Mann_TB_Ch09 - Chapter 9Introduction to Contracts...

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Chapter 9—Introduction to Contracts TRUE/FALSE 1. General contract law governs all contracts outside the scope of the UCC. ANS: T PTS: 1 2. The difference between an express contract and an implied in fact contract is the manner in which assent is manifested. ANS: T PTS: 1 3. A negotiable instrument, such as a check, is not a formal contract. ANS: F PTS: 1 4. A quasi contract is another name for an oral contract. ANS: