Week 3 : Contracts: Introduction and Formation – Quiz

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Week 3 : Contracts: Introduction and Formation – Quiz

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Week 3 : Contracts: Introduction and Formation – Quiz

 

 

;(TCO 4) Craig decides to sell his Double-D Ranch in an auction without reserve. If Craig changes his mind at the auction, he can withdraw his property _____ (Points : 2)

       only before the auctioneer announces that the ranch is sold.
       only before the auctioneer delivers the deed to the buyer.
       under no circumstances.
       within thirty days after the auction.

 

;(TCO 4) Michael Harrison opens an online store where people from all over the world can purchase and download iPhone apps. Which of these should Michael consult to know the rules of trading through his online store? (Points : 2)

       Common law of contracts
       Objective law of contracts
       UCITA
       UCC

 

;(TCO 4) Lou claims that he and Myra entered into an implied-in-fact contract. To establish this contract, it is not necessary to show that _____ (Points : 2)

       a court imposed a promise in the interest of fairness.
       Lou expected to be paid for providing services or property.
       Lou provided Myra with services or property.
       Myra failed to reject services or property provided by Lou.

 

;(TCO 4) What is the key difference between an agreement and a contract? (Points : 2)

       A contract is always enforceable in the court of law, while an acceptance may or may not be.
       A contract can only be between two individuals, while an acceptance can have two or more people involved.
       A contract required mutual assent from all parties, while an acceptance need only be accepted a majority of people involved.
       A contract need not be legally binding, while an agreement must be legally binding.

 

;(TCO 4) Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job within Saturday, she would pay him $1,000. This offer creates a(n) _____ contract. (Points : 2)

       executed
       executory
       unilateral
       bilateral

 

;(TCO 4) Jen questions whether there is consideration for her contract with Isaac to exchange her catering services for his payment of a certain amount. To constitute consideration, the value of whatever is exchanged must be _____ (Points : 2)

       objectively worthy.
       grossly inadequate.
       legally sufficient.
       practically sound.

 

;(TCO 4) Joel contracts to hire Huong for one year to tend the orchids in his commercial greenhouse but reserves the right to cancel the employment on one month’s notice at any time after Huong begins work. This promise is _____ (Points : 2)

       enforceable.
       illusory.
       unliquidated.
       unforeseen.

 

;(TCO 4) Numeric Methods Corporation promises to give stock options to Orin, a project schedule manager, for projects that have already been completed ahead of schedule. This promise is _____ (Points : 2)

       enforceable because it is a new contract.
       enforceable because it is an illusory promise.
       enforceable because it is supported by past consideration.
       unenforceable.

 

;(TCO 4) Poweroxi Inc. produces rocket propellant fuel that is used in space shuttles. NASA is an agency that requires rocket propellant fuel to send its rockets to space. NASA enters into a contract with Poweroxi Inc. to purchase all of the propellant fuel it will need this year from Poweroxi. What would this contract be an example of? (Points : 2)

       Requirements contract
       Output contract
       Option contract
       Yield contract

 

;(TCO 4) Opie enters into a contract with Belle. Later, Opie is adjudged mentally incompetent. Raye, Opie’s daughter, attempts to void Opie’s contract with Belle on the ground of Opie’s incompetency. The contract is _____ (Points : 2)

       enforceable if Opie had capacity at the time the contract was formed.
       enforceable if Belle is also incompetent.
       enforceable if Raye knew of the contract when it was formed.
       void.

 

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