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BUL 3310 TEST QUESTIONS WITH CERTIFIED ANSWERS

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BUL 3310 TEST QUESTIONS WITH CERTIFIED ANSWERS Grace has a valid contract with Al to buy a desk owned by James Madison. Al now refuses to go through with the sale. Because the item is unique, Grace can seek a decree of specific performance to enforce the contract T/F - Answer-True Courts gene...

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  • September 1, 2024
  • 53
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bul 3310
  • bul 3310 test questions with certified answers

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  • BUL 3310

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BUL 3310 TEST QUESTIONS WITH
CERTIFIED ANSWERS
Grace has a valid contract with Al to buy a desk owned by James Madison. Al now
refuses to go through with the sale. Because the item is unique, Grace can seek a
decree of specific performance to enforce the contract
T/F - Answer-True

Courts generally cannot order specific performance when the contract is for personal
services because of the Thirteenth Amendment
T/F - Answer-True

Rescission is the remedy that cancels the contract and returns each party to his pre-
contract position
T/F - Answer-True

Which element of a contract is met by a bargained-for exchange?

A. Agreement
B. Consideration
C. Capacity
D. Legality - Answer-Consideration

To meet the element of consideration, each party to a contract must gain a legal benefit
and incur a legal detriment
T/F - Answer-True

What does consideration in a bilateral contract always involve?

A. A legal benefit and a legal detriment
B. A legal detriment and a legal impediment
C. A legal benefit and a legal waiver
D. A legal waiver and a legal renunciation - Answer-A legal benefit and a legal detriment

Legal detriments always entail economic losses
T/F - Answer-False

Which of the following statements about nominal consideration is correct?

A. Nominal consideration is good to use when there are liquidated damages.
B. Nominal consideration will support an enforceable contract.
C. Nominal consideration is another term for sham consideration.
D. Both A and B - Answer-Nominal consideration will support an enforceable contract

,In bilateral contracts, both parties must be bound to the contract or neither party is
bound
T/F - Answer-True

Mutuality of consideration is a requirement for which of the following?

Bilateral contract

Unilateral contract

Action for promissory estoppel

Firm offer under the Code - Answer-A bilateral contract

An illusory promise is not a promise at all
T/F - Answer-True

When is an illusory promise created?

A. When the promise is conditional on any other event happening first.

B. When the promise is conditional on an event happening first that is outside the
promissor's control.

C. When the promise is conditional on an event happening first that is totally within the
promissor's control.

D. When the promise cannot be performed within one year of the contract date. -
Answer-When the promise is conditional on an event happening first that is totally within
the promissor's control

Famous Chef told Shrimp Boat Captain: "I will buy your catch if I think the shrimp are
large enough". What is the status of this promise?

A. This is a valid promise because the chef must make the decision in good faith.

B. This is a valid promise because the chef must make the decision in good faith.

C. This is an illusory promise because the chef has complete control over whether or
not he will keep the promise.

D. This is an illusory promise for a contract but a valid promise for promissory estoppel.
- Answer-This is an illusory promise because the chef has complete control over
whether or not he will keep the promise.

,Which of the following is an illusory promise? - Answer-I will go with you to the donkey
basketball game if I can't think of anything better to do

Courts do not enforce output contracts as a matter of public policy
T/F - Answer-False

Big Oil Company has a contract with Homeowner to deliver however much heating oil
Homeowner needs for the fall and winter seasons. This is an example of ___ contract

Requirements

Output

Unilateral

Consumer lease - Answer-A requirements

Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim
catches during the season for $35 per bushel. Which of the following actions would
constitute a breach of the contract between Bay Crab and Jim?

A. Jim sells crabs to another buyer.

B. Jim buys crabs from other crabbers at $25 per bushel so that he can sell them to Bay
Crab at the contract price of $35 per bushel.

C. Bay Crab buys crabs from another crabber.

D. Both A and B - Answer-Both A and B

Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim
catches during the season for $35 per bushel. This is an example of ___ contract

Requirements

Output

Unilateral

Implied in law - Answer-output

Parties to a contract may not offer as consideration promises to do what they are
already legally required to do
T/F - Answer-True

, Under common law, modifications to existing contracts require new consideration from
each party
T/F - Answer-True

Under the Code, parties may agree to modify the terms of an existing contract without
providing new consideration
T/F - Answer-False

In a liquidated debt, the parties agree on the exact amount that is due
T/F - Answer-True

Under which of the following circumstances will cashing a check marked "paid in full"
create an accord and satisfaction?

A. The check is for a lesser sum that the amount due on a liquidated debt.

B. The check is for an unliquidated debt and both parties know of the dispute

C. he check is for any transaction governed by the Code.

D. The check is in payment of a court judgment. - Answer-The check is for an
unliquidated debt and both parties know of the dispute

Another term for promissory estoppel is ___


Forbearance

Restitution

Good faith

Detrimental reliance - Answer-Detrimental reliance

Promissory estoppel is the contract doctrine which requires that accords be in writing
T/F - Answer-False

How is promissory estoppel best described?:

A contract remedy for breach of bilateral contracts

A contract remedy for breach of unilateral contracts.

An equitable remedy when an accord and satisfaction fails.

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