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Questions in this quiz (101)
1An agreement means an offer and acceptance
- ATrue
- BFalse
2An upscale Condo in Auburn decides to auction some of the units worth a million dollars for $500,000 in an attempt to market the available units. The bank holds an auction without reserve and the bidding began at $25,000. Only one buyer attended the auction and was able to purchase four units at the opening bid price for each unit. When the bank realizes their mistake, they try to overturn in a lawsuit. The buyer would win because only the bank mad a mistake.
- ATrue
- BFalse
3The terms of a contract must be specific for the contract to be enforceable
- ATrue
- BFalse
4A counter offer is a completely new offer that is proposed when the original offer did not have complete agreement
- ATrue
- BFalse
5An acceptance of an offer is valid when placed in a mailbox even if the offeror never receives it
- ATrue
- BFalse
6E-signatures and electronic agreements are generally valid acceptances of a contract
- ATrue
- BFalse
7You have an agreement with a friend stating he will mow your yard in exchange for you to wash his truck. A week after you wash his truck, your lawn is still not mowed. Your friend is being lazy and doesn't want to mow your lawn so he offers you $50 in exchange. You must take the money and not force him to mow your lawn.
- ATrue
- BFalse
8The amount of consideration in a contract does not have to be equal
- ATrue
- BFalse
9A gift promise lacks consideration on both sides of the contract
- ATrue
- BFalse
10An accord a new agreement to resolve a dispute. Satisfaction is the release of all parties from further work upon completion of the accord
- ATrue
- BFalse
11A guarantor is a person who agrees to pay a debit if the primary debtor does not
- ATrue
- BFalse
12Void means there is no contract
- ATrue
- BFalse
13Voidable means one of the parties is able to get out of the contract
- ATrue
- BFalse
14A unilateral mistake is a mistake made by one party
- ATrue
- BFalse
15Bilateral mistakes can be rescinded by either party
- ATrue
- BFalse
16A quasi contract is where there is no actual contract, but a contract is imposed to prevent unjust enrichment
- ATrue
- BFalse
17The assent of parties to enter into a contract must be voluntary
- ATrue
- BFalse
18The intent to enter into a contract depends upon what the parties think about the contract
- ATrue
- BFalse
19You are looking to buy a ticket for the Iron bowl and notice someone is selling one for $150. You offer $150 for the ticket but the person rejects your offer. You would win in court if you present a lawsuit
- ATrue
- BFalse
20An offeree’s revocation of an offer is effective when received by the offeror. And the offeree’s rejection of an offer is effective when received by an offeror
- ATrue
- BFalse
21Generally consideration must be legally sufficient value and bargain for exchange
- ATrue
- BFalse
22Courts generally consider the adequacy of consideration in a contracts
- ATrue
- BFalse
23Gift contracts are simply a transfer of wealth and unenforceable
- ATrue
- BFalse
24Past consideration is not consideration
- ATrue
- BFalse
25Phi Mu contracts Park Band to play at formal for $10,000 but they are really drunk and sick and only play for 15 minutes. We don’t want to pay them anything but they were really funny since they were so drunk so we say we will pay them $1000. This is an accord.
- ATrue
- BFalse
26Joe, a minor, buys a new car for $25,000 and a week later at a stop light some challenges him to a street races someone. In a moment of passion, Joe does acid and then street races. Since he was impaired he wrecked his car and now it is only worth $500. He goes back to the dealership and wants the full amount back. Can he get it?
- Ayes
- Bno
27A guarantor pays if the primary doesn’t pay
- ATrue
- BFalse
28Surety is another name for guarantor
- ATrue
- BFalse
29A covenant not to compete is enforceable for up to 2 years, 75 miles in geographic area, and same type of business
- ATrue
- BFalse
30If the mistake is unilateral you can’t get out
- ATrue
- BFalse
31Scott pays $1 for a hat at a yard sale and then realized it had been worn by Napoleon so the person who had the yard sale wants it back. She can’t get the hat back.
- ATrue
- BFalse
32You can rescind a contract if there was fraud on the other party’s behalf
- ATrue
- BFalse
33A breach usually calls for a monetary remedy
- ATrue
- BFalse
34A fiduciary relationship has special trust and confidence
- ATrue
- BFalse
35Marriage has to be in writing to be enforceable
- ATrue
- BFalse
36Contracts over 2 years must be in writing and signed to be enforceable
- ATrue
- BFalse
37Sale of goods over $5000 must be in writing and signed to be enforceable
- ATrue
- BFalse
38Oral contracts are good for the sale of land
- ATrue
- BFalse
39Dr. Cochran orders tailgate supplies with his name on them but he didn’t sign a purchase agreement. He doesn’t want to pay because he didn’t sign the purchase agreement but he has to because the goods he ordered are specific goods
- ATrue
- BFalse
40Only copy of a contract is on a flash drive and it is one that falls under the statute of frauds. It is enforceable
- ATrue
- BFalse
41Handwritten terms takes precedent of conflicting terms that have been typed
- ATrue
- BFalse
42Parole Evidence Rule- generally prevents someone from introducing oral evidence in court if it conflicts with a valid written contract.
