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CHAPTER 9 (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update
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CHAPTER 9 (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update
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CHAPTER 9The terms of a valid contract become private law between the parties. - ANS-Which of the
following is true of contracts?
A) Contracts can be classified as either voluntary or involuntary.
B) All contracts are legally enforceable.
C) The terms of a valid contract become private law between the parties.
D) Courts of law usually do not enforce the promises made as part of contracts.
A court will enforce a contract if a party does not voluntarily perform. - ANS-Which of the
following is a characteristic of a valid contract?
A) A valid contract cannot contain promises.
B) The parties must have the contract's terms approved by the appropriate court for it to be
valid.
C) A court will enforce a contract if a party does not voluntarily perform.
D) There need not be mutual assent by all the parties involved in a contract.
The parties must have contractual capacity. - ANS-Which of the following is one of the four basic
requirements for contract formation and enforcement?
A) A promise must be supported by a signed written document and an advance payment.
B) The parties must have contractual capacity.
C) The object of the contract must be ethical.
D) Both parties to the contract must be at least 21 years old.
genuine means - ANS-The consent of the parties to create a valid contract must be obtained by
________.
A) duress
B) undue influence
C) fraud
D) genuine means
common law of contracts - ANS-A major source of contract law is the ________, which
developed from early court decisions that became precedent for later decisions.
A) civil law
B) the Restatement of the Law of Contracts
C) Uniform Commercial Code
D) common law of contracts
, It serves as a reference for guidance in contract disputes. - ANS-Which of the following is true of
the Restatement of the Law of Contracts?
A) It serves as a reference for guidance in contract disputes.
B) It does not identify negotiable instruments as formal contracts.
C) Its goal is to create a uniform system of commercial law among the 50 states.
D) It is the absolute federal law for contracts drafted in the U.S.
The provisions of the UCC normally take precedence over the common law of contracts. -
ANS-Which of the following is true of the Uniform Commercial Code (UCC)?
A) The UCC has never been amended since it was first drafted.
B) The UCC is not considered as law, but rather as a guide to lawyers and judges.
C) The provisions of the UCC normally take precedence over the common law of contracts.
D) The UCC has been adopted in its entirety by all states.
contracts for the lease of goods` - ANS-Article 2A of the UCC prescribes a set of uniform rules
for the creation and enforcement of ________.
A) contracts for the sale of goods
B) all contracts
C) contracts for the lease of goods
D) service contracts
It is a compilation of contract law principles, as agreed upon by its drafters. - ANS-Which of the
following statements best describes the Restatement of the Law of Contracts?
A) It is the supreme legal authority for contract law.
B) It is a law which has been adopted, at least in part, by every state.
C) It is a compilation of contract law principles, as agreed upon by its drafters.
D) It is a compilation of law pertaining exclusively to the Uniform Commercial Code.
reasonable person standard - ANS-According to the objective theory of contracts, the intent to
enter into an express or implied-in-fact contract is judged by the ________.
A) reasonable person standard
B) Supremacy Clause
C) doctrine of equity
D) common law of contracts
objective theory of contracts - ANS-The ________ states that the intent to enter into a contract
is judged by the reasonable person standard and not by the subjective intent of the parties.
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