the part of the defendant and ensures that the plaintiff is adequately compensated for their services.

Question 11

Contracts do not have to fall under the common law or the Uniform Commercial Code.

Accepted Answer

The answer of Contracts do not have to fall under...

Question 12

There is no requirement that enrichment be unjust in order to recover under quasi-contract.

Accepted Answer

The answer of There is no requirement that enrichment be...

Question 13

The Restatement Second)of the Law of Contracts is not actually the law itself.

Accepted Answer

The Restatement Second of the Law of Contracts is a secondary source that summarizes and clarifies existing contract law, but it does not have the force of law itself.

Question 14

The response that the offeror expects from the offeree determines whether a contract is bilateral or unilateral.

Accepted Answer

In a bilateral contract, the offeror expects a promise or performance from the offeree in exchange for something of value, while in a unilateral contract, the offeror expects only performance from the offeree. The type of response expected by the offeror determines whether the contract is bilateral or unilateral.

Question 15

A[n] _ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.
A)Acceptance
B)Legal object
C)Contract
D)Offer
E)Consideration

Accepted Answer

A)The Restatement Second)of Contracts defines a contract as "a promise or set of
promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."
B)The Restatement Second)of Contracts defines a contract as "a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."
C)The Restatement Second)of Contracts defines a contract as "a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."
D)The Restatement Second)of Contracts defines a contract as "a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."
E)The Restatement Second)of Contracts defines a contract as "a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."

Question 16

In the Case Opener,Hallmark claimed that an arbitration ruling against a former employee should be upheld.Which of the following was the result of the case?
A)The former employee could proceed with an action in court because there was no consideration for the arbitration agreement and,therefore,no valid agreement.
B)The former employee was allowed to proceed in court because she had exhausted her remedies in the arbitration arena.
C)The former employee was barred from proceeding in court based on the statute of limitations which expired while she was pursuing her remedies in arbitration.
D)The former employee could proceed with an action in court because,as a matter of law,arbitration agreements are barred in the arbitration context.
E)The former employee was barred from proceeding in court because of the binding arbitration clause.

Accepted Answer

A)According to the court,"because there was no consideration from Hallmark,there was no binding contract to submit disputes to arbitration." The case was remanded for further court proceedings on the plaintiff's claims.
B)According to the court,"because there was no consideration from Hallmark,there was no binding contract to submit disputes to arbitration." The case was remanded for further court proceedings on the plaintiff's claims.
C)According to the court,"because there was no consideration from Hallmark,there was no binding contract to submit disputes to arbitration." The case was remanded for further court proceedings on the plaintiff's claims.
D)According to the court,"because there was no consideration from Hallmark,there was no binding contract to submit disputes to arbitration." The case was remanded for further court proceedings on the plaintiff's claims.
E)According to the court,"because there was no consideration from Hallmark,there was no binding contract to submit disputes to arbitration." The case was remanded for further court proceedings on the plaintiff's claims.

Question 17

Quasi-contracts are actual contracts.

Accepted Answer

Quasi-contracts are not actual contracts but rather legal constructs used to create an obligation or liability in situations where there is no existing contract. They are also known as implied-in-law contracts.

Question 18

In relation to contracts,the term "consideration" pertains to parties acting in an ethical manner.

Accepted Answer

Consideration refers to something of value promised by each party in a contract, and is necessary for the formation of a legally binding agreement. It is not related to ethics, but rather to the exchange of goods or services between parties.

Question 19

Which of the following consists of an offer by one party and an acceptance of the terms by another party?
A)Coherence
B)Agreement
C)Legal object
D)Concurrence
E)Alliance

Accepted Answer

A)The agreement consists of an offer by one party,called the offeror,to enter into a
contract,and an acceptance of the terms of the offer by the other party,called the offeree.
B)The agreement consists of an offer by one party,called the offeror,to enter into a contract,and an acceptance of the terms of the offer by the other party,called the offeree.
C)The agreement consists of an offer by one party,called the offeror,to enter into a contract,and an acceptance of the terms of the offer by the other party,called the offeree.
D)The agreement consists of an offer by one party,called the offeror,to enter into a contract,and an acceptance of the terms of the offer by the other party,called the offeree.
E)The agreement consists of an offer by one party,called the offeror,to enter into a contract,and an acceptance of the terms of the offer by the other party,called the offeree.

Question 20

If a person is intoxicated when signing a contract,they may not back out of the contract based on being intoxicated because being intoxicated is a voluntary condition.

Accepted Answer

A contract signed by an intoxicated person can be voidable if it can be proven that the person was unable to understand the nature and consequences of the transaction due to their intoxication.

Quiz 13: Introduction to Contracts