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BUL 5810 - CONTRACTS EXAM LATEST UPDATED
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BUL 5810 - CONTRACTS EXAM LATEST UPDATED...
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BUL 5810 - CONTRACTS EXAM LATEST UPDATEDWhich of the following contracts is covered by Article 2 of the Uniform
Commercial Code?
- sale of a building
-sale of furniture
-an agreement to have a sidewalk shovelled
-a sale of stock in ABC, Inc. - ANSWER The sale of new furniture
Any property other than an interest in real property is/are: - ANSWER personal
property
Which of the following is NOT always necessary in order for a valid contract to be
formed?
-mutual assent
-legality of purpose
-a writing
-consideration - ANSWER A writing
To have a valid contract, in addition to the four basic requirements of a contract,
what must also occur? - ANSWER There must be an absence of invalidating
conduct, such as duress
What is a requirement of an express contract? - ANSWER The terms are stated in
words
If both parties exchange promises, the contract is: - ANSWER bilateral
When might a contract might be unenforceable? - ANSWER If the statute of
limitations has passed
The doctrine of promissory estoppel: - ANSWER is a doctrine that relies on justice
not contractual rights
,Another name for a quasi-contract is: - ANSWER an implied in law contract
Which of the following is required to recover in quasi contract? - ANSWER
Acceptance or retention of a benefit conferred on the defendant by the plaintiff
Contracts that are implied in law are: - ANSWER obligations imposed by law on
grounds of justice and equity
Molly signs a contract with a publishing company to edit text manuscripts. This
contract is governed by - ANSWER state common law
Sally offers to sell her Business Law textbook from last semester to Bob for
$50.00. Bob accepts Sally's offer and tells her he will pay her on Friday when he
gets his paycheck. A contract is formed: - ANSWER when Bob accepts Sally's
offer
Aaron's boss offers to pay him $500 if he pretends he is sick so that he does not
have to show up for jury duty, but will go to work instead. Aaron knows that this is
against the law, but he would rather be paid $500 from his boss than the $30 that
the court will pay him for jury duty. Aaron calls in sick and is excused from jury
duty. This agreement between Aaron and his boss is: - ANSWER Not a contract
Sid makes a material representation of fact regarding his car to Barbara while out
driving one day. The next day, Barbara calls Sid and offers to buy his car. Sid
accepts Barbara's offer without correcting the misrepresentation of fact that he
made the previous day. What is the effect of the material representation on the
agreement between Sid and Barbara? - ANSWER Barbara may avoid the contract
Bill enters into a contract with Harry. The terms are that Bill will build an addition
to Harry's home, replace the roof on Harry's garage, and repave Harry's driveway in
exchange for Bill's payment to Harry of several thousand dollars once all of the
projects have been completed. If the driveway pavement has not yet been
completed, but the addition and the roof have been completed, which term
describes the type of contract in existence? - ANSWER Executory
Vince has lost his job and is having difficulty making ends meet. Last week, the
bank repossessed Vince's car. He is telling his neighbor Paul about his bad luck and
Paul says he wishes he could help Vince. Paul suggests that maybe Vince could
have the old car sitting in Paul's garage if Vince could get it to run. He ends the
,conversation by saying "Let me think about it." The next day while Paul is at work,
Vince goes into Paul's garage and begins working on the old car. He gets it running
and drives it out of Paul's garage and into Vince's driveway. When Paul gets home
from work, Vince shows Paul the car and asks him for the title to the car. Paul tells
Vince he had not made up his mind about whether or not he would give Vince the
car. Vince: - ANSWER has no claim to the car because Paul did not make a
promise
Daniel is a self-made millionaire, but he has been medically committed to a mental
health facility. A court also ordered Daniel's sister, Michelle, to preside over
Daniel's business affairs. Once inside the mental health facility, Daniel befriends
his nurse, Amanda. One day, Amanda tells Daniel about her invention to help
identify stray dogs and cats. Daniel was so impressed by Amanda's invention that
he offers to buy it for $500,000. Amanda accepts Daniel's offer. Did Daniel and
Amanda form a contract? - ANSWER No because Daniel cannot contract
Mary induces James to enter into a contract. James subsequently discovers that
Mary intentionally misrepresented the terms of their contract. Upon this discovery,
James tells Mary that he will not perform his promise under the contract. If Mary
sues James for breach of contract, will Mary win? - ANSWER No, because Mary
induced James into the contract by fraudulent misrepresentations, which makes the
contract voidable.
Susie told Kelly, "If you wash my car, I promise to pay you $20." Kelly does not
reply. This exchange is an example of: - ANSWER Unilateral contract
Sonny promises Maria not to foreclose for a period of six months on a mortgage
that Sonny owns on Maria's real property. Relying on this promise, Maria begins to
build a home on the land. If Sonny forecloses in two months, can Maria seek to
enforce Sonny's promise? - ANSWER Yes, Sonny made a non-contractual promise
and Maria reasonably relied on such promise and began building a home on the
land.
, Sergio buys an LED television from The Television Superstore in Sacramento,
California. What law governs this transaction? - ANSWER Uniform Commercial
Code (UCC)
Joe sends for a MBA catalog from State University. According to the catalog, the
MBA applications are evaluated on the basis of undergraduate grades, GMAT (the
appropriate standardized test) scores, and references. Joe has a 3.1 GPA, scores
very well on the GMAT, and has excellent references. Based on the criteria listed
in the catalog, Joe applies and pays the $100 application fee. His application is
rejected. Later he finds out that others with low grades and test scores were
accepted based on their family connections with the University. If Joe followed all
of the guidelines in the college catalog and paid the required application fee, then
according to the court in Steinberg v. Chicago Medical School: - ANSWER There
is a valid contract
Joe sends for a MBA catalog from State University. According to the catalog, the
MBA applications are evaluated on the basis of undergraduate grades, GMAT (the
appropriate standardized test) scores, references, and other factors that the
University, in its discretion, believes will enhance the standing of the University.
Joe has a 3.1 GPA, scores very well on the GMAT, and has excellent references.
Based on the criteria listed in the catalog, Joe applies and pays the $100 application
fee. His application is rejected. Later he finds out that others with low grades and
test scores were accepted based on their family connections with the University. If
Joe followed all of the guidelines in the college catalog and paid the required
application fee, then according to the court in Steinberg v. Chicago Medical
School: - ANSWER There is a valid contract, but there has been no breach of that
contract by the University or by Joe.
Joe takes his car into the repair shop to have his tires realigned. While he is waiting
for his car, he sees the repairmen take his car to the area where they change the
car's oil. Joe says nothing as he is hoping he can get a free oil change. Joe watches
while the oil in his car is changed. The car is then taken to the area where the tires
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