CONTRACT LAW FINAL STUDY CARDS Flashcards
(98 cards)
1
Q
TRUE OR FALSE:
All contracts are considered bilateral under the law
A
False
2
Q
TRUE OR FALSE:
Contracts inferred by the acts of the parties are known as quasi contracts
A
False
3
Q
TRUE OR FALSE:
A contract may be both valid and unenforceable
A
True
4
Q
TRUE OR FALSE:
A formal contract is a written contract
A
False
5
Q
TRUE OR FALSE:
Silence is acceptance of an implied-in-fact offer
A
True
6
Q
MULTIPLE CHOICE:
A promise for a promise is an example of:
a. A bilateral contract
b. A unilateral contract
c. A formal contract
d. An executory contract
A
a. A bilateral contract
7
Q
MULTIPLE CHOICE:
A contract that one party may avoid with being in breach is:
a. Void
b. Valid
c. Voidable
d. Executory
A
c. Voidable
8
Q
MULTIPLE CHOICE:
All written contracts are:
a. Formal
b. Valid
c. Bilateral
d. Executed
A
c. Bilateral
9
Q
TRUE OR FALSE:
Time is an essential term of an offer
A
True
10
Q
TRUE OR FALSE:
A court of law never implies terms that the parties have imperfectly covered
A
True
11
Q
MULTIPLE CHOICE:
A non-essential term of an offer is:
a. Writing
b. Parties
c. Price
d. Subject Matter
A
a. Writing
12
Q
MULTIPLE CHOICE:
If a contract term is ambiguous the contract is:
a. Probably void
b. Probably enforceable
c. Probably unconscionable
d. Probably unenforceable
A
b. Probably enforceable
13
Q
MULTIPLE CHOICE:
An output contract is:
a. Illusory
b. Unconscionable
c. Voidable
d. None of the above
A
d. None of the above
14
Q
MULTIPLE CHOICE:
One party’s unlimited right to decide the nature of the contractual performance is:
a. A quasi contract
b. Illusory
c. Promissory estoppel
d. None of the above
A
b. Illusory
15
Q
MULTIPLE CHOICE:
An essential element of an offer is:
a. Manifestation of present intent
b. Communication to the offeree
c. Certainty of the terms
d. All of the above
A
d. All of the above
16
Q
MULTIPLE CHOICE:
When one party has subjective control of the contract terms, the contract is:
a. Void
b. Illusory
c. An example of promissory estoppel
d. A quasi- contract
A
b. Illusory
17
Q
TRUE OR FALSE:
A contract will be enforced even though one party has a unilateral right to decide the nature of the contractual performance
A
False
18
Q
TRUE OR FALSE:
A unilateral contract can never be accepted by words
A
True
19
Q
TRUE OR FALSE:
Anyone who knows of an offer may accept it
A
False
20
Q
TRUE OR FALSE:
The Mailbox Rule determines the timing of the acceptance of a bilateral contract
A
True
21
Q
TRUE OR FALSE:
An offeree of a unilateral contract never has to notify the offeror of his or her acceptance
A
False
22
Q
MULTIPLE CHOICE:
The person who can accept an offer is known as: a. The acceptor b The offeror c. The assignee d. The offeree
A
d. The offeree
22
Q
MULTIPLE CHOICE:
The person who can accept an offer is known as: a. The acceptor b The offeror c. The assignee d. The offeree
A
d. The offeree
23
Q
TRUE OR FALSE;
Consideration is the bargain aspect of the contract
A
True
24
TRUE OR FALSE:
An offer may always be revoked by the offeror before acceptance by the offeree
False
25
TRUE OR FALSE:
Lapse of time can act to terminate an offer
True
26
TRUE OR FALSE:
A rejection is only effective on receipt by the offeror
True
27
TRUE OR FALSE:
Moral consideration may be legally sufficient to create a contract
False
28
TRUE OR FALSE:
Promissory estoppel is an example of contractual consideration
False
29
TRUE OR FALSE:
The monetary value of the consideration is determinative of its legal value
False
30
TRUE OR FALSE:
Guarantees require no separate consideration
True
31
MULTIPLE CHOICE:
"Caveat Venditor" means:
a. Violating statutory law
b. Violating common law
c. Let the buyer beware
d. Let the seller beware
d. Let the seller beware
32
MULTIPLE CHOICE:
An example of valid consideration is:
a. Past gifts
b. Moral obligations
c. Property of nominal value
d. The intent
c. Property of nominal value
33
MULTIPLE CHOICE:
To be deemed sufficient, the consideration of a contract must:
a. Have monetary value
b. Be fair
c. Have legal value
d. Be a moral obligation
c. Have legal value
34
MULTIPLE CHOICE:
An example of lack of contractual capacity is;
a. A minor
b. A drunk
c. A person on drugs
d. All of the above
d. All of the above
35
MULTIPLE CHOICE:
An example of a contract "malum se" is:
a. A contract in restraint of trade
b. A contract that is usurious
c. A contract for gambling
d. A contract that violates the Statute of Frauds
a. A contract in restraint of trade
36
MULTIPLE CHOICE:
"Necessaries" do not include:
a. Transportation
b. Education
c. Insurance
d. Medical Care
