Paralegal 041 - Contract Law » 2019 » Chapter 5 Review Materials
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Question #1
A way of sharing risk
A.
Needs Contract
B.
Output Contract
C.
Consideration
D.
Cost-Plus Contract
Question #2
Stated consideration did not really occur
A.
Incentive Consideration
B.
Subjective Standard
C.
Sham Consideration
D.
Objective Standard
Question #3
An illusion; stated consideration does not really obligate the party
A.
Illusory
B.
Rescind
C.
Nominal
D.
Waiver
Question #4
Agreement to accept and give payment or performance, different from that originally required by contract
A.
Cost-Plus Contract
B.
Allowances
C.
Accord and Satisfaction
D.
Condition Precedent
Question #5
Imposed or influenced by individual position or bias
A.
Condition Precedent
B.
Condition Subsequent
C.
Subjective Standard
D.
Objective Standard
Question #6
Consideration changes to motivate faster or better performance
A.
Formal Contract
B.
Incentive consideration
C.
Exclusive Dealing
D.
Sham Consideration
Question #7
Intentional relinquishment of right, claim, or privilege
A.
Allowances
B.
Illusory
C.
Waiver
D.
Rescind
Question #8
Contracts under seal
A.
Formal contracts
B.
Liquidated Debt
C.
Output Contract
D.
Needs Contract
Question #9
Contract under which buyer agrees to purchase all that seller produces; court may impose requirement of reasonable performance
A.
Output Contract
B.
Cost-Plus Contrat
C.
Sham Contract
D.
Needs Contract
Question #10
Debt that is not in dispute
A.
Liquidated debt
B.
Unliquidated Debt
C.
Sham Consideration
D.
Recitals
Question #11
Contract under which buyer agrees to purchase all of buyer's needs from seller (see exclusive dealing); court may impose requirement of reasonable performance
A.
Needs Contract
B.
Cost-Plus Contract
C.
Output Contract
D.
Sham Contract
Question #12
Debt, the amount of which is in dispute; settlement of an unliquidated debt can constitute consideration
A.
Needs Contract
B.
Unliquidated debt
C.
Cost-Plus Contrat
D.
Liquidated Debt
Question #13
Contract under which parties agree to deal only with each other with respect to particular needs
A.
Bargained for
B.
Output Contract
C.
Cost-Plus Contrat
D.
Exclusive Dealing
Question #14
Each party is induced to enter contract by consideration offered by other party
A.
Objective Standard
B.
Bargained for
C.
Nominal
D.
Subjective Standard
Question #15
Used to determine whether parties had "meeting of the minds," looks to what a reasonable person would believe, based on circumstances
A.
Rescind
B.
Recitals
C.
Objective Standard
D.
Subjective Standard
Question #16
Minimal
A.
exclusive dealing
B.
waiver
C.
Nominal
D.
Sham consideration
Question #17
Event that may "undo" an executed contract
A.
Condition Subsequent
B.
Consideration
C.
Cost-Plus Contract
D.
Condition Precedent
Question #18
To terminate a contract before all of its terms are completely performed
A.
compensatory damages
B.
Illusory
C.
Allowances
D.
Rescind
Question #19
Event that must occur before the contemplated transaction is completed
A.
Condition Precedent
B.
Illusory
C.
Sham Consideration
D.
Condition Subsequent
Question #20
Contract total price includes "estimates" for components; if actual price of components differs from allowances, total contract price changes
A.
Recitals
B.
Bargained For
C.
Allowances
D.
Nominal
Question #21
Something promised, given, refrained from, or done that has the effect of making an agreement a legally enforceable contract
A.
Subjective Standard
B.
Consideration
C.
Nominal
D.
Objective Standard
Question #22
Short statements that provide background or explain the reasons for the contract; not technically part of a contract
A.
Recitals
B.
Illusory
C.
Terms and Conditions
D.
Sham Consideration
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