Question 1

An offer of a reward for the arrest and conviction of a criminal is an example of a:

Accepted Answer

A)  unilateral contract.
B)  bilateral contract.
C)  quasi contract.
D)  formal contract.E) B) and C)
F) None of the above

Question 2

A bilateral contract is essentially an exchange of promises.

Accepted Answer

A) True 
 B)False

Question 3

When a contract is fully performed by one party, it is called a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 4

An offeror makes an offer to an offeree.

Accepted Answer

A) True 
 B)False

Question 5

Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.

Accepted Answer

A) True 
 B)False

Question 6

A contract requires:

Accepted Answer

A)  an offer.
B)  an acceptance.
C)  both an offer and an acceptance.
D)  an agreement manifested by the written or spoken words of the parties.E) C) and D)
F) B) and C)

Question 7

An agreement arises when one person, the __________, makes an offer and the other person to whom the offer is made, the __________, accepts.

Accepted Answer

A)  grantor; grantee
B)  grantee; grantor
C)  offeror; offeree
D)  offeree; offerorE) A) and D)
F) None of the above

Question 8

With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.

Accepted Answer

A) True 
 B)False

Question 9

A contract of record is also referred to as a:

Accepted Answer

A)  recognizance.
B)  reconnaissance.
C)  recording contract.
D)  none of the above.E) B) and D)
F) A) and B)

Question 10

The principle behind the quasi contract is to prevent unjust enrichment.

Accepted Answer

A) True 
 B)False

Question 11

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

Accepted Answer

A) True 
 B)False

Question 12

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

Accepted Answer

A) True 
 B)False

Question 13

The Martin family owned a home that was badly in need of repair. Mrs. Martin worked outside the home and Mr. Martin took care of the household responsibilities and cared for the two young Martin children. One day, Mrs. Martin left for work and a home repair crew drove up and began to put aluminum siding on the Martin house. Mr. Martin telephoned his wife, told her, and inquired about whether she had hired the workers. When the Martins realized that they never had ordered this work done, Mr. Martin sneaked out the back with the children. He later met his wife at work and they returned home for dinner. By that time, the entire front of the house had been aluminum-sided. The foreman asked, "Mr. and Mrs. Wolf, how do you like the job?" The Martins replied that they loved the job, but the Wolfs lived next door. When it became clear that the repair crew had made an error, the foreman insisted that the Martins had to pay.
a.Decide the case, and explain the reason(s) for your decision.
b.Decide the case, assuming that the Martins were away on vacation when the improvements were made, and then returned home to discover the improvements.

Accepted Answer

a.
Because it was clear that the workers...

Question 14

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Accepted Answer

A) True 
 B)False

Question 15

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

Accepted Answer

A) True 
 B)False

Question 16

The promisor in a contract may also be called the:

Accepted Answer

A)  obligor.
B)  grantor
C)  obligee
D)  granteeE) None of the above
F) All of the above

Question 17

Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

Accepted Answer

A) True 
 B)False

Question 18

A contract never can be both executory and unilateral.

Accepted Answer

A) True 
 B)False

Question 19

A legally binding agreement that can be rejected at the option of one of the parties is called a(n) :

Accepted Answer

A)  void agreement.
B)  revoked contract.
C)  voidable contract.
D)  optional agreement.E) All of the above
F) C) and D)

Question 20

The subject matter of a contract may relate to:

Accepted Answer

A)  the performance of personal services.
B)  the construction of a house.
C)  the transfer of ownership of property.
D)  all of the above.E) A) and B)
F) A) and D)

Exam 12: Nature and Classes of Contracts: Contracting on the Internet

Correct Answer
verified
a.
Because it was clear that the workers...
View Answer

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

Correct Answer
verified

A contract never can be both executory and unilateral.

Correct Answer
verified

A contract of record is also referred to as a:

Correct Answer
verified

An offer of a reward for the arrest and conviction of a criminal is an example of a:

Correct Answer
verified

The promisor in a contract may also be called the:

Correct Answer
verified

Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.

Correct Answer
verified

With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.

Correct Answer
verified

When a contract is fully performed by one party, it is called a unilateral contract.

Correct Answer
verified

Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

Correct Answer
verified

The principle behind the quasi contract is to prevent unjust enrichment.

Correct Answer
verified

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

Correct Answer
verified

A contract requires:

Correct Answer
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A bilateral contract is essentially an exchange of promises.

Correct Answer
verified

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

Correct Answer
verified

An agreement arises when one person, the , makes an offer and the other person to whom the offer is made, the , accepts.

Correct Answer
verified

An offeror makes an offer to an offeree.

Correct Answer
verified

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Correct Answer
verified

A legally binding agreement that can be rejected at the option of one of the parties is called a(n) :

Correct Answer
verified

The subject matter of a contract may relate to:

Correct Answer
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Exam 12: Nature and Classes of Contracts: Contracting on the Internet

Correct Answerverifieda.Because it was clear that the workers...View AnswerShow Answer

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

Correct AnswerverifiedShow Answer

A contract never can be both executory and unilateral.

Correct AnswerverifiedShow Answer

A contract of record is also referred to as a:

Correct AnswerverifiedShow Answer

An offer of a reward for the arrest and conviction of a criminal is an example of a:

Correct AnswerverifiedShow Answer

The promisor in a contract may also be called the:

Correct AnswerverifiedShow Answer

Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.

Correct AnswerverifiedShow Answer

With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.

Correct AnswerverifiedShow Answer

When a contract is fully performed by one party, it is called a unilateral contract.

Correct AnswerverifiedShow Answer

Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

Correct AnswerverifiedShow Answer

The principle behind the quasi contract is to prevent unjust enrichment.

Correct AnswerverifiedShow Answer

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

Correct AnswerverifiedShow Answer

A contract requires:

Correct AnswerverifiedShow Answer

A bilateral contract is essentially an exchange of promises.

Correct AnswerverifiedShow Answer

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

Correct AnswerverifiedShow Answer

An agreement arises when one person, the __________, makes an offer and the other person to whom the offer is made, the __________, accepts.

Correct AnswerverifiedShow Answer

An offeror makes an offer to an offeree.

Correct AnswerverifiedShow Answer

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Correct AnswerverifiedShow Answer

A legally binding agreement that can be rejected at the option of one of the parties is called a(n) :

Correct AnswerverifiedShow Answer

The subject matter of a contract may relate to:

Correct AnswerverifiedShow Answer

Correct Answer
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a.
Because it was clear that the workers...
View Answer

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An agreement arises when one person, the , makes an offer and the other person to whom the offer is made, the , accepts.

Correct Answer
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