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Exam 9: Introduction to Contracts

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Question 21

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Maria posted several signs in the neighborhood offering $50 for the return of her lost cat.Dave calls to get a description of the cat and tells Maria, "I'll look for your cat." A contract is formed by Dave's call to Maria.

A) True
B) False

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Question 22

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An implied in fact contract is formed by conduct.

A) True
B) False

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Question 23

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Atsuko signs a contract to work as a sales rep for Incellmed Corporation for a period of two years.This contract is governed by:

A contract is a binding agreement that the courts will enforce.

When one party performs an action to the benefit of the other, even if a contract has not been effectively made, a court may rule that the performing party was entitled to recoup the reasonable value of the services rendered under:

An implied in fact contract is not as enforceable as an express contract.

General contract law governs all contracts outside the scope of the UCC.

Contracts are governed primarily by statute, including the UCC.

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

According to the UCC, an enforceable agreement involving the transfer of title of goods from a seller to a buyer for a price is called a(n) :

Alfred makes a material misrepresentation of fact to Betty, and based upon the misrepresentation, Betty enters into a contract.Alfred now thinks that the contract is not fair to him.This contract is voidable at Alfred 's option.

Verna has entered into a contract to buy a new laptop computer for personal use.The law governing the contract is Article 3 of the UCC.

Possible remedies for a breach of contract include:

Mike, a plumbing contractor, was hired to correct a stoppage in the sewer line at Sarah's house.During his work, he discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line.To meet public regulations, the water pipe had to be replaced either then or later, when the yard would have to be redug.Mike replaced the water pipe and Sarah inspected the work daily and did not object to the extra work.When Mike finished, Sarah refused to pay for the water pipe replacement since that was not what she originally hired Mike to do and she had never specifically agreed to that work.Sarah must pay Mike for his labor and materials costs for both the sewer and water line repair.

The difference between an express contract and an implied in fact contract is the manner in which the parties manifest assent.

A(n) __________ contract is one in which the terms have been definitely and specifically stated and agreed upon.

As of 2011, the majority of states had adopted the 2003 Amendments to Article 2 of the UCC.

Steven makes a material misrepresentation of fact regarding his motorcycle to Huong who agrees to buy the motorcycle based upon the misrepresentation.This contract is:

A change in contract law between the nineteenth and twentieth centuries was:

In addition to the four basic requirements of a contract, which of the following must also occur in order to have a valid contract?