Question 1

Henrietta offers a $500 reward for the return of Fifi,her lost dog.Silas finds and returns the dog.This is an example of a(n):

Accepted Answer

This is an example of a unilateral contract because Henrietta is making an offer to anyone who finds and returns her lost dog, and Silas accepts the offer by finding and returning the dog. The contract is only enforceable once Silas has completed the requested action.

Question 2

Fair courts,established in 11^th century England,were:

Accepted Answer

Fair courts, established in the 11th and 12th centuries in England, were courts in which juries were composed of merchants who were empowered to hear cases involving commercial disputes. These courts helped to establish commercial law and resolve disputes fairly and efficiently in England's growing economy.

Question 3

A(n)________ contract is implied by the direct or indirect acts of the parties.

Accepted Answer

An implied-in-fact contract is created by the parties' conduct and surrounding circumstances, rather than by words or express agreement. It is inferred from the parties' behavior and the circumstances that suggest that they both intended to have a contract.

Question 4

________ outlines the historical laws and the procedures that were followed by merchants in commercial transactions.

Accepted Answer

Lex mercatoria, also known as "the law of merchants," was an informal legal system that developed in medieval Europe to regulate commerce between merchants from different countries. It was based on the customary practices and principles followed by merchants in commercial transactions, and was not tied to any specific country's legal system. Lex mercatoria outlined historical laws and procedures that were followed by merchants, such as rules governing the formation and performance of contracts, dispute resolution mechanisms, and the recognition and enforcement of judgments.

Question 5

To be enforceable under the Statute of Frauds,a:

Accepted Answer

The Statute of Frauds requires certain contracts to be in writing and signed to be enforceable, but it does not require the written contract to be a formal or preprinted agreement. Additionally, a sales slip or receipt could potentially qualify as a written contract if it contains all of the necessary elements. As long as the written contract includes the essential terms of the agreement and is signed by the party against whom enforcement is sought, it can be enforceable under the Statute of Frauds. Therefore, choice D, that a written contract can be a notation or a memorandum, is the best choice.

Question 6

Webtel Services,Inc.and Acme Co.sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work.This is an example of a:

Accepted Answer

The contract is bilateral because it involves mutual promises and obligations between both parties, Webtel Services and Acme Co. Additionally, it is an express contract because the terms and conditions are specifically stated in the agreement.

Question 7

A proposal made by Braxton to his friend Mike,indicating a willingness to enter a contract to buy Mike's old car for $4,000,fulfills the element of ________ in contract law.

Accepted Answer

The answer of A proposal made by Braxton to his...

Question 8

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

Accepted Answer

An informal contract is also known as a simple contract. This type of contract is not required to be in writing and can be formed through an oral agreement or implied through the conduct of the parties involved. The other options listed do not describe an informal contract. A void contract is one that is unenforceable by law, while a quasi-contract is not a true contract but rather a legal remedy to prevent unjust enrichment. An implied-in-fact contract is a type of contract that is not expressed in words but is inferred from the parties' actions and conduct.

Question 9

A non-breaching party in a breach of contract case has a ________ and cannot take advantage of the breach that increases the amount of damages the breaching party must pay.

Accepted Answer

The duty to mitigate damages requires the non-breaching party to take steps to minimize the harm caused by the breach. This includes not taking advantage of the breach to increase the amount of damages that the breaching party must pay. The right to punitive damages is not relevant to this situation. The duty to mitigate equities and the right to specific performance are also not applicable to this question.

Question 10

________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree,and the offer has been accepted properly by the offeree.

Accepted Answer

Mutual assent, also known as meeting of the minds, is the agreement between the offeror and offeree on the terms of the contract. It requires a valid offer with clear and unambiguous terms and proper acceptance by the offeree. Legality and capacity are important factors for a contract, but they do not necessarily ensure mutual assent. Consideration is also necessary for a contract, but it is not directly related to mutual assent.

