Question 1

Alan decides that the best way to get a promotion would be to have his supervisor killed.He hires a "hit man" to have the supervisor killed.This contract would be described as:

Accepted Answer

The contract to have Alan's supervisor killed is against public policy and therefore void. Contracts that involve illegal activities, such as murder, are not enforceable in court.

Question 2

When can an offer to form a unilateral contract be revoked?

Accepted Answer

In a unilateral contract, the offeror promises something in exchange for the offeree's performance. Once the offeree begins performance, the offeror cannot revoke the offer, as this would be considered a breach of contract. However, if the offeree has not yet begun to perform, the offer can be revoked at any time before performance begins. So, the correct choice is A, before the offeree begins performance.

Question 3

The majority of the contracts entered into by individuals and businesses are ________ contracts.

Accepted Answer

Most contracts entered into by individuals and businesses are informal, meaning they are not required to be in writing and may be formed through verbal or nonverbal conduct. Formal contracts, on the other hand, usually require a written document and a formal signing ceremony. However, the other choices also have some relevance in contract law.

- B) Formal contracts: Contracts that require a written document and a formal signing ceremony. These are typically used in situations where substantial amounts of money are involved or when the contract involves real estate.
- C) Executory contracts: Contracts that have not yet been fully performed by one or both parties.
- D) Executed contracts: Contracts that have been fully performed by both parties.
- E) Unilateral contracts: Contracts where only one party makes a promise that can be accepted through performance by the other party.

Question 4

Which of the following is true regarding contract validity?

Accepted Answer

A voidable contract is one where one party has the ability to avoid his or her obligation under the contract due to a defect, such as fraud or coercion, while a void contract is one that is legally unenforceable because it lacks an essential element. An executory contract is one that has not yet been fully performed, and a unilateral contract is one where only one party makes a promise and the other party performs to accept it, both of which can be enforceable if they meet the necessary requirements.

Question 5

A(n)________ contract has no legal effect.

Accepted Answer

A void contract is one that has no legal effect and is unenforceable by either party. This means that it lacks legal force from the beginning and neither party can enforce it.

Question 6

A unilateral contract is:

Accepted Answer

A unilateral contract is a promise for an act. In a unilateral contract, one party makes a promise in exchange for the other party's performance of an act, such as completing a task or providing a service. The offeror is obligated to fulfill the terms of the contract only when the offeree has completed the required act.

Question 7

The reasonable person standard is used to decide whether an express contract exists under:

Accepted Answer

The reasonable person standard is used in the objective theory of contracts, which focuses on the parties' objective manifestations of assent rather than their subjective intent. Therefore, the standard helps to determine whether there was a meeting of the minds, and thus an express contract, between the parties.

Question 8

A ________ contract consists of an agreement between the parties,is supported by legally sufficient consideration,is between parties with contractual capacity,and accomplishes a lawful object.

Accepted Answer

A valid contract is an agreement that meets all the necessary legal requirements, including consideration, capacity to contract, lawful object, and mutual assent. A voidable contract is a contract that can be legally voided by one party, while a void contract is not enforceable at all. Vituperative and vociferous are not relevant terms in contract law.

Question 9

The ________ theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the ________ person standard.

Accepted Answer

The objective theory of contracts holds that the intent to enter into a contract is based on the reasonable person standard, meaning that an objective, reasonable person would interpret the parties' actions and words as evidencing intent to enter into a contract. This is different from the subjective theory which focuses on the parties' actual subjective intent, which can be difficult to determine.

Question 10

As applied to a contract,the terms "bilateral" and "unilateral" are based on:

Accepted Answer

The terms "bilateral" and "unilateral" are based on the number of parties who make a promise in the formation of a contract. In a bilateral contract, both parties make promises to each other, whereas in a unilateral contract, only one party makes a promise.

Question 11

In a unilateral contract:

Accepted Answer

A unilateral contract requires the offeree to perform an act as acceptance of the offer. The offeror cannot revoke the offer once the offeree has begun or substantially completed performance of the act. Therefore, options A, B, and E are all partially true, but only option D combines them fully to provide a complete definition of a unilateral contract. Option C is not entirely correct because, in a unilateral contract, the acceptance must be through the performance of an act.

Question 12

What is the purpose of the Uniform Computer Information Transactions Act?

Accepted Answer

The purpose of the Uniform Computer Information Transactions Act (UCITA) is to establish uniform rules for the formation and enforcement of electronic contracts and licenses. It is intended to provide legal certainty to electronic transactions and remove any uncertainty or doubts relating to their validity, enforceability, and interpretation. UCITA does not deal with credit card transactions, convert existing contract law, provide consumer rights with Internet service providers, or provide a criminal cause of action for computer fraud.

Question 13

An informal contract is also known as a(n)________ contract

Accepted Answer

An informal contract is also known as a simple contract. This type of contract does not require any formalities or specific format, and can be made orally or in writing. There may not be any witnesses or signatures required, but there is still an agreement between the parties involved. Unilateral and bilateral contracts require consideration from only one party or both parties respectively. Executed contracts are those that have been fully performed, while executory contracts have yet to be fulfilled.

Question 14

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is ________.

Accepted Answer

Under the objective theory of contracts, the focus is on the actions of the parties, rather than their subjective intent. It is the outward manifestation of intent that matters, not what the parties may have subjectively intended. Therefore, the subjective intent of a party is considered irrelevant.