a. Transportation
37
MULTIPLE CHOICE:
The Statute of Frauds:
a. Is concerned with misrepresentation
b. Is concerned with perjury
c. Is a common law doctrine
d. Is a federal standard
b. Is concerned with perjury
38
MULTIPLE CHOICE:
Court doctrines used to interpret contracts are:
a. Precedents
b. Statutory regulations
c. Stare decisis
d. Rules of Construction
d. Rules of Construction
39
MULTIPLE CHOICE:
The Parol Evidence Rule prohibits oral testimony that:
a. Shows failure of consideration
b. Explains ambiguities
c. Shows fraud
d. Varies the terms
d. Varies the terms
40
MULTIPLE CHOICE:
The difference between fraud and misrepresentation is the element of :
a. Intent
b. Detriment
c. Materiality
d. Believability
a. Intent
41
TRUE OR FALSE:
If both parties to a contract are unaware of an ambiguity in the terms, the contract will be enforced according to what they both think
True
42
TRUE OR FALSE:
The difference between fraud and negligent misrepresentation is the intent of the parties
True
43
TRUE OR FALSE:
Contracts of adhesion are examples of contracts induced by duress
True
44
TRUE OR FALSE:
Parol evidence may be used to explain the terms of a written contract
False
45
TRUE OR FALSE:
A condition is an absolute duty to perform
False
46
TRUE OR FALSE:
Every contract must contain at least covenant
True
47
TRUE OR FALSE:
Constructive conditions are the same as implied-in-law conditions
True
48
TRUE OR FALSE:
The Uniform Commercial Code covers contract for the sale of goods and services
False
49
TRUE OR FALSE:
A security agreement may be filed as a financing statement
True
50
TRUE OR FALSE:
The party who has the risk of loss of the goods in a sales contract has the right to insure the goods
True
51
TRUE OR FALSE:
The UCC establishes a statutory standard of custom and usage for interpreting contracts
True
52
TRUE OR FALSE:
The Uniform Commercial Code is a federal statute
False
53
TRUE OR FALSE:
A hobbyist may be considered a merchant under the UCC
True
54
TRUE OR FALSE:
Replevin is a contractual remedy available under the UCC
True
55
TRUE OR FALSE:
All contracts are assignable
False
56
MULTIPLE CHOICE
To perfect a valid security interest under the UCC you do not need :
a. Lien
b. Attachment
c. Possession
d. Filing
a. Lien
57
MULTIPLE CHOICE:
```
An example of a destination contract under the UCC is:
a. FAS (Vessel)
b. FOB (Carrier)
c. CIF
D. None of the above
```
D. None of the above
58
MULTIPLE CHOICE:
A seller under Article II of the UCC may be awarded replevin:
a. Sometimes
b. Always
c. Usually
d. None of the above
d. None of the above
59
MULTIPLE CHOICE:
The Uniform Commercial Code is:
a. A State law governing commerce
b. A federal Law governing commerce
c. An international law governing commerce
d. A model act
a. A State law governing commerce
60
MULTIPLE CHOICE:
The person with the highest priority in a secured transaction is the one who:
a. Attached first
b. Has a purchase money security interest
c. Filed first
d. Has a floating lien
b. Has a purchase money security interest
61
MULTIPLE CHOICE:
Under the UCC the parties to the transaction:
a. Are bound by the UCC
b. Are governed by state law
c. May vary the terms of their agreement by the UCC rules
d. Are governed by objective standards
c. May vary the terms of their agreement by the UCC rules
62
MULTIPLE CHOICE:
A guarantee to transfer rights to goods is:
a. An express warranty
b. A warranty of title
c. An implied warranty
d. A warranty of enforceability
b. A warranty of title
63
MULTIPLE CHOICE:
The UCC is:
a. Concerned with the sale of goods valued at over $500
b. Concerned with all goods
c. Concerned with service contracts
d. Not concerned with leases
a. Concerned with the sale of goods valued at over $500
64
MULTIPLE CHOICE:
Article IX of the UCC covers
a. Real Estate
b. Copy Rights
c. Garnishments
d. Fixtures
d. Fixtures
65
MULTIPLE CHOICE:
Under the UCC a merchant is:
a. A salesman
b. A retailer
c. An inventor
d. A venetian
b. A retailer
66
MULTIPLE CHOICE:
In a sales contract, when the seller bears no risk of loss it is a
a. Destination contract
b. Consignment contract
c. Special shipment contract
d. COD
b. Consignment contract
67
MULTIPLE CHOICE:
Under Article II of the UCC a seller may not:
a. Withhold delivery
b. Replevy the goods
c. Stop delivering in transit
d. Sell the goods
b. Replevy the goods
68
TRUE OR FALSE:
A Third Party Creditor Beneficiary can sue the promisor of the contract for violating contract law
True
69
TRUE OR FALSE:
Assignment only covers rights not duties
True
70
TRUE OR FALSE:
A Third Party Creditor Beneficiary's rights vest on his or her knowing of the contract
False
71
TRUE OR FALSE:
The purpose of the third party beneficiary contract is to benefit a person not party to the contract
True
72
TRUE OR FALSE:
Novation is another term for assignment of rights
False
73
MULTIPLE CHOICE:
An assignment of personal services is:
a. Illegal
b. Generally permitted
c. Permitted with all the parties consent
d. Is never permitted
c. Permitted with all the parties consent
74
MULTIPLE CHOICE:
Except for third party contracts, contracts always have only two parties
a. Always true
b. Never true
c. Sometimes true
d. None of the above
c. Sometimes true
75
MULTIPLE CHOICE:
Selling your textbook to pay off a student loan is:
a. A third party creditor beneficiary contract
b. Foolish
c. A third party donee beneficiary contract
d. An assignment
a. A third party creditor beneficiary contract
76
MULTIPLE CHOICE:
A novation is an example of:
a. A delegation
b. A third party beneficiary contract
c. A license
d. An assignment
d. An assignment
77
MULTIPLE CHOICE:
A gratuitous assignment does not become irrevocable by:
a. A writing
b. A token chose
c. A promise
d. A novation
c. A promise
78
TRUE OR FALSE:
Partial performance never discharges a party from his or her duty of full performance under a contract
False
79
MULTIPLE CHOICE:
A contract terminating because of the destruction of the subject matter is an example of :
a. A Rule of Construction
b. A voidable interest
c. The operation of law
d. A supervening illegality
c. The operation of law
80
MULTIPLE CHOICE
A person may be discharged from his or her contractual obligations by:
a. Insubstantial performance
b. Complete performance
c. Tendering performance
d. All of the above
d. All of the above
81
MULTIPLE CHOICE:
The Coronation Cases are examples of:
a. Discharge by impossibility of performance
b. Discharge by illness
c. Discharge by frustration of purpose
d. Discharge by agreement
c. Discharge by frustration of purpose
82
MULTIPLE CHOICE:
A supervening illegality :
a. Voids the contract
b. Makes the contract unenforceable
c. Has no effect on the contract
d. Makes the contract voidable
b. Makes the contract unenforceable
83
MULTIPLE CHOICE:
A method of avoiding litigation for a breach of contract is:
a. A waiver
b. Arbitration
c. Accord and satisfaction
d. All of the above
d. All of the above
84
MULTIPLE CHOICE:
An example of excuse of conditions is:
a. Voluntary disablement
b. Insolvency
c. Anticipatory breach
d. All of the above
d. All of the above
85
MULTIPLE CHOICE:
The Statute of Frauds does not cover:
a. Contracts in consideration of marriage
b. Contracts for the sale of realty
c. Guarantees
d. Contracts to be performed within one year
d. Contracts to be performed within one year
86
TRUE OR FALSE:
An injured party has a duty to mitigate the damages the breaching party caused
True
87
TRUE OR FALSE:
Consequential damages are usually available to an injured party
False
88
TRUE OR FALSE:
Equitable remedies never include monetary awards
False
89
TRUE OR FALSE:
Arbitral awards can be appealed
False
90
TRUE OR FALSE
The standard measure for contractual damages is known as compensatory damages
True
91
MULTIPLE CHOICE:
Quantum Meruit is an example of:
a. Quasi-contract
b. Equitable remedies
c. Legal remedies
d. Promissory estoppel
b. Equitable remedies
92
MULTIPLE CHOICE:
A contractual clause establishing an amount of prospective damages for breach is:
a. Mitigation of damages
b. Liquidated damages
c. Against the law
d. Limitation of damages
b. Liquidated damages
93
MULTIPLE CHOICE:
An example of an equitable remedy is:
a. Exemplary damages
b. Waivers
c. Consequential damages
d. None of the above
d. None of the above
94
MULTIPLE CHOICE:
A contractual term that is ambiguous on its face is called a:
a. mutual mistake
b. latent ambiguity
c. patent ambiguity
d. hearsay
c. patent ambiguity
95
MULTIPLE CHOICE:
Voir dire is:
a. the process of challenging the authentication of a document
b. an exception to the hearsay rule
c. the result of a unilateral mistake
d. none of the above
a. the process of challenging the authentication of a document
96
MULTIPLE CHOICE:
The effect of a mutual mistake in a contract is:
a. the contract is deemed invalid
b. the contract is deemed to be ambiguous
c. the contract is nonetheless enforceable as written
d. the contract may be reformed
d. the contract may be reformed
97
MULTIPLE CHOICE:
The interpretation of the terms of a contract may be resolved by:
a. only a court
b. only the parties to the agreement
c. only by an arbitration
d. None of the above
d. None of the above