Question 11

Beth and Joan,both 15 years of age,enter into a written contract.In the contract,Beth agrees to do Joan's math homework for two weeks for $50,and Joan agrees to pay Beth at the end of the two-week period.This contract is:

Accepted Answer

The contract is voidable because it involves minors (Beth and Joan, both 15 years old). In many jurisdictions, contracts entered into by minors are voidable at the option of the minor, meaning they can choose to either honor the contract or void it.

Question 12

All ________ are ________,but not all agreements are ________ because an agreement may not be ________.

Accepted Answer

Contracts are a subset of agreements, meaning all contracts are agreements, but not all agreements are contracts because a key characteristic of a contract is its legal enforceability.

Question 13

A(n)________ contract does not exist,but is imposed by the court as an equitable remedy in the interests of fairness and justice.

Accepted Answer

A quasi-contract is not an actual contract but is imposed by the court to prevent one party from being unjustly enriched at the expense of another party. It is also known as an implied-in-law contract. The other choices do not apply as they relate to different types of contracts.

Question 14

Matrix,Inc.contracts with Smalltown Economic Development Corp.to build a factory in Smalltown that will employ 1,000 workers from Smalltown.Matrix later breaches this contract,and Smalltown citizens who were expecting to be employed sue Matrix for breach of its contract.Smalltown citizens' best argument for damages involves the legal doctrine of:

Accepted Answer

The Smalltown citizens are intended beneficiaries of the contract between Matrix and Smalltown Economic Development Corp. As such, they have the right to sue for damages resulting from the breach of the contract. Quasi contracts apply in situations where there is no actual contract but it is necessary for fairness to imply one. Privity of contracts applies to the parties who are directly involved in the contract. Implied-in-fact contracts arise from the conduct of the parties and may be inferred from their actions or from the circumstances surrounding their relationship.

Question 15

In contract law,the non-breaching party is compensated by the payment of ________ damages to make up for their real financial losses.

Accepted Answer

Compensatory damages are awarded to the non-breaching party to compensate them for their actual losses resulting from the breach of contract. Punitive damages are sometimes awarded as a form of punishment for the breaching party, but are not necessarily meant to compensate the non-breaching party. Consequential damages refer to indirect losses that result from a breach of contract, while incidental damages refer to expenses that are incurred as a direct result of the breach.

Question 16

A(n)________ contract cannot be upheld by a court of law,although it may have all of the elements of complete contract.

Accepted Answer

An unenforceable contract is one that cannot be upheld or enforced by a court of law due to certain legal defenses, even though it may contain all the elements of a valid contract (offer, acceptance, consideration, and mutual consent).

Question 17

Article 2 of the ________ is a model set of laws designed to govern the sale of goods in commercial transactions in the United States.

Accepted Answer

Article 2 of the Uniform Commercial Code (UCC) is a model set of laws governing commercial transactions in the sale of goods in the United States. It was created to provide a consistent and uniform set of laws for such transactions in every state.

Question 18

The doctrine of ________ restricts a party from denying that a promise was made under certain conditions,even though consideration has not been exchanged to bind an agreement.

Accepted Answer

The doctrine of promissory estoppel prevents a party from denying that a promise was made under certain conditions, even if there was no consideration exchanged to create a legally binding agreement. This is often used in situations where one party relies on a promise from another party and takes action based on that promise, only to have the promising party back out later. Promissory estoppel allows for the harmed party to seek damages or enforce the promise, even if there was no traditional contract in place.

Question 19

Some parties,when entered into a(n)________ contract,may choose to cancel the contract.

Accepted Answer

A voidable contract is a valid contract that can be canceled by one or both parties involved. This may happen when one party is under duress, is lacking capacity to enter into the agreement, or when the contract was entered into based on misrepresentations. The contract is not automatically canceled but may be canceled by either party if they choose to do so. Therefore, the best choice is (C) voidable.

