Deck 8: Contracts

Question 1

A promisor is a person to whom a promise has been made.

Answer 1

False

Question 2

How does the common law differ from the Uniform Commercial Code?

A)It provides special treatment to "merchants."
B)It is more liberal in upholding the existence of a contract.
C)It does not require good faith in the performance of a contract.
D)It applies to every person equally.
E)It is not enacted by Congress.

Answer 2

D

Question 3

Explicitness is concerned with the degree to which a given contract is binding.

Answer 3

False

Question 4

A quasi-contract is not a contract,but a fiction created by the courts to prevent injustice.

Question 5

Which of the following is the only "national" law not enacted by Congress?

A)Common law
B)Uniform Commercial Code
C)Quasi-contract
D)Legal detriment
E)Promissory estoppel

Question 6

Contract duties are obligations imposed by law.

Question 7

A _____ is a promise or a set of promises for the breach of which the law gives a remedy,or the performance of which the law in some way recognizes as a duty.

A)tort
B)tender
C)contract
D)law
E)bailment

Question 8

The Uniform Commercial Code is a statute enacted by Congress.

Question 9

Contract law reduces the cost of economic transactions.

Question 10

Every agreement,in the broadest sense of the word,consists of an offer and acceptance,and therefore two persons cannot reach agreement without forming a contract.

Question 11

_____ is the dimension of a contract that is concerned with the degree to which the agreement is manifest to those not party to it.

A)Mutuality
B)Explicitness
C)Enforceability
D)Completion
E)Acceptance

Question 12

A contract need not be in writing to be enforceable.

Question 13

The UCC is more liberal than the common law in upholding the existence of a contract.

Question 14

When classifying contracts,the dimension of enforceability is concerned with:

A)the degree to which the agreement is manifest to those not party to it.
B)whether the parties involved created a valid,enforceable contract or not.
C)whether promises are exchanged between two parties or one.
D)the degree to which a given contract is binding.
E)whether the contract is yet to be performed or the obligations have been fully discharged by one or both parties.

Question 15

Specific performance is a limited remedy as it is only available for breach of contract to sell a unique item.

Question 16

An agreement that is illegal is void.

Question 17

Punitive damages are fixed by law and the judge or jury may not award at its discretion.

Question 18

The Restatements are actual judicial precedents and are authoritative in nature.

Question 19

The plaintiff is not entitled to any damage,if the breach caused no loss.

Question 20

Mutual promises are not necessary to constitute a bilateral contract.

Question 21

An executory contract refers to an agreement:

A)in which one promise or set of terms has been fulfilled.
B)that is lacking one of the legal elements of a contract.
C)consisting of a set of promises,before either promise is carried out.
D)that has been carried out fully by both parties.
E)that is unenforceable by one party but enforceable by the other.

Question 22

What is specific performance? Under what circumstances is it considered an appropriate remedy?

Question 23

_____ is the quid pro quo between the contracting parties,in the absence of which the law will not enforce the promise or promises made.

A)Restitution
B)Capacity
C)Quasi-contract
D)Consideration
E)Compensation

Question 24

What are the factors that determine the existence of consideration in a contract?

Question 25

An agreement that is lacking one of the legal elements of a contract is said to be _____.

A)valid
B)unenforceable
C)voidable
D)void
E)lawful

Question 26

A plaintiff is entitled to _____ damages when there is no loss caused by the breach.

A)consequential
B)nominal
C)punitive
D)restitutional
E)incidental

Question 27

Which of the following factors considers whether the contract is yet to be performed or the obligations have been fully discharged by one or both parties while classifying contracts?

A)Completion
B)Acceptance
C)Mutuality
D)Explicitness
E)Enforceability

Question 28

What are the economic functions of contract law?

Question 29

_____ are damages that flow as a foreseeable consequence of the breach.

A)Nominal damages
B)Restitutionary damages
C)Consequential damages
D)Incidental damages
E)Punitive damages

Question 30

Which of the following is awarded for the purpose of punishing a defendant in a civil action,in which criminal sanctions may be unavailable?

A)Contemptuous damages
B)Incidental damages
C)Nominal damages
D)Compensatory damages
E)Punitive damages

Question 31

An)_____ contract is one in which the terms are spelled out directly and the parties are conscious that they are making an enforceable agreement.

A)quasi-
B)implied
C)express
D)voidable
E)void

Question 32

The Restatement Second)of Contracts defines agreement as:

A)an act,a forbearance,or a promise of such from a promisee.
B)a contract that is inferred from the action of the parties.
C)a manifestation of mutual assent by two or more persons to one another.
D)an obligation said to be imposed by law in order to avoid unjust enrichment of one person at the expense of another.
E)an unspoken conduct between the parties.

Question 33

Which of the following will be considered a binding contract by American law?

A)Laura offers to give Kenneth a novel if he promises to pick it up from her house.Kenneth accepts.
B)Edward offers a jacket to Sandra.Sandra accepts.
C)Brian offers to drop Karen home from the party.Karen accepts.
D)Michelle offers Mark a camera in exchange for Mark's promise to pay $ 100.Mark accepts.
E)Betty offers to give Andrew an antique clock if he proves himself worthy of it.Andrew accepts.