Question 15

Which of the following is not a type of formal contract recognized by the Restatement (Second)of Contracts?

Accepted Answer

The Restatement (Second) of Contracts recognizes negotiable instruments, letters of credit, recognizances, and contracts under seal as types of formal contracts. However, a gentlemen's agreement is not a formal contract because it lacks the required elements of offer, acceptance, and consideration.

Question 16

Mike is a house painter who orally offers to paint Betty's house for $2,000.00 by May 1^st.Betty orally promises to pay Mike $2,000.00 for the paint job if he completes it by May 1^st.This is a(n):

Accepted Answer

This is a bilateral contract because there is a mutual exchange of promises between Mike and Betty. Mike promises to paint the house, and Betty promises to pay $2,000.00 if he completes the job by May 1^st. The agreement is enforceable by law.

Question 17

A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.

Accepted Answer

A bilateral contract requires mutual promises between the offeror and the offeree. Both parties are bound to perform their duties under the contract, and both parties are considered to have made a legally enforceable agreement. In a bilateral contract, the offeror's promise is answered by the offeree's promise of acceptance. A unilateral contract, on the other hand, involves an offeror making a promise to pay or perform upon the completion of a specific act by the offeree.

Question 18

Under the objective theory of contracts,a contract could result from an offer made:

Accepted Answer

The objective theory of contracts focuses on the external, objective circumstances surrounding the offer and acceptance, rather than the subjective intentions of the parties. Therefore, if a person makes a valid offer to sell an item quickly and the other party accepts it, a contract could result regardless of the motivations behind the offer.

Question 19

A contract is formed only by the performance of the requested act in what kind of contract?

Accepted Answer

In a unilateral contract, only one party makes a promise and the contract is formed by the completion of a requested act by the other party. The performance of the act is the acceptance of the offer and creates a binding contract.

Question 20

An offeree can form a contract by simply making a promise if the offer to form a contract is:

Accepted Answer

In a bilateral contract, both parties exchange promises, meaning that the offeree can form a contract by simply making a promise. In contrast, in a unilateral contract, the offeree must perform an act in order to accept the offer and form a contract. Trilateral, quadrilateral, and multilateral contracts involve more than two parties, so they are not relevant to this question. Therefore, the best choice is A) bilateral.

Quiz 9: Nature of Traditional and E-Contracts

Alan decides that the best way to get a promotion would be to have his supervisor killed.He hires a "hit man" to have the supervisor killed.This contract would be described as:

When can an offer to form a unilateral contract be revoked?

The majority of the contracts entered into by individuals and businesses are ________ contracts.

Which of the following is true regarding contract validity?

A(n) ________ contract has no legal effect.

A unilateral contract is:

The reasonable person standard is used to decide whether an express contract exists under:

A ________ contract consists of an agreement between the parties,is supported by legally sufficient consideration,is between parties with contractual capacity,and accomplishes a lawful object.

The theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the person standard.

As applied to a contract,the terms "bilateral" and "unilateral" are based on:

In a unilateral contract:

What is the purpose of the Uniform Computer Information Transactions Act?

An informal contract is also known as a(n) ________ contract

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is ________.

Which of the following is not a type of formal contract recognized by the Restatement (Second) of Contracts?

Mike is a house painter who orally offers to paint Betty's house for $2,000.00 by May 1^st.Betty orally promises to pay Mike $2,000.00 for the paint job if he completes it by May 1^st.This is a(n) :

A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.

Under the objective theory of contracts,a contract could result from an offer made:

A contract is formed only by the performance of the requested act in what kind of contract?

An offeree can form a contract by simply making a promise if the offer to form a contract is:

Quiz 9: Nature of Traditional and E-Contracts

Alan decides that the best way to get a promotion would be to have his supervisor killed.He hires a "hit man" to have the supervisor killed.This contract would be described as:

When can an offer to form a unilateral contract be revoked?

The majority of the contracts entered into by individuals and businesses are ________ contracts.

Which of the following is true regarding contract validity?

A(n) ________ contract has no legal effect.

A unilateral contract is:

The reasonable person standard is used to decide whether an express contract exists under:

A ________ contract consists of an agreement between the parties,is supported by legally sufficient consideration,is between parties with contractual capacity,and accomplishes a lawful object.

The ________ theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the ________ person standard.

As applied to a contract,the terms "bilateral" and "unilateral" are based on:

In a unilateral contract:

What is the purpose of the Uniform Computer Information Transactions Act?

An informal contract is also known as a(n) ________ contract

Under the objective theory of contracts,the subjective intent of a party to enter into a contract is ________.

Which of the following is not a type of formal contract recognized by the Restatement (Second) of Contracts?

Mike is a house painter who orally offers to paint Betty's house for $2,000.00 by May 1st.Betty orally promises to pay Mike $2,000.00 for the paint job if he completes it by May 1st.This is a(n) :

A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.

Under the objective theory of contracts,a contract could result from an offer made:

A contract is formed only by the performance of the requested act in what kind of contract?

An offeree can form a contract by simply making a promise if the offer to form a contract is:

The theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the person standard.

Mike is a house painter who orally offers to paint Betty's house for $2,000.00 by May 1^st.Betty orally promises to pay Mike $2,000.00 for the paint job if he completes it by May 1^st.This is a(n) :