BUL 3310 EXAM 2 QUESTIONS WITH ALL CORRECT ANSWERS
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BUL 3310
BUL 3310 EXAM 2 QUESTIONS WITH ALL CORRECT ANSWERS
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. Giving...
Which of the following statements about nominal consideration is correct?
a. Giving your siblings a quitclaim deed for your 1/8 share in your family home for $1 is
an example of nominal consideration.
b. Nominal consideration will support an enforceable contract.
c. Nominal consideration is another term for sham consideration.
d. a and b are true - 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? - Answer-A
bilateral contract
An illusory promise is not a promise at all
T/F - Answer-True
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 size is a quantifiable term.
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 a valid promise because the chef must make the decision in good faith
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
,a. requirements
b. output
c. unilateral
d. 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?
- Jim sells crabs to another buyer
- 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 - 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 -
Answer-An 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-True
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. The 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 ___ - 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. A contract remedy for breach of bilateral contracts
b. A contract remedy for breach of unilateral contracts
c. An equitable remedy when an accord ad satisfaction fails
d. An equitable remedy when one party suffers an unbargained-for detriment - Answer-
An equitable remedy when one party suffers an unbargained-for detriment
Which of the following is NOT an element of promissory estoppel?
a. There must be an underlying enforceable bilateral contract
b. The promisor must foresee that the promissee would rely on the promise
c. The promissee did in fact reasonable rely on the promise
d. All of the above - Answer-a. There must be an underlying enforceable bilateral
contract
Promissory estoppel is often used in which of the following business situations?
- 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
- All of the above - Answer-All of the above
During a violent storm, Nelson saved Reggie's boat from being destroyed. Reggie was
so grateful that he promised to give Nelson $100. Reggie's promise is unenforceable
because it is based on moral obligation
T/F - Answer-False
Which of the following is false about a renunciation?
A. Renunciations are valid in common law but not under the Code
B. A written renunciation does not require consideration.
C. An oral renunciation does require consideration.
D. The right that is waived in a renunciation is a contract right. - Answer-A.
Renunciations are valid in common law but not under the Code
A renunciation is a written waiver of a right arising out of a contract
T/F - Answer-True
A firm offer that is in writing and signed by a merchant cannot be revoked even though
the other party gave no consideration
T/F - Answer-True
Which of the following is not an element of a valid contract?
, A. Agreement
B. Consideration
C. Legal capacity of the parties to the contract
D. A written document with notarized signatures - Answer-D. A written document with
notarized signatures
Bob promises to sell Jane his Harley Davidson for $13,000, and Jane promises to pay
Bob $13,000 for his Harley Davidson. This is a bilateral contract
T/F - Answer-True
Susan says to Mark, "Mark, if you mow my lawn by the end of the day, I promise to pay
you $50". Mark mowes Susan's lawn by the end of the day. A unilateral contract has
been created
T/F - Answer-True
You make an appointment with a dentist. Upon arriving at the Dentist's office, you enter
the office and receive treatment. Since you've said nothing about paying, it is not a term
of the contract
T/F - Answer-False
You are walking down Lexington Ave and come upon a grocery stand filled with apples
under a sign stating 35 cents per apple. You pick up one and take a bite. At that
moment, an implied in fact contract is created, largely based on conduct
T/F - Answer-True
British Textile Manufacturer entered into a contract with Cotton Broker for 2,000 bales of
cotton to be shipped from India to England on the ship "Peerless, sailing from Bombay."
The contract was silent about the shipping date. Buyer expected the cotton to be
shipped on the Peerless that sailed from Bombay in October; seller expected to ship the
cotton on the Peerless that sailed from Bombay in December. By the time the second
ship arrived in England, buyer had found another supplier and refused to accept the
cotton. Does manufacturer have any defenses to the breach of contract suit brought by
Broker?
Yes, there was a unilateral mistake of material fact
Yes, there was a bilateral mistake of material fact
Yes, there was economic duress
No, the buyer should have double checked the shipping date. - Answer-Yes, there was
a bilateral mistake of material fact
Acme, a Dover, Delaware company, is to send widgets to a customer in Elmira, New
York, under a destination contract. The contract will read
F.O.B.Dover, Delaware
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