Daytona State College - ACG 2071 Chapter 9,10,11,12. All Answers Provided

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Daytona State College - ACG 2071 Chapter 9,10,11,12 Chapter 9 Question 1 (1 point) Express contract can be stated orally. Question 1 options: True False Save Question 2 (1 point) ... An offeror uses blackmail to make an offeree sign a contract that involves the sale of the offeree's house. The contract is ________. Question 2 options: valid void voidable unenforceable Save Question 3 (1 point) Contracts that have been fully performed by one side but not by the other are classified as ________ contracts. Question 3 options: void executed voidable executory Save Question 4 (1 point) Harry in a drunken state agrees to give his car to Ben as a token of friendship. Once sober, Harry asks Ben to return his car. This contract is considered ________. Question 4 options: valid void voidable unenforceable Save Question 5 (1 point) If the law requires that a contract be in writing, failure of such a contract to be in writing does not impact its enforcement. Question 5 options: True False Save Question 6 (1 point) A contract that has been fully performed on both sides is called an ________ contract. Question 6 options: executory executive executed option Save Question 7 (1 point) An implied-in-law contract is a contract in which agreement between parties has been inferred from their conduct. Question 7 options: True False Save Question 8 (1 point) According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ________. Question 8 options: common law of contracts doctrine of equity legality of the contract reasonable person standard Save Question 9 (1 point) Equityis a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law. Question 9 options: True False Save Question 10 (1 point) Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan ________. Question 10 options: can only increase the money on offer cannot revoke the contract can reduce the money on offer can revoke the contract as informal verbal agreements are not binding Save Question 1 (1 point) Which of the following is true of the Uniform Computer Information Transactions Act? Question 1 options: It addresses most of the legal issues that are encountered while starting an entrepreneurial venture. It solely deals with the formation of electronic contracts, not licenses. It does not become law until a state adopts it as a statute. It establishes the rules for operation of franchises in the U.S.A. Save Question 2 (1 point) Michael Harrison opens an online store where people from all over the world can purchase and download iPhone apps. Which of the following should Michael consult to know the rules of trading through his online store? Question 2 options: the Uniform Computer Information Transactions Act the common law of contracts the Uniform Commercial Code the objective law of contracts Save Question 3 (1 point) An act of performance is necessary to create a bilateral contract. Question 3 options: True False Save Question 4 (1 point) In a(n) ________ contract, agreement between parties is inferred from their conduct. Question 4 options: formal implied-in-law express implied-in-fact Save Question 5 (1 point) A contract is a(n) ________ if the offeror's promise is answered with the offeree's promise of acceptance. Question 5 options: executory contract unilateral contract bilateral contract executed contract Save Question 6 (1 point) Traditional contract rules do not apply to e-contracts. Question 6 options: True False Save Question 7 (1 point) Two brothers Sam and Jim were fighting over the division of their ancestral property. After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress to make him sign a contract of assent in favor of Sam. When Jim takes this contract to court, the contract will be declared ________. Question 7 options: unenforceable voidable conditionally enforceable enforceable Save Question 8 (1 point) Contracts under seal are thus named because they are highly confidential, and the parties to these contracts are not allowed to talk about their terms. Question 8 options: True False Save Question 9 (1 point) Article 2 of the Uniform Commercial Code (UCC) prescribes a set of uniform rules for the creation and enforcement of contracts for the sale of goods. Question 9 options: True False Save Question 10 (1 point) Common law of contracts refers to contract law developed primarily by state courts. Question 10 options: True False Chapter 10 Question 1 (1 point) Which of the following is a difference between acceptance and revocation? Question 1 options: A revocation can be made after acceptance, while an acceptance cannot be made after revocation. An acceptance must be received by the offeror to be valid, while a revocation need not be received by the offeree. Revocation can be done by the offeror or offeree, while an acceptance can only be done by the offeree. Revocation is valid only if the offeree receives it, while an offeree's acceptance is valid when dispatched. Save Question 2 (1 point) A counteroffer is a rejection of the original offer. Question 2 options: True False Save Question 3 (1 point) During a counteroffer, the previous offeror remains the offeror. Question 3 options: True False Save Question 4 (1 point) Under the mailbox rule, an acceptance is only effective when it is received. Question 4 options: True False Save Question 5 (1 point) Which of the following statements is true of an offer that was not communicated? Question 5 options: The offeree can claim an offer that was not communicated. The offer is considered to be an implied term. The offer cannot be accepted by the offeree if not communicated. The offer stays valid for 30 days from the date of creation. Save Question 6 (1 point) An offer is not effective until it is actually received by the offeree. Question 6 options: True False Save Question 7 (1 point) Which of the following is true for legally claiming a reward? Question 7 options: The claimant can claim the reward even if he or she came to know of the reward subsequent to completing the act. A promise of completing the requested act is sufficient for a claimant to claim the reward. Knowledge of the reward before completing the requested act is necessary to claim the reward. The offeror cannot withdraw the reward once the offer has been placed in the public domain. Save Question 8 (1 point) ________ is a stipulation in an offer that says the acceptance must be by a specified means of communication. Question 8 options: Express authorization An option contract The mirror image rule Implied authorization Save Question 9 (1 point) A(n) ________ is a withdrawal of an offer by the offeror that terminates the offer. Question 9 options: rejection revocation advertisement counteroffer Save Question 10 (1 point) Which of the following is true for an auction without reserve? Question 10 options: The bidder is considered the offeror. The seller need not accept the highest bid. The auctioneer is not allowed to set a minimum bid. The goods on sale cannot be withdrawn. Save Chapter 11 Question 1 (1 point) An illusory promise is an example of a contract that lacks consideration. Question 1 options: True False Save Question 2 (1 point) An accord is enforceable even though no new consideration is given. Question 2 options: True False Save Question 3 (1 point) A(n) ________ is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller. Question 3 options: best-efforts contract option contract requirements contract output contract Save Question 4 (1 point) A promissory estoppel is usually used to provide a remedy to a party who has relied on another party's promise. Question 4 options: True False Save Question 5 (1 point) In an output contract, the buyer agrees to make all of its purchases from one buyer. Question 5 options: True False Save Question 6 (1 point) Under which of the following conditions is a contract said to have legal value? Question 6 options: the promisor suffers a legal detriment both promisor and promisee suffers a legal detriment both promisor and promisee receives a legal benefit the promisor receives a legal benefit Save Question 7 (1 point) To meet contractual legality, considerations must be ________. Question 7 options: beneficial to both parties involved mentioned in writing in the contract bargained-for exchange of promise for performance detrimental to both parties involved Save Question 8 (1 point) A contract in which a seller agrees to sell all of its production to a single buyer is known as a(n) ________. Question 8 options: requirements contract option contract output contract best-efforts contract Save Question 9 (1 point) Which of the following is true of a promissory estoppel? Question 9 options: It allows for a party to claim goods, which were revoked, for which it has already paid consideration. It is invoked in cases having option contract infringements. It permits a court to order enforcement of a contract that lacks consideration. It is invoked in cases that involve a promissory note to pay considerations at a later time. Save Question 10 (1 point) A requirements contract is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller. Question 10 options: True False Save Chapter 12 Question 1 (1 point) Which of the following is true of the ratification of a contract by a minor? Question 1 options: A minor can ratify a contract under the guidance of a parent or legal guardian. A minor can ratify a contract during the period of minority if he or she so wishes. A minor can only ratify a contract after reaching the age of majority. A minor cannot ratify a contract that falls under the necessaries of life doctrine. Save Question 2 (1 point) An exculpatory clause must be reciprocal to be considered enforceable. Question 2 options: True False Save Question 3 (1 point) How is the doctrine of unconscionability related to public policy? Question 3 options: Both are very distinctly defined by law. The doctrine of unconscionability is based on public policy. All contracts contrary to public policy are considered unconscionable. Both are used to save a contracting party from a bad bargain. Save Question 4 (1 point) After becoming sober, an intoxicated person can ratify the contracts he or she entered into while intoxicated. Question 4 options: True False Save Question 5 (1 point) An exculpatory clause that results from superior bargaining power is usually found to be void. Question 5 options: True False Save Question 6 (1 point) A ________ is a contract that provides that a seller of a business or an employee will not engage in a similar business or occupation within a specified geographical area for a specified time following the sale of the business or termination of employment. Question 6 options: contract in restraint of trade quasi-contract covenant not to compete contract of adhesion Save Question 7 (1 point) The intoxicated person is not legally obligated to return consideration, received under the contract, to the competent party. Question 7 options: True False Save Question 8 (1 point) The ________ is a legal principle that allows minors to cancel most contracts they have entered into with adults. Question 8 options: contract of adhesion duty of restoration infancy doctrine duty of restitution Save Question 9 (1 point) Which of the following would constitute legal insanity? Question 9 options: emotional problems mental retardation weakness of intellect slight delusions Save Question 10 (1 point) A person who has alternative periods of sanity and insanity can enter into contracts ________. Question 10 options: only once he or she has been adjudged to be legally insane once he or she has been adjudged to be insane when there is a legal guardian appointed by the court for that person when he or she is in a state of sanity Save [Show More]

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