Question 1

A quasi-contract is another term for a bilateral contract. ​

Accepted Answer

A quasi-contract is not an actual contract but a legal concept where the court enforces an obligation on a party to prevent unjust enrichment, whereas a bilateral contract is a mutual agreement between two parties where each promises to perform an act in exchange for the other's act.

Question 2

When there is a valid novation, one of the original parties to the contract is completely relieved of all former obligations under the contract.​

Accepted Answer

Novation is a legal process whereby an original party in a contract is replaced by a new party, and the original party is relieved of their obligations under the contract, effectively creating a new contract.

Question 3

The statement "If you wash my car, I will pay you $10" is an example of an offer to form a bilateral contract. ​

Accepted Answer

False

Question 4

An executory contract is one that has been performed by both parties. ​

Accepted Answer

An executory contract is one in which both parties have not yet fully performed their contractual obligations.

Question 5

A minor generally may disaffirm a contract before reaching majority. The minor may also do so within a reasonable time after reaching majority, but if he or she fails to do so, the contract is ratified and binding.​

Accepted Answer

Minors have the legal right to disaffirm (cancel) contracts before reaching the age of majority and for a reasonable period after reaching majority. If they do not disaffirm the contract within a reasonable time after reaching majority age, it is considered ratified and becomes binding.

Question 6

The definition of an executed contract is an illegal agreement calling for harm to another person for a specified fee or price.​

Accepted Answer

An executed contract is a legal agreement that has been fully performed, meaning all parties involved have fulfilled their obligations as outlined in the contract. It does not refer to an illegal agreement.

Question 7

The offeror makes an offer by mail. Generally, unless otherwise specified, the offeree may accept the offer by using the same or faster means of communication. ​

Accepted Answer

This principle is based on the "mirror image rule" in contract law, which allows the offeree to accept an offer using the same or a faster means of communication than that used by the offeror, unless the offer specifically dictates the mode of acceptance.

Question 8

In a single contract, there must always be a minimum of two parties, but there may be more parties to the contract. ​

Accepted Answer

A contract is an agreement between two or more parties, each of whom is obligated to fulfill certain conditions. Therefore, there must be at least two parties, but there can indeed be more.

Question 9

Performance of a single contract (e.g., the sale/purchase of a pizza in a fast food outlet) requires the prior performance of many other contracts by other persons.​

Accepted Answer

The performance of a single contract, such as the sale/purchase of a pizza, involves many other contracts for ingredients, supplies, and services (e.g., flour, cheese, delivery services) that must be fulfilled by various parties to make the final transaction possible.

Question 10

A promise to make a gift to a charity can not be enforceable because the promisor receives no  consideration in return.

Accepted Answer

A promise to make a gift to a charity can be enforceable under the doctrine of promissory estoppel, especially if the charity relies on the promise to its detriment, even though the promisor receives no consideration in return.

Question 11

A "contract under seal" is an example of a formal contract. ​

Accepted Answer

A "contract under seal" is indeed an example of a formal contract, as it requires a special form or method of creation to be legally binding, including the presence of a seal as a symbol of solemnity.

Question 12

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..." ​

Accepted Answer

A valid, enforceable contract requires offer, acceptance, consideration, and mutual intent to be bound, but does not require specific phrases like "I offer" or "I accept" to be used.

Question 13

An express contract is always in writing.

Accepted Answer

An express contract can be in writing or verbal; it is defined by the explicit agreement on the terms by the parties involved, not by the format of the agreement.

Question 14

Contracts entered into as a result of duress or undue influences are always void.​

Accepted Answer

Contracts entered into as a result of duress or undue influence are voidable at the option of the party who was subjected to the duress or undue influence, not automatically void.

Question 15

Contracts with unlicensed persons are enforceable by the unlicensed person if the purpose of the licensing statute is to simply raise revenue rather than to protect the public from unqualified practitioners.​

Accepted Answer

If the purpose of the licensing requirement is merely to raise revenue (as opposed to protecting the public by ensuring competence), courts may find contracts with unlicensed individuals enforceable, as the primary concern is not the qualification of the practitioner.

Question 16

The validity of a contract that has been fully performed cannot be challenged for failure to comply with the statute of frauds.​

Accepted Answer

Once a contract has been fully performed, the statute of frauds, which requires certain contracts to be in writing, no longer applies as a defense to challenge the contract's validity.

Question 17

Genuine, abiding love is priceless and as such is the highest form of valid consideration in contracts.​

Accepted Answer

In contract law, consideration refers to something of value exchanged between parties, which can be a service, goods, money, or an act of forbearance. Love and affection, while valuable on a personal level, do not constitute valid consideration in the context of legally binding contracts.

Question 18

Numerous statutes have been enacted to protect buyers and sellers in sales transactions before, during, and after their related negotiations.​

Accepted Answer

These statutes are designed to ensure fairness, prevent fraud, and establish clear rights and obligations for both parties involved in sales transactions. Examples include consumer protection laws, contract laws, and specific regulations for different types of sales and industries.

Question 19

A contract is a legally binding agreement to do or not to do a certain thing, and is enforceable in court.

Accepted Answer

A contract is indeed a legally binding agreement between parties to do or not to do a specific thing, and it can be enforced in court if one party fails to meet their obligations under the contract.

Question 20

Details of contract law are found in the U.S. Constitution and in federal statutes.​

Accepted Answer

Contract law in the United States is primarily governed by state law, including common law and, in some cases, codified law, such as the Uniform Commercial Code for commercial transactions. The U.S. Constitution and federal statutes do not detail contract law.

Quiz 8: Contracts: Enforceable Agreements

A quasi-contract is another term for a bilateral contract. ​

When there is a valid novation, one of the original parties to the contract is completely relieved of all former obligations under the contract.​

The statement "If you wash my car, I will pay you $10" is an example of an offer to form a bilateral contract. ​

An executory contract is one that has been performed by both parties. ​

A minor generally may disaffirm a contract before reaching majority. The minor may also do so within a reasonable time after reaching majority, but if he or she fails to do so, the contract is ratified and binding.​

The definition of an executed contract is an illegal agreement calling for harm to another person for a specified fee or price.​

The offeror makes an offer by mail. Generally, unless otherwise specified, the offeree may accept the offer by using the same or faster means of communication. ​

In a single contract, there must always be a minimum of two parties, but there may be more parties to the contract. ​

Performance of a single contract (e.g., the sale/purchase of a pizza in a fast food outlet) requires the prior performance of many other contracts by other persons.​

A promise to make a gift to a charity can not be enforceable because the promisor receives no consideration in return.

A "contract under seal" is an example of a formal contract. ​

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..." ​

An express contract is always in writing.

Contracts entered into as a result of duress or undue influences are always void.​

Contracts with unlicensed persons are enforceable by the unlicensed person if the purpose of the licensing statute is to simply raise revenue rather than to protect the public from unqualified practitioners.​

The validity of a contract that has been fully performed cannot be challenged for failure to comply with the statute of frauds.​

Genuine, abiding love is priceless and as such is the highest form of valid consideration in contracts.​

Numerous statutes have been enacted to protect buyers and sellers in sales transactions before, during, and after their related negotiations.​

A contract is a legally binding agreement to do or not to do a certain thing, and is enforceable in court.

Details of contract law are found in the U.S. Constitution and in federal statutes.​

A quasi-contract is another term for a bilateral contract.

When there is a valid novation, one of the original parties to the contract is completely relieved of all former obligations under the contract.

The statement "If you wash my car, I will pay you $10" is an example of an offer to form a bilateral contract.

An executory contract is one that has been performed by both parties.

A minor generally may disaffirm a contract before reaching majority. The minor may also do so within a reasonable time after reaching majority, but if he or she fails to do so, the contract is ratified and binding.

The definition of an executed contract is an illegal agreement calling for harm to another person for a specified fee or price.

The offeror makes an offer by mail. Generally, unless otherwise specified, the offeree may accept the offer by using the same or faster means of communication.

In a single contract, there must always be a minimum of two parties, but there may be more parties to the contract.

Performance of a single contract (e.g., the sale/purchase of a pizza in a fast food outlet) requires the prior performance of many other contracts by other persons.

A "contract under seal" is an example of a formal contract.

To create a valid, enforceable contract, the first party must use the expression "I offer..." and the second party must write or say "I accept..."

Contracts entered into as a result of duress or undue influences are always void.

Contracts with unlicensed persons are enforceable by the unlicensed person if the purpose of the licensing statute is to simply raise revenue rather than to protect the public from unqualified practitioners.

The validity of a contract that has been fully performed cannot be challenged for failure to comply with the statute of frauds.

Genuine, abiding love is priceless and as such is the highest form of valid consideration in contracts.

Numerous statutes have been enacted to protect buyers and sellers in sales transactions before, during, and after their related negotiations.

Details of contract law are found in the U.S. Constitution and in federal statutes.