- ATrue
- BFalse
43Transfer of life insurance policy alters the risks and duties and it is not allowed
- ATrue
- BFalse
44You may not delegate duties to someone not as qualified or experienced as you
- ATrue
- BFalse
45An Assignment of ALL rights is an assignment of rights and duties
- ATrue
- BFalse
46An Assignment of rights is an assignment of rights or duties
- ATrue
- BFalse
47Incidental beneficiary is when a city says they putting up a complex so you buy adjacent land to build something to bring you money but they don’t put it up so you lose out. You cant sue the city.
- ATrue
- BFalse
48If a contract requires the occurrence of an event before a party is obligated to preform a contractual duty, it is a Condition Precedent
- ATrue
- BFalse
49The drug store contracts to hire Rachel as a pharmacist after graduation in May, but she must pass her test in December to get her Pharmacist license. This contract contains a condition subsequent
- ATrue
- BFalse
50When a client accepts services of a accountant without an agreement concerning payment the result is an implied contract in fact
- ATrue
- BFalse
51Inferior Performance is the same as no performance
- ATrue
- BFalse
52Substantial Performance is 90% performance
- ATrue
- BFalse
53You contract to rent an apartment for summer classes but drop them the first day when you realize Mr. Cochran is your teacher. You get another person to take your place in the contract and fulfill your obligations under the contract with full agreement from all parties. This is a novation
- ATrue
- BFalse
54Soda Jerk Inc. offers you a job for $75,000 a year as a sales representative in Atlanta upon your graduation. You accept. When you graduate they tell you the position in Atlanta has been eliminated, but the same position with the same pay are available in Chicago. You do not have to mitigate their damages to you
- ATrue
- BFalse
55An award for specific performance orders a breaching party to perform the acts promised in a contract
- ATrue
- BFalse
56Tim McGraw can’t sign his contract to U2
- ATrue
- BFalse
57A napkin counts as a valid written contract
- ATrue
- BFalse
58Email contracts are valid and enforceable
- ATrue
- BFalse
59An adult may enter a contract but the contract may not be enforceable or legal
- ATrue
- BFalse
60Statute of Frauds provides the best evidence of a dispute in a contract
- ATrue
- BFalse
61The assent of parties to a contract must be voluntary
- ATrue
- BFalse
62JimBob bought what he thought was the prettiest brass ring out of a box of brass rings at IdaMae’s yard sale for 50 cents. JimBob thought this would look nice on the left finger of his 13 year old cousin LuLu. It turns out the ring was worn by Catherine the Great, was made of solid 24K gold, and worth $300,000.00. IdaMae can claim this was a mutual mistake of value and get the ring back from JimBob
- ATrue
- BFalse
63Raffles agreed to purchase a shipload of cotton on the ship Peerless from Wichelhaus. Raffles thought the agreement was for the ship Peerless arriving in December, Wichelhaus thought the agreement was for the ship Peerless arriving in March. Neither party may get out of this agreement.
- ATrue
- BFalse
64If one party makes a mistake in a contract, that party may generally get out of the contract
- ATrue
- BFalse
65Fraud on the part of one party allows the other party to rescind a contract
- ATrue
- BFalse
66Richie’s Roofers, Inc. doesn’t want to perform their contract with you because they can get 2 times the money from someone else to work for them. You agree with Richie’s Roofers, Inc. to meet the other party’s price because you are desperate to get Richie’s Roofers, Inc. work completed for your project. The new contract in enforceable as an Accord and Satisfaction.
- ATrue
- BFalse
67The only copy of a contract is on a Flash Drive. This contract is unenforceable if it is one of the six types of contracts which must be in writing under the Statute of Frauds to be enforceable.
- ATrue
- BFalse
68Handwritten terms on a contract usually take precedence over conflicting typed terms.
- ATrue
- BFalse
69The Parol Evidence Rule generally prevents Leroy from introducing evidence in court of oral agreements which conflict with the terms on the valid written contract he has with Tater
- ATrue
- BFalse
70A gift promise in unenforceable by the courts because there isn’t adequate consideration.
- ATrue
- BFalse
71BamBam may not assign the rights and obligations under her life insurance policy to her father, Fred, if the assignment would materially alter the risk and duties of the insurance company.
- ATrue
- BFalse
72An “Assignment of All Rights” under a contract means an assignment of the rights and a delegation of the duties under a contract.
- ATrue
- BFalse
73Ke$ha cannot assign her contracts to perform a concert at Auburn University to Lady GagGag.
- ATrue
- BFalse
74Courts generally consider the adequacy of consideration in a contract
- ATrue
- BFalse
75A breach of a contract usually calls for a monetary remedy since a contract is an economic transaction.
- ATrue
- BFalse
76Shimmy Shammy, Inc. offers you a job for $100,000 a year as a cotton broker in Atlanta upon your graduation. You accept. When you graduate they tell you the job in Atlanta has been eliminated, but the exact same job and pay are available in Buffalo, NY. You have a duty of care to mitigate Shimmy Shammy, Inc.’s damages to you.
- ATrue
- BFalse
77You may not delegate duties to someone who is not as experienced, qualified, or as capable as you are to perform your obligations under the contract.
- ATrue
- BFalse
78You buy Pop Raines’ Beverage Shack on the Tuskegee Turnpike. As part of the sales agreement you have a Covenant Not to Compete which prevents Pop Raines from opening another Beverage Shack in Auburn for one year. The courts will enforce this Covenant Not to Compete.
- ATrue
- BFalse
79There is a Federal law which allows you to register domain names. You find out that Booty Thyme (stage name of Wilma Williams) has neither registered her stage name as a trademark nor copyrighted it. Therefore you may legally register her domain name and charge her a service fee if she decides to register it.
- ATrue
- BFalse
80An Acceptance of an offer is valid when placed in a mailbox, even if the offeror never receives it.
- ATrue
- BFalse
81If a contract requires the occurrence of an event before a party is obligated to perform a contractual duty, this is a condition _________.
- Aprecedent
- Bsubsequent
- Cconclusive
- Dnone of the foregoing
82Jack and Jill were discussing business over lunch when they agreed on the sale of some goods. Because neither of them had any paper handy, Jack wrote the following on a napkin: “Jill agrees to purchase from Jack, 1,000 widgets to be delivered on July 1, 2011, at a cost of $10,000, payable on delivery.” Jill and Jack both signed the napkin. Jack delivered the widgets per the contract, but Jill refuses to pay for them. If Jack sues Jill for the price of the goods, the most likely result is which of the following?
- AJill will win because this writing is not sufficient under the Statute of Frauds.
- BJack will win because the writing is sufficient under the Statute of Frauds.
- CJill will win because this is a formal contract
- DJack will win because the Statute of Frauds does not apply to this situation.
83An oral contract for the sale of land is:
- Avoid
- Benforceable
- Cvoidable
- Dunenforceable
- Eimplied
84When a client accepts the services of an accountant without an agreement concerning payment, the result is
- Aan implied in fact contract
- Ban implied in law contract
- Can express contract
- Dno contract
85You contract to rent a room at the inn for 2 months while you are in summer school. You drop out after the first day when you find out Mr. Cochran is going to be the professor. You get another person to take your place on the contract and fulfill your obligations under the contract with the full agreement of all parties. This is
- Apromissory estoppel
- Bpart performance
- Ca novation
- Da jurat of acknowledgment
- Ecomo esta usted
86You contract with the Outhouse Mice to perform 3 sets at your spring formal for $10,000.00. Other than the fact that they were drunk and sick at your formal, their sets were only 15 minutes long each. They want full payment; you don’t want to pay them anything. You both eventually agree that they will be paid $1,000.00, mostly because they were the funniest drunk and sick people anyone had ever seen. This compromise would
- ANot be enforceable because the contract was ambiguous
- BNot be enforceable because rock stars are supposed to only look drunk, not be drunk
- CBe enforceable because this was a unilateral mistake
- DBe enforceable because this was an Accord
87A __________ is a person who agrees to pay a debt if the primary debtor does not.
