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Chapter Quiz
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1
A void contract creates no legal obligations from the inception of the agreement.
A)True
B)False
2
Voidable contracts are agreements that create no legal obligations and for which no remedy will be given.
A)True
B)False
3
A contract is executory until such duties have been fully performed.
A)True
B)False
4
In order to have a valid contract, it must be reduced to a written document.
A)True
B)False
5
When one party confers a benefit to another who knowingly accepts it and retains it, the court may impose "quasi-contract" liability.
A)True
B)False
6
Which of the following are elements of promissory estoppel?
A)promise that the promisor should foresee is likely to induce reliance
B)reliance by promisee
C)injustice as result of the reliance
D)All of the above
7
Al promises Pam that he will paint her house if she promises to pay him $1,000. This is an example of which kind of contract?
A)bilateral
B)unilateral
C)voidable
D)implied
8
Which of the following statements regarding the UCC is true?
A)The UCC imposes a duty of good faith in the performance and enforcement of contracts.
B)The UCC distinguishes between merchants and non-merchants, holding merchants to a higher standard.
C)Both A and B
D)Neither A nor B
9
Bob orders 500 widgets from Widget, Inc. Widget, Inc. sends Bob its standard acknowledgement form accepting the order. This is an example of a(n):
A)express contract.
B)bilateral contract.
C)executory contract.
D)all of the above
10
Bill entered into a contract with Fred to purchase and to change the motor in his car. Such a contract is governed by:
A)the UCC.
B)the common law (Restatement).
C)Neither A nor B.
D)Either A or B, depending upon whether the contract primarily involved Fred's service in changing the motor or whether it primarily involved the sale of the motor.





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