Question 1

In Law and Revolution,Harold J.Berman tells us that some rulers agreed to incorporate the law merchant into their national documents such as the Magna Carta in 1215,which contains a clause that specifically grants safe passage to foreign merchants in England.

Accepted Answer

Harold J. Berman states in Law and Revolution that some rulers incorporated the law merchant into their national documents, such as the Magna Carta, which includes a clause that grants safe passage to foreign merchants in England.

Question 2

When there is a breach of contract,the injured party has the right to ask a court to somehow remedy the situation.

Accepted Answer

This is true. When one party breaches the terms of a contract, the other party can seek legal remedies through a court to address the breach and seek compensation for any damages caused by the breach.

Question 3

A breach of contract occurs when both parties fail to keep their respective promises.

Accepted Answer

A breach of contract occurs when one or more parties fail to fulfill their obligations as outlined in the contract, not necessarily both parties.

Question 4

The quasi-contract concept involves the mutual assent of the parties.

Accepted Answer

Quasi-contract is not based on the mutual assent of the parties, but instead it is a legal fiction used to prevent unjust enrichment. It is a remedy imposed by the court to prevent one party from unjustly benefiting at the expense of another party, even if there was no specific agreement or mutual assent between the parties.

Question 5

An unenforceable contract may have all the elements of a complete contract and still be unenforceable.

Accepted Answer

An unenforceable contract may have all the essential elements of a valid contract, such as offer, acceptance, consideration, and capacity, but it is not enforceable due to some legal or equitable reason. For example, a contract may be unenforceable if it violates the statute of frauds, lacks legal purpose, or is against public policy.

Question 6

Vivian,Ewell's friend,believes that Ewell's contract with Mickey is unfair to Ewell.Even though Vivian does not have any tangible stake in the contract,she may sue since she has privity due to her interest in Ewell.

Accepted Answer

Privity of contract requires that only parties who have a direct interest in the contract can sue for breach of contract. Vivian does not have any direct interest in the contract between Ewell and Mickey, so she cannot sue for breach of contract.

Question 7

Matthew agrees with a friend to divide the proceeds from a bank robbery that the two will commit.This agreement is unenforceable.

Accepted Answer

The answer of Matthew agrees with a friend to divide...

Question 8

In the case of an implied-in-fact contract,the court will apply reasons of justice and fairness and may obligate one who has unfairly benefited at the innocent expense of another.

Accepted Answer

An implied-in-fact contract is based on the conduct of the parties, not on fairness or justice principles, which are more relevant to implied-in-law contracts or quasi-contracts.

Question 9

When contracting parties accept mutual obligations through oral discussion,they have created a quasi-contract.

Accepted Answer

A quasi-contract is not created through oral discussion and agreement. It is a legal fiction created by the courts to prevent unjust enrichment in situations where no actual contract exists.

Question 10

Clark promises to pay Mike $30 if Mike will mow Clark's yard.This is an example of a bilateral contract.

Accepted Answer

This is an example of a unilateral contract because Clark is promising to pay Mike in exchange for a specific action (mowing the yard), rather than a promise from Mike to do so.

Question 11

The Uniform Commercial Code (or UCC)is a model code designed to unify statutes governing almost all commercial transactions.

Accepted Answer

The Uniform Commercial Code (UCC) is a model code that standardizes laws governing commercial transactions in the United States.

Question 12

Law mercantilism is a complex,adaptive system of overlapping economic agents that operates on the basis of competition and a regulated market that responds to the movement of supply and demand.

Accepted Answer

Mercantilism is an economic policy that emphasizes national economic self-sufficiency and export-led growth, relying on a favorable balance of trade, rather than a system of competition and market regulation responding to supply and demand.

Question 13

A person who makes an offer is called an offeree.

Accepted Answer

A person who makes an offer is called an offeror, not an offeree. The offeree is the person who receives the offer.

Question 14

A contract consists of mutual promises between two parties that can be enforced in a court of law.

Accepted Answer

A contract is a legally binding agreement between two parties. It contains mutual promises and obligations that can be enforced in a court of law if one party fails to fulfill their part of the agreement.

Question 15

Void contracts,such as those contracts entered into with a minor,may be avoided or canceled by either of the parties.

Accepted Answer

Void contracts are considered null from the beginning and cannot be enforced by law, thus they do not provide the option to be avoided or canceled because they are already deemed as having no legal effect. Contracts with minors are generally considered voidable, not void, meaning they can be canceled at the discretion of the minor.

Question 16

Gregory sells his land to Tim.Under the Statute of Frauds,Gregory and Tim must have an oral contract to be enforceable in the court of law.

Accepted Answer

Under the Statute of Frauds, contracts for the sale of land must be in writing to be enforceable in the court of law.

Question 17

Pumping gas into a car at a self-service gas station would be an example of a bilateral contract.

Accepted Answer

The answer of Pumping gas into a car at a...

Question 18

Equitable remedies are monetary damages that are imposed by the courts on innocent parties to prevent them from taking advantage of the breach by deliberately raising the amount of damages that the other party has to pay.

Accepted Answer

Equitable remedies refer to non-monetary remedies, such as injunctions or specific performance, that aim to compel a party to fulfill their obligations under a contract. They are not monetary damages imposed on innocent parties.

Question 19

Legal detriment involves the legal ability to make a contract.

Accepted Answer

Legal detriment refers to a loss or disadvantage that one party agrees to in a contract, not to the legal ability to make a contract.

Question 20

Kayla creates a unilateral contract when she promises Sam to give up her right to sue him in exchange for a cash payment.

Accepted Answer

The answer of Kayla creates a unilateral contract when she...

Quiz 7: The Essentials of Contract Law