Ch10-TB1-WBL-10e

Ch10-TB1-WBL-10e - Chapter10 NatureandTerminology

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Chapter 10 Nature and Terminology N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. All promises are legal contracts. ANSWER: F PAGE: 210 TYPE: = 2. The common law governs all contracts without exception. ANSWER: F PAGE: 210 TYPE: = 3. A contract is an agreement that can be enforced in court. ANSWER: T PAGE: 211 TYPE: = 4. Under the objective theory of contracts, the intention to enter into a con- tract is judged by outward, objective facts as interpreted by a reasonable  person. ANSWER: T PAGE: 211 TYPE: = 5. An agreement includes an offer and an acceptance. 93
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94 TEST BANK 1—UNIT THREE: CONTRACTS AND E-CONTRACTS ANSWER: T PAGE: 211 TYPE: = 6. An offeree is a person who makes an offer. ANSWER: F PAGE: 212 TYPE: N
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CHAPTER 10: NATURE AND TERMINOLOGY 95 7. A contract can be created only when an offer is accepted by the offeree’s  performance. ANSWER: F PAGE: 212 TYPE: = 8. A unilateral contract is formed when the one receiving the offer completes  the requested act or performance. ANSWER: T PAGE: 212 TYPE: = 9. Offers may not be revoked before they are accepted. ANSWER: F PAGE: 214 TYPE: = 10. An express contract must be in writing. ANSWER: F PAGE: 214 TYPE: = 11. Parties can form a contract without putting the terms in writing. ANSWER: T PAGE: 214 TYPE: + 12. Except for certain types of contracts that must in writing, no special form is  required for informal contracts. ANSWER: T PAGE: 214 TYPE: = 13. Informal contracts are usually based on their substance rather than their  form. ANSWER: T PAGE: 214 TYPE: N 14. An executed contract is one that has been fully performed. ANSWER: T PAGE: 216 TYPE: + 15. A voidable contract is a valid contract that can be avoided at the option of  at least one of the parties to it. ANSWER: T PAGE: 217 TYPE: = 16. A quasi contract is not an actual contract. 
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96 TEST BANK 1—UNIT THREE: CONTRACTS AND E-CONTRACTS ANSWER: T PAGE: 217 TYPE: =
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CHAPTER 10: NATURE AND TERMINOLOGY 97 17. The doctrine of quasi contract applies only if there is an actual contract  that covers the area in controversy. ANSWER: F PAGE: 218 TYPE: = 18. A void contract is enforceable if it is in writing. ANSWER: F PAGE: 218 TYPE: N 19. Under the plain meaning rule, a court will enforce a contract, in which the  writing is clear and unequivocal, according to its plain terms. ANSWER:
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch10-TB1-WBL-10e - Chapter10 NatureandTerminology

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