Exam (elaborations)
Blaw Exam 2 Practice Questions with complete solutions
- Course
- Institution
Blaw Exam 2 Practice Questions with complete solutions
[Show more]
Content preview
Blaw Exam 2 Practice QuestionsWhich of the following is NOT one of the required elements of a contract?
A. Agreement
B. Consideration
C. Capacity
D. Fairness
E. Legality - correct answer ✔✔D
The Uniform Commercial Code is a body of statutory law that deals in part with certain forms of
contracts. Which of
the following contracts would fall under the UCC (specifically, Article TWO of the UCC)?
A. Two year employment contract
B. Contract for sale of computer
C. Contract to mow a homeowner's lawn for the summer season
D. Health insurance policy
E. Contract to paint a house - correct answer ✔✔B
Tom entered into a contract with Trusty Construction Company whereby Trusty was going to build an
addition to
Tom's office building. The contract called for a fixed price of $20,000, with construction to begin on
September 1 and
to finish on September 30. It is now September 15 and Trusty is about halfway done with the job. As of
September 15
this contract can best be classified as:
A. Bilateral and executory
,B. Bilateral and executed
C. Unilateral and executory
D. Unilateral and executed
E. Quasi contract - correct answer ✔✔A
Allen is considering making an offer to Baker to purchase Baker's house. Allen and Baker had been
discussing the
matter for several weeks, and finally Allen decided to make an offer to Baker. He typed up the offer on
his office
computer, printed it off, and put it on his desk expecting to give it to Baker later that day. He then left for
lunch.
Baker's office happened to be in the same building, and while Allen was at lunch Baker wandered into
Allen's office
(which had been left open), saw the offer, and wrote "I accept, Baker" at the bottom of the document.
During lunch
Allen changed his mind and decided not to buy the house after all. Baker insists that he already accepted
Allen's offer,
and therefore a contract exists between the two parties. Is there a contract in this case?
A. Yes, as the offer was communicated as soon as Baker read the document
B. No, as there was no legal intent
C. No, as the offer was not re - correct answer ✔✔D
On Monday, September 20, Elaine, the owner of a business that sells office equipment, received a
written offer from a
customer (Charles) whereby Charles (a doctor) offered to purchase a copy machine from Elaine. The
letter stated that
Charles would be willing to pay $500 for the copier. The letter also stated that the offer would be held
open only until
Friday, September 24 at noon. Which of the following is correct?
, A. There is no offer in this case since Charles did not include a check for $500 at the time the offer was
made.
B. There is no offer in this case since Charles did not personally (face to face) deliver the offer to Elaine.
C. There is a legal offer in this case, and Charles is obligated to hold the offer open for the indicated time
D. There is a legal offer in this case, but Charles can revoke by simply deciding that he no longer wants
the copier
E. There is a legal offer in this case, but Charles can - correct answer ✔✔E
Frank sent a letter to Gary (who lived in another state). The letter contained a legal offer for a service
contract. Gary
received the letter on Wednesday, September 22. On Thursday, September 23 Gary decided that he
wanted to accept
the offer. On Friday, September 24 Gary mailed a letter (properly addressed and stamped) to Frank
accepting the offer.
The letter was received by Frank on Monday, September 27. Under the general common law a contract
was formed on:
A. September 22
B. September 23
C. September 24
D. September 27
E. No contract was formed since Gary did not have the right to accept by using the mails. - correct
answer ✔✔C
Which of the following is / are required elements of "consideration" under general common law?
I. It must be bargained for
II. The obligations agreed upon must be of approximately equal value
III. There must be an exchange of money
A. I only. B. II only. C. I and II only. D. III only. E. I, II, and III - correct answer ✔✔A
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now