Question 20

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Accepted Answer

Contracts to pay the debt of another are included in the list of contracts that require a writing under the Statute of Frauds. The other choices, contracts that can be completed within one year, contracts involving the sale of all types of goods, and contracts in consideration of employment, generally do not require a written agreement to be enforceable under the Statute of Frauds.

Quiz 7: The Essentials of Contract Law

Henrietta offers a $500 reward for the return of Fifi,her lost dog.Silas finds and returns the dog.This is an example of a(n) :

Fair courts,established in 11^th century England,were:

A(n) ________ contract is implied by the direct or indirect acts of the parties.

________ outlines the historical laws and the procedures that were followed by merchants in commercial transactions.

To be enforceable under the Statute of Frauds,a:

Webtel Services,Inc.and Acme Co.sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work.This is an example of a:

A proposal made by Braxton to his friend Mike,indicating a willingness to enter a contract to buy Mike's old car for $4,000,fulfills the element of ________ in contract law.

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

A non-breaching party in a breach of contract case has a ________ and cannot take advantage of the breach that increases the amount of damages the breaching party must pay.

________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree,and the offer has been accepted properly by the offeree.

Beth and Joan,both 15 years of age,enter into a written contract.In the contract,Beth agrees to do Joan's math homework for two weeks for $50,and Joan agrees to pay Beth at the end of the two-week period.This contract is:

All are ,but not all agreements are because an agreement may not be .

A(n) ________ contract does not exist,but is imposed by the court as an equitable remedy in the interests of fairness and justice.

In contract law,the non-breaching party is compensated by the payment of ________ damages to make up for their real financial losses.

A(n) ________ contract cannot be upheld by a court of law,although it may have all of the elements of complete contract.

Article 2 of the ________ is a model set of laws designed to govern the sale of goods in commercial transactions in the United States.

The doctrine of ________ restricts a party from denying that a promise was made under certain conditions,even though consideration has not been exchanged to bind an agreement.

Some parties,when entered into a(n) ________ contract,may choose to cancel the contract.

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Quiz 7: The Essentials of Contract Law

Henrietta offers a $500 reward for the return of Fifi,her lost dog.Silas finds and returns the dog.This is an example of a(n) :

Fair courts,established in 11th century England,were:

A(n) ________ contract is implied by the direct or indirect acts of the parties.

________ outlines the historical laws and the procedures that were followed by merchants in commercial transactions.

To be enforceable under the Statute of Frauds,a:

Webtel Services,Inc.and Acme Co.sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work.This is an example of a:

A proposal made by Braxton to his friend Mike,indicating a willingness to enter a contract to buy Mike's old car for $4,000,fulfills the element of ________ in contract law.

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

A non-breaching party in a breach of contract case has a ________ and cannot take advantage of the breach that increases the amount of damages the breaching party must pay.

________ exists when an offeror communicates a valid offer with clear and unambiguous terms to the offeree,and the offer has been accepted properly by the offeree.

Beth and Joan,both 15 years of age,enter into a written contract.In the contract,Beth agrees to do Joan's math homework for two weeks for $50,and Joan agrees to pay Beth at the end of the two-week period.This contract is:

All ________ are ________,but not all agreements are ________ because an agreement may not be ________.

A(n) ________ contract does not exist,but is imposed by the court as an equitable remedy in the interests of fairness and justice.

In contract law,the non-breaching party is compensated by the payment of ________ damages to make up for their real financial losses.

A(n) ________ contract cannot be upheld by a court of law,although it may have all of the elements of complete contract.

Article 2 of the ________ is a model set of laws designed to govern the sale of goods in commercial transactions in the United States.

The doctrine of ________ restricts a party from denying that a promise was made under certain conditions,even though consideration has not been exchanged to bind an agreement.

Some parties,when entered into a(n) ________ contract,may choose to cancel the contract.

Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds?

Fair courts,established in 11^th century England,were:

All are ,but not all agreements are because an agreement may not be .