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ACCT 215 - Chapter 7 Questions with Correct Answers
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4. All of the above Correct Answer-EXAM QUESTION: What are the sources of contract law? 1. UCC 2. Common law 3. State statutory law 4. All of the above D. All of the above Correct Answer-EXAM QUESTION: Adam asks Monica to paint his living room by Sunday. This situation may give rise to a(n...

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  • August 9, 2024
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ACCT 215 - Chapter 7 Questions with Correct
Answers
4. All of the above Correct Answer-EXAM QUESTION:
What are the sources of contract law?
1. UCC
2. Common law
3. State statutory law
4. All of the above


D. All of the above Correct Answer-EXAM QUESTION:
Adam asks Monica to paint his living room by Sunday. This situation
may give rise to a(n):
A) bilateral contract
B) unilateral contract
C) express contract
D) all of the above


contract Correct Answer-A __________ is a legally enforceable
promise.


promise Correct Answer-A _________ alone is generally NOT legally
enforceable in court. (It is NOT a contract)

,Promissory estoppel Correct Answer-___________ __________ is
another doctrine which allows the recipient of a promise to enforce a
contract in court.


Objective Correct Answer-___________ intent is looked at by the courts
in determining the existence of a contract.


1. Agreement
2. Consideration
3. Contractual capacity
4. Legality Correct Answer-What are the 4 requirements of a contract?


Agreement Correct Answer-_____________ generally includes an offer
and an acceptance.


offeror Correct Answer-party making an offer


offeree Correct Answer-party to whom an offer is made


Consideration Correct Answer-_____________ is the legal value give in
bargain for a promise. It CAN be a return promise.


Contractual capacity Correct Answer-____________ ________ is what
all parties must have to form a contract. Generally, it is assumed to be
present.

, Legality Correct Answer-__________ is required for a contract.
Contracts must not accomplish illegal goals or purposes.


1. money (assets)
2. performance (ex: mow lawn)
3. return promise (sell car-buy car) - promise in return of a promise
Correct Answer-What are some examples of consideration?


1. mentally ill
2. intoxicated
3. minors Correct Answer-What are 3 groups of people that may not
have contractual capacity?


missing Correct Answer-When ________ consideration, you can
promise anything and can change your mind until you actually give it.


No...no consideration Correct Answer-HYPO:
I will give $1 to the first person who says "I accept".
Contract?


Yes...performance (something of value - did something to his detriment)
Correct Answer-HYPO:
I will give $1 to the first person who stands up and says "I love my
mom"

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