Exam (elaborations)
LAW QUESTIONS
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This document entails the frequently asked questions in LAW
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When a party to a contract is of proper age and mental competence, it is said that he or she has:capacity to contract.
legal purpose.
mutual assent.
consideration.
1 points
Question 2
1. An agreement to buy cocaine from a dealer is:
a valid contract.
a void contract.
a voidable contract.
an unenforceable contract.
1 points
Question 3
1. Mike is walking through a parking lot and finds Kathy lying unconscious. He puts her in his car
and takes her to the hospital. The hospital saves her life, and when she becomes conscious, it
presents her with a bill.
Kathy has to pay based on a unilateral contract.
Kathy has to pay based on an implied contract.
Kathy has to pay based on a quasi-contract.
Mike has to pay because he brought her to the hospital.
1 points
Question 4
1. An agreement between two adults to pay $300 cash for a bicycle is an example of a contract that
is:
valid.
void.
voidable.
unenforceable.
,1 points
Question 5
1. At this moment, your contract with your university or college is:
implied, unilateral, and voidable.
express, bilateral, and valid.
implied, bilateral, and valid.
quasi, unilateral, and voidable.
1 points
Question 6
1. Helen's cat Fluffy has run away, and she places reward posters throughout her neighborhood.
Mark sees one of the reward posters and spends the next six hours searching for Fluffy. While
Mark is searching the neighborhood, Fluffy gets hungry and comes home.
This is a bilateral contract, and Mark is entitled to be compensated for his efforts.
This is a bilateral contract, and Mark is entitled to nothing because he didn't perform.
This is a unilateral contract, and Mark is entitled to be compensated for his efforts.
This is a unilateral contract, and Mark is entitled to nothing because he didn't perform.
1 points
Question 7
1. ABC Land Co. is negotiating the sale of an office building to Mega Co. Which laws will govern the
contract for the sale of the building?
hybrid laws
the Uniform Commercial Code
state statutory law based on the Uniform Commercial Code
state common law
1 points
Question 8
1. Real estate deeds and mortgages that require a seal to be enforceable are considered:
quasi-contracts.
, implied contracts.
informal contracts.
formal contracts.
1 points
Question 9
1. All of the following are necessary elements of a contract except:
mutual assent.
capacity.
writing.
consideration.
1 points
Question 10
1. Something of value that is exchanged as part of an agreement is called:
mutual assent.
consideration.
capacity.
legal purpose.
1 points
Question 11
1. A consulting contract between a management consulting firm and a software company is
governed by what source of law?
common law
statutory law
the Uniform Commercial Code
law at equity
1 points
Question 12
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