100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Contract Law Final Exam $10.49   Add to cart

Exam (elaborations)

Contract Law Final Exam

 1 view  0 purchase

These are the questions and answers to the final in Contract Law.

Preview 2 out of 15  pages

  • October 25, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (18)
avatar-seller
racheldebner
Rachel Debner

PART I
TRUE OR FALSE QUESTIONS 60 TOTAL POINTS Write in TRUE OR FALSE OR T or F At the End
of or Under Each Question 42 TOTAL QUESTIONS WITH ANY 40 CREDITED QUESTIONS
Each Credited Question Equals 1.5 Points (1.5 x 40 = 60) Any 2 Unanswered or Incorrectly
Answered Questions Will Be Discarded


Historical Development
1. TRUE/FALSE. In Iowa, a court may enforce a contract evidenced by either a signature or
seal.

False
2. TRUE/FALSE. A case in common law has traditionally relied upon a jury to serve as the
fact finder subject to oversight by a judge while a case in equity has relied upon only upon a
finding by a judge.

True
3. TRUE/FALSE. The Uniform Law Commission is the entity primarily responsible for
drafting the Restatement 2nd of Contracts for enactment by the states.
Consumer Protection Statutes

False
4. TRUE OR FALSE. The UCC, Art. 2, is a consumer protection statute. Remember our
discussion regarding Monopoly.

False
5. TRUE/FALSE. A consumer protection statute usually authorizes a merchant of consumer
goods to raise the affirmative defense of disclosure against a buyer who breaches their
contract.

False

Sources of Law
6. TRUE OR FALSE. The doctrine of promissory estoppel is used to enforce a promise for a
gift which would otherwise be unenforceable under contract law because it is not
supported by consideration.

True

7. TRUE OR FALSE. Generally, the Iowa Code contains all the statutes of the state of Iowa
that are in effect.

, True


Formation
8. TRUE OR FALSE. Under the UCC, Art. 2, a buyer, who is a merchant, may send a
purchase order to a seller, who also is a merchant, and in exchange the seller may send the
buyer an order form with additional terms. If the parties begin performance without the
buyer objecting to the additional terms, the seller’s additional terms become part of
contract.

True
9. TRUE/FALSE. A conditional promise is a promise that must be satisfied by the
performance of the party making the promise regardless of whether a return promise is
satisfied by the other party.

False
10. TRUE OR FALSE. A condition precedent may refer to an event that must occur before a
party’s performance is due (other than a lapse of time).

True
11. TRUE OR FALSE. A party’s performance may be expressly conditioned upon approval by
an independent third party as long as the third party is acting in good faith.
True

12. TRUE OR FALSE. A contract cannot be formed by the parties conduct (performances) if
they have not formalized their bargain in writing.

False

13. TRUE OR FALSE. Under both the Rest. 2nd of Contracts and the UCC, Art. 2, a contract
may be supported by consideration in the form of a pre-existing duty.

False


Modification
14. TRUE OR FALSE. Under the Rest. 2nd of Contracts an agreement modifying a contract
needs no consideration to be binding if the agreement is made in good faith.

True
15. TRUE OR FALSE. Under the UCC, Art. 2, a signed agreement that excludes the
possibility of modification may nevertheless be waived by a party which in effect removes
an obligation to perform by the other party.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 racheldebner. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80467 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart