BUSAD 120 - Business Law » Fall 2022 » Chapter 11 Quiz

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Question #1
Steel Mill Inc. makes an offer to Tag to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Tag accepts the offer. This is a valid contract because it includes
A.   specific quality standards.
B.   an offer and an acceptance.
C.   a duration and a termination.
D.   a price and a subject.
Question #2
Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have
A.   no contract.
B.   an implied contract.
C.   a quasi contract.
D.   an express contract.
Question #3
A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.
A.   True
B.   False
Question #4
Juno tells Liu she will give him her old car if he babysits her son Marc weekday evenings for six months. Liu agrees. Juno and Lee have formed
A.   a unilateral contract.
B.   a void contract.
C.   a bilateral contract.
D.   an unenforceable contract.
Question #5
Sui enters into a contract with Trey to act as a personal sports trainer. If a dispute later arises over the parties’ promises, the court will interpret the contract according to
A.   the parties’ intent at the time they entered into the contract.
B.   what the parties now agree they intended.
C.   what the promisee claims was the parties’ intent.
D.   what the promisor claims was the parties’ intent.
Question #6
If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.
A.   False
B.   True
Question #7
An offer that can be accepted simply by a promise to perform does not create a binding contract.
A.   True
B.   False
Question #8
Quasi contracts are imposed on parties in the interest of fairness and justice.
A.   True
B.   False
Question #9
If one party to a contract has fully performed but the other has not, the contract is executory.
A.   False
B.   True
Question #10
A contract is an implied contract if the conduct of the parties creates and defines some of the terms.
A.   True
B.   False
Question #11
Macy offers to sell his fitness watch for $50 to Nona. Nona promises to pay Macy the price. Later, they exchange the watch for the funds. A contract was created when
A.   Macy offered to sell the watch.
B.   Nona paid for the watch.
C.   Nona promised to pay for the watch.
D.   Macy delivered the watch.
Question #12
Rough Water LLC and Schafer enter into a contract for the delivery of a certain number of river rafts. Until the rafts are delivered and paid for, the parties have
A.   an executory contract.
B.   no contract.
C.   a quasi contract.
D.   an executed contract.
Question #13
Any contract that is not in writing is not enforceable.
A.   False
B.   True
Question #14
Contracts relating to real estate are governed by the common law.
A.   True
B.   False
Question #15
Insofar as possible, a reasonable, lawful, and effective meaning will be given to all of the terms of a contract.
A.   False
B.   True
Question #16
Sy enters into a contract with Truck Company to work as a driver. If a dispute arises over the deal, under the plain meaning rule, the court cannot consider any evidence not contained in the document if
A.   the contract lacks a provision on a disputed issue.
B.   the parties’ intent cannot be determined from the contract’s language.
C.   the words in the contract appear clear.
D.   a contract term can be interpreted in more than one way.
Question #17
Fay offers to pay Grey $50 for a tennis lesson for Hetty. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have
A.   a unilateral contract.
B.   no contract.
C.   a bilateral contract.
D.   a third-party contract.
Question #18
An executed contract is one that has been fully performed by both parties to it.
A.   True
B.   False
Question #19
Once an offer is made, the offeror cannot revoke it.
A.   False
B.   True
Question #20
An agreement to form a contract cannot modify the terms of a previous contract.
A.   False
B.   True
Question #21
Mel agrees to work as a freight broker for National Shipping Inc. In determining whether a contract has been formed, an element of prime importance is the parties’
A.   objectives.
B.   intent.
C.   motives.
D.   subjective beliefs.
Question #22
Alyssa hires Bret to mow Alyssa’s lawn every Friday. Although they do not discuss the terms of payment, after each of the first three Friday mows, Alyssa pays Bret on Saturday. The payment term is
A.   implied.
B.   express.
C.   non-existent.
D.   quasi.
Question #23
Ocean Inc., a seafood distributor, agrees to buy from Paul, a commercial fisher, any “overstock” of fish that he catches in excess of the legal limit. This agreement is most likely
A.   enforceable.
B.   quasi.
C.   voidable.
D.   void.
Question #24
Contract law does not distinguish between moral and legal obligations.
A.   True
B.   False
Question #25
On Monday, Xi tells Yard Work Inc., that he will pay $500 if a variety of tasks are completed by Friday. On Wednesday, when Yard Work is more than half done with the work, Xi says that he has changed his mind. These parties had
A.   a quasi contract when Xi said that he would pay for certain work.
B.   an expired contract when Xi said that he had changed his mind.
C.   no contract.
D.   a unilateral contract as soon as Yard Work began to perform.

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