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Quiz

SU 4.3

Sadan Dahal 21 questions

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Questions in this quiz (21)

  1. 1Lamar became homeless at a very young age and was taken in by Aunt and Uncle. Many years later, Lamar became a detective in the city police department. When Aunt disappeared and was not heard from for a month, the case was assigned to Lamar. Uncle also came to Lamar and asked him to promise to find Aunt in return for the years of support. Lamar agreed to Uncle’s request. Which of the following is true?
    1. AA.Lamar’s contractual duty to find Aunt is based on past consideration.
    2. BB.Lamar has no contractual duty to find Aunt.
    3. CC.If Uncle had also promised Lamar US $1,000 for finding Aunt, he would be liable when Lamar found her.
    4. DD.Lamar will be liable for breach of contract if he does not find Aunt.
  2. 2The necessary elements of a contract include
    1. AA.Some form of writing, equal consideration, and legal capacity.
    2. BB.Formal execution, definite terms, and a valid offer and acceptance.
    3. CC.Offer and acceptance, consideration, legal capacity, and mutual assent.
    4. DD.Bilateral promises, legal capacity, and legality of purpose.
  3. 3Consideration consists of
    1. AA.Something with monetary value.
    2. BB.Each party’s receiving an actual benefit only.
    3. CC.Two promises.
    4. DD.Legal sufficiency and bargained-for exchange.
  4. 4Which of the following creates a valid contract between the parties?
    1. AA.A reward was posted for the capture of Tom Jones. Maypole Burden, the county sheriff, captured Jones and claimed the reward.
    2. BB.Slim Polestone promised to give Mabel Abbot a wedding present.
    3. CC.Anxious Father promised to pay Albert Niceguy US $4,000 to take his daughter to the annual Mulestone Dance. Albert agreed.
    4. DD.Festival Fanny was drowning in her hot tub. Her boyfriend pulled her out. After the rescue, Festival’s husband promised to pay her boyfriend US $4 for rescuing his wife.
  5. 5Which type of contract should be used if there is adequate competition, performance uncertainties can be identified, and reasonable estimates of the cost can be made?
    1. AA.Cost-plus-fixed-fee contract.
    2. BB.Cost-plus-award-fee contract.
    3. CC.Time-and-materials contract.
    4. DD.Firm-fixed-price contract.
  6. 6Carol dictated an offer she intended to make to Deanna. Irvin, her secretary, drafted an email based on Carol’s dictation. During lunch and before the offer had been sent, Irvin saw Deanna and told her about it. Deanna promptly sent an acceptance to Carol. What was the effect of this attempted acceptance?
    1. AA.No contract was formed because the offer was not communicated to the offeree.
    2. BB.No contract was formed because the offer was not communicated to the offeree by the means chosen by the offeror.
    3. CC.A contract was formed because Irvin was Carol’s agent.
    4. DD.A contract was formed because Carol intended to make an offer and Deanna learned of the offer in time to make a valid acceptance.
  7. 7Gudrun owned a 2,000-acre country estate. She signed a written agreement with Johann, selling the house on the property and “a sufficient amount of land surrounding the house to create a park.” The price was stated to be US $200,000. When Gudrun refused to honor the agreement, Johann sued. Who will prevail and why?
    1. AA.Gudrun will win because the agreement is not reasonably definite.
    2. BB.Johann will win because the quantity of land is implied.
    3. CC.Johann will win because the parties intended to make a contract.
    4. DD.Gudrun will win because no financing term was included in the agreement.
  8. 8Egan, a minor, purchased Baker’s used computer for Egan’s personal use. Egan paid US $200 down on delivery and was to pay US $200 thirty days later. Twenty days later, the computer was damaged seriously as a result of Egan’s negligence. Five days after the damage occurred and 1 day after Egan reached the age of majority, Egan attempted to disaffirm the contract with Baker. Egan will
    1. AA.Be able to disaffirm even though Egan was not a minor at the time of disaffirmance.
    2. BB.Be able to disaffirm only if Egan does so in writing.
    3. CC.Not be able to disaffirm because Egan had failed to pay the balance of the purchase price.
    4. DD.Not be able to disaffirm because the computer was damaged as a result of Egan’s negligence.
  9. 9In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be
    1. AA.Of approximately equal value.
    2. BB.Legally sufficient.
    3. CC.Exchanged simultaneously by the parties.
    4. DD.Fair and reasonable under the circumstances.
  10. 10The estate of Buck Sonn was liquidated at auction. Among the items sold was an old safe purchased for a small sum by Ann Little. Both the auctioneer and Little were aware that the safe had a locked inner compartment. When the compartment was opened, a large sum of money was found. The Sonn estate sued to recover the money. The estate should
    1. AA.Win because the parties did not intend to contract regarding the money.
    2. BB.Lose because the parties objectively manifested an intent to contract regarding the safe and its contents.
    3. CC.Win because of a mutual mistake.
    4. DD.Lose because it had a subjective intent to sell the safe.

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Description
CIA Part 3 SU 4 Quiz on SU 4.3, created by Sadan Dahal on 06/06/2020.
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