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CONTRACT LAW > CONTRACT LAW FINAL STUDY CARDS > Flashcards

CONTRACT LAW FINAL STUDY CARDS Flashcards

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1
Q

TRUE OR FALSE:

All contracts are considered bilateral under the law

A

False

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2
Q

TRUE OR FALSE:

Contracts inferred by the acts of the parties are known as quasi contracts

A

False

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3
Q

TRUE OR FALSE:

A contract may be both valid and unenforceable

A

True

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4
Q

TRUE OR FALSE:

A formal contract is a written contract

A

False

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5
Q

TRUE OR FALSE:

Silence is acceptance of an implied-in-fact offer

A

True

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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

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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

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8
Q

MULTIPLE CHOICE:

All written contracts are:

a. Formal
b. Valid
c. Bilateral
d. Executed

A

c. Bilateral

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9
Q

TRUE OR FALSE:

Time is an essential term of an offer

A

True

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10
Q

TRUE OR FALSE:

A court of law never implies terms that the parties have imperfectly covered

A

True

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11
Q

MULTIPLE CHOICE:

A non-essential term of an offer is:

a. Writing
b. Parties
c. Price
d. Subject Matter

A

a. Writing

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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

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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

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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

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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

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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

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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

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18
Q

TRUE OR FALSE:

A unilateral contract can never be accepted by words

A

True

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19
Q

TRUE OR FALSE:

Anyone who knows of an offer may accept it

A

False

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20
Q

TRUE OR FALSE:

The Mailbox Rule determines the timing of the acceptance of a bilateral contract

A

True

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21
Q

TRUE OR FALSE:

An offeree of a unilateral contract never has to notify the offeror of his or her acceptance

A

False

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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

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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

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23
Q

TRUE OR FALSE;

Consideration is the bargain aspect of the contract

A

True

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24
Q

TRUE OR FALSE:

An offer may always be revoked by the offeror before acceptance by the offeree

A

False

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25
Q

TRUE OR FALSE:

Lapse of time can act to terminate an offer

A

True

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26
Q

TRUE OR FALSE:

A rejection is only effective on receipt by the offeror

A

True

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27
Q

TRUE OR FALSE:

Moral consideration may be legally sufficient to create a contract

A

False

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28
Q

TRUE OR FALSE:

Promissory estoppel is an example of contractual consideration

A

False

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29
Q

TRUE OR FALSE:

The monetary value of the consideration is determinative of its legal value

A

False

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30
Q

TRUE OR FALSE:

Guarantees require no separate consideration

A

True

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31
Q

MULTIPLE CHOICE:

“Caveat Venditor” means:

a. Violating statutory law
b. Violating common law
c. Let the buyer beware
d. Let the seller beware

A

d. Let the seller beware

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32
Q

MULTIPLE CHOICE:

An example of valid consideration is:

a. Past gifts
b. Moral obligations
c. Property of nominal value
d. The intent

A

c. Property of nominal value

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33
Q

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

A

c. Have legal value

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34
Q

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

A

d. All of the above

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35
Q

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. A contract in restraint of trade

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36
Q

MULTIPLE CHOICE:

“Necessaries” do not include:

a. Transportation
b. Education
c. Insurance
d. Medical Care

A

a. Transportation

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37
Q

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

A

b. Is concerned with perjury

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38
Q

MULTIPLE CHOICE:

Court doctrines used to interpret contracts are:

a. Precedents
b. Statutory regulations
c. Stare decisis
d. Rules of Construction

A

d. Rules of Construction

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39
Q

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

A

d. Varies the terms

40
Q

MULTIPLE CHOICE:

The difference between fraud and misrepresentation is the element of :

a. Intent
b. Detriment
c. Materiality
d. Believability

A

a. Intent

41
Q

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

A

True

42
Q

TRUE OR FALSE:

The difference between fraud and negligent misrepresentation is the intent of the parties

A

True

43
Q

TRUE OR FALSE:

Contracts of adhesion are examples of contracts induced by duress

A

True

44
Q

TRUE OR FALSE:

Parol evidence may be used to explain the terms of a written contract

A

False

45
Q

TRUE OR FALSE:

A condition is an absolute duty to perform

A

False

46
Q

TRUE OR FALSE:

Every contract must contain at least covenant

A

True

47
Q

TRUE OR FALSE:

Constructive conditions are the same as implied-in-law conditions

A

True

48
Q

TRUE OR FALSE:

The Uniform Commercial Code covers contract for the sale of goods and services

A

False

49
Q

TRUE OR FALSE:

A security agreement may be filed as a financing statement

A

True

50
Q

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

A

True

51
Q

TRUE OR FALSE:

The UCC establishes a statutory standard of custom and usage for interpreting contracts

A

True

52
Q

TRUE OR FALSE:

The Uniform Commercial Code is a federal statute

A

False

53
Q

TRUE OR FALSE:

A hobbyist may be considered a merchant under the UCC

A

True

54
Q

TRUE OR FALSE:

Replevin is a contractual remedy available under the UCC

A

True

55
Q

TRUE OR FALSE:

All contracts are assignable

A

False

56
Q

MULTIPLE CHOICE

To perfect a valid security interest under the UCC you do not need :

a. Lien
b. Attachment
c. Possession
d. Filing

A

a. Lien

57
Q

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
A

D. None of the above

58
Q

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

A

d. None of the above

59
Q

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. A State law governing commerce

60
Q

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

A

b. Has a purchase money security interest

61
Q

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

A

c. May vary the terms of their agreement by the UCC rules

62
Q

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

A

b. A warranty of title

63
Q

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

a. Concerned with the sale of goods valued at over $500

64
Q

MULTIPLE CHOICE:

Article IX of the UCC covers

a. Real Estate
b. Copy Rights
c. Garnishments
d. Fixtures

A

d. Fixtures

65
Q

MULTIPLE CHOICE:

Under the UCC a merchant is:

a. A salesman
b. A retailer
c. An inventor
d. A venetian

A

b. A retailer

66
Q

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

A

b. Consignment contract

67
Q

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

A

b. Replevy the goods

68
Q

TRUE OR FALSE:

A Third Party Creditor Beneficiary can sue the promisor of the contract for violating contract law

A

True

69
Q

TRUE OR FALSE:

Assignment only covers rights not duties

A

True

70
Q

TRUE OR FALSE:

A Third Party Creditor Beneficiary’s rights vest on his or her knowing of the contract

A

False

71
Q

TRUE OR FALSE:

The purpose of the third party beneficiary contract is to benefit a person not party to the contract

A

True

72
Q

TRUE OR FALSE:

Novation is another term for assignment of rights

A

False

73
Q

MULTIPLE CHOICE:

An assignment of personal services is:

a. Illegal
b. Generally permitted
c. Permitted with all the parties consent
d. Is never permitted

A

c. Permitted with all the parties consent

74
Q

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

A

c. Sometimes true

75
Q

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. A third party creditor beneficiary contract

76
Q

MULTIPLE CHOICE:

A novation is an example of:

a. A delegation
b. A third party beneficiary contract
c. A license
d. An assignment

A

d. An assignment

77
Q

MULTIPLE CHOICE:

A gratuitous assignment does not become irrevocable by:

a. A writing
b. A token chose
c. A promise
d. A novation

A

c. A promise

78
Q

TRUE OR FALSE:

Partial performance never discharges a party from his or her duty of full performance under a contract

A

False

79
Q

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

A

c. The operation of law

80
Q

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

A

d. All of the above

81
Q

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

A

c. Discharge by frustration of purpose

82
Q

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

A

b. Makes the contract unenforceable

83
Q

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

A

d. All of the above

84
Q

MULTIPLE CHOICE:

An example of excuse of conditions is:

a. Voluntary disablement
b. Insolvency
c. Anticipatory breach
d. All of the above

A

d. All of the above

85
Q

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

A

d. Contracts to be performed within one year

86
Q

TRUE OR FALSE:

An injured party has a duty to mitigate the damages the breaching party caused

A

True

87
Q

TRUE OR FALSE:

Consequential damages are usually available to an injured party

A

False

88
Q

TRUE OR FALSE:

Equitable remedies never include monetary awards

A

False

89
Q

TRUE OR FALSE:

Arbitral awards can be appealed

A

False

90
Q

TRUE OR FALSE

The standard measure for contractual damages is known as compensatory damages

A

True

91
Q

MULTIPLE CHOICE:

Quantum Meruit is an example of:

a. Quasi-contract
b. Equitable remedies
c. Legal remedies
d. Promissory estoppel

A

b. Equitable remedies

92
Q

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

A

b. Liquidated damages

93
Q

MULTIPLE CHOICE:

An example of an equitable remedy is:

a. Exemplary damages
b. Waivers
c. Consequential damages
d. None of the above

A

d. None of the above

94
Q

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

A

c. patent ambiguity

95
Q

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

a. the process of challenging the authentication of a document

96
Q

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

A

d. the contract may be reformed

97
Q

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

A

d. None of the above

CONTRACT LAW (1 decks)

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