- Acreditor
- Bmortgagor
- Cborrower
- Dguarantor
88According to Mr. Cochran, courts do not enforce “gift” contracts because
- AFor almost a thousand years courts have not enforced such contracts
- B“gift” contracts tend to have a dramatic economic effect on the economy
- CA person’s word is their bond
- D“gift” contracts don’t help the economy; they are merely a transfer of wealth
89Alpha Nu Theta verbally orders $3.500.00 of screen-printed t-shirts for their famous ANT Race contest from “Printin’ On Tees.” Once the t-shirts are ready, Alpha Nu Theta refuses to complete the purchase saying that since they didn’t sign a purchase order, they aren’t required to complete their end of the bargain. If they are sued for Breach of Contract, Alpha Nu Theta
- AWins, since the Statute of Frauds requires all commercial contracts to be in writing
- BWins since the Statute of Frauds requires that all contracts for the sale of goods over $500.00 be in writing
- CLoses since there is no fraud involved in this transaction
- DLoses since they ordered specially manufactured goods which were of no real value to anyone else
- ELoses since “Printin’ On Tees” should have realized the Humane Society wouldn’t allow ANT racing by drunk college students
90
An award of __________ performance orders the breaching party to perform the acts promised in a contract- Aspecific
- Bsubstantial
- Csequestered
- Dsalient
91Sara and Jesse are getting married. They discuss and orally agree on the disposition of all property in the event that the marriage is not successful. During divorce proceedings, Jesse states that the couple had an agreement as to the disposition of property. Is the agreement enforceable?
- AYes; it was an agreement made in contemplation of marriage
- Bno, the agreement was not in writing
- Cyes, so long as the terms were reasonably specific or ascertainable
- Dno, the agreement is contrary to public policy
92The City announces a plan to build a multimillion dollar tennis center on Richland Road. Adjacent land values skyrocket. A local developer pays a premium price for an adjacent parcel of land. The City decides not to build the tennis center. The adjacent land values plummet, costing the local developer a million dollars. He sues the City for costing him a million dollars. The developer
- Awins his lawsuit against the city because the city's actions were negligent
- BWins his lawsuit against the City because he relied on the City’s publicly announced plan to build the Tennis Center
- CLoses the lawsuit against the City because he was an incidental beneficiary of the City’s plan to build the Tennis Center
- DLoses the lawsuit against the City because “detrimental reliance” doesn’t apply to public contracts
93CitiBank makes a mistake at an auction which costs the CitiBank $350,000.00. After the final bid is accepted and the hammer has fallen, CitiBank realizes its mistake. CitiBank tries to overturn the final bid in a lawsuit.
- ACitiBank wins because the mistake is so serious that enforcing the bid would be unconscionable
- BCitiBank wins because it would be unjust to allow the winning bid to benefit the high bidder by $350,000.00
- CCitiBank loses because of the legal theory of Bilateral Mistake
- DCitiBank loses because it made a Unilateral Mistake
94Jenna saw a vase in a store. A tag on the vase said, “Genuine Crystal, $125.” Jenna said to Owen, the owner of the store, “I’ll buy this vase for $125.” Owen refused to sell the vase top Jenna. In a lawsuit brought by Jenna against Owen,
- AJenna wins because a contract was formed when she said she would buy the vase
- BJenna wins because the vase was unique
- COwen wins because he rejected Jenna’s offer
- DOwen wins because the contract was not written
95Generally, consideration must be:
- Aof "legally sufficient value"
- Ba "bargained for exchange"
- Cof "cash money" only
- DA and B above only
96Squeegie, 17 years old, buys a car for $20,000.00 cash from Fast Eddie’s Used Cars. A week later Squeegie is stopped at a red light when he is rear-ended by Wingnut. Squeegie has the wrecked car, now worth $200.00, towed back to Fast Eddie’s. Squeegie will
- ABe able to disaffirm the contract and get his $20,000.00 back since he was a minor and returned the wrecked car
- BBe able to disaffirm the contract but only get $200.00 back
- CWon’t be able to disaffirm his contract since his conduct was wanton
- DWill win a lawsuit against Fast Eddie for dealing with a minor
97Big High Drug Store contracts to hire Anna Sue as a pharmacist upon graduation in May, but she must receive her Pharmacist’s license by the next December. This contract contains a(n)
- Acovenant
- Bcondition subsequent
- Ccondition precedent
- Dimplied condition
98Inferior performance is:
- AThe same as no performance at all
- BIs simply less than average performance
- CPerformance which is almost complete
- Dnone of the above
99An email contract is
- Avoid
- Bvoidable
- Ca violation of the statute of frauds
- Dvalid and enforceable, assuming all the elements of a contract are present
100Which of the following statements concerning the effectiveness of an offeree’s rejections and an offeror’s revocation of an offer are ordinarily true?
An Offeree's rejection is effective when:- Areceived by the offeror
- Bsent by the offeree
101Which of the following statements concerning the effectiveness of an offeree’s rejections and an offeror’s revocation of an offer are ordinarily true?
An Offereors revocation is effective when:- Asent by the offeror
- Breceived by the offeree
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- Business Law Quiz on Final , created by Blake Richards on 28/04/2017.
- Author
- Blake Richards
- Language
- English
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