BUL3310 TEST QUESTIONS WITH VERIFIED SOLUTIONS
The Uniform Commercial Code requires that any modification to a contract for the sale of goods must be supported by new consideration - Answer-False
What is another term for punitive damages? - Answer-Exemplary
Plaintiff's duty to take steps to...
BUL3310 TEST QUESTIONS WITH
VERIFIED SOLUTIONS
The Uniform Commercial Code requires that any modification to a contract for the sale
of goods must be supported by new consideration - Answer-False
What is another term for punitive damages? - Answer-Exemplary
Plaintiff's duty to take steps to lesson the damages that result from a defendant's breach
of contract is the duty to _____________ - Answer-Mitigate
The Uniform Commercial Code is an important source of contract law for businesses in
the United States - Answer-True
Quantum meruit refers to the compensation owed party under an express contract -
Answer-False
Liz read the following announcement in the newspaper: "100 reward for the return of my
lost dog, Duffy." This announcement is an offer to form what type of contract? - Answer-
Unilateral
The award of a very small amount of money, such as 1, acknowledges that a wrong has
been done, even though there were no monetary losses. This award represents what
type of damages? - Answer-Nominal
Since it is up to the parties to determine the dollar amount in a liquidated damages
clause, courts will enforce any amount called for in the contract - Answer-False
The person to whom an offer to form a contract is made is called the ___________ -
Answer-Offeree
An offeree is - Answer-The person to whom the offer to form a unilateral or bilateral
contract is made
Nellie Neighbor made the following offer to two students who lived next door: "I will give
you each 50 if you come to my house and move some furniture for me on Saturday."
This is an offer to form what type of contract? - Answer-Unilateral
Consideration in a bilateral contract always involves both - Answer-A legal benefit and a
legal detriment
Plaintiff sued a National Football League team, alleging that she had been sexually
assaulted by several team members in a hotel room after a game. Team offered the
, plaintiff a cash settlement in exchange for two promises: 1) plaintiff would never discuss
publicly the suit or the terms of the settlement, and 2) plaintiff would never again sue the
team or the individual players on any claim connected with the incident. Agreeing not to
exercise these legal rights constitutes _____________ - Answer-Forbearance
Promissory estoppel is often used in which of the following business situations? -
Answer-When a contractor submits a bid in reliance on the bids of his subcontractors
When a businessperson reasonably relies on representations that he will get a franchise
When employees rely on employer promises about pensions and benefits
An illusory promise is consideration for a unilateral contract, but not for a bilateral
contract - Answer-False
Which of the following is false about a renunciation? - Answer-Renunciations are valid
in common law but not under the Code
In bilateral contracts, both parties must be bound to the contract or neither party is
bound - Answer-True
An illusory promise is created when - Answer-The promise is conditional on an event
happening first that is totally within the promissor's control
Which of the following statements is true about modifying contracts governed by the
Code? - Answer-No new consideration is required to modify an existing contract
Modifications must be made in good faith
Parties may agree that all modifications to an existing contract must be in writing
Brenda was the lead detective assigned to investigate the murder of a prominent local
businessman. A local civic group offered a 10,000 reward to anyone who provided the
information leading to the arrest and conviction of the murderer. The murderer was
found, tried, and convicted largely due to Brenda's efforts. Can Brenda collect the
reward? - Answer-No, Brenda had preexisting contractual duty to find and try to convict
the murderer
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? - Answer-This is a valid promise
because the chef must make the decision in good faith
The legal status of a contract entered into by a minor is ____________ - Answer-
Avoidable only by the minor
Minors may only avoid executory, not executed, contracts - Answer-False
Which of the following is not a necessary? - Answer-Internet service
A minor must pay the contract price for necessaries - Answer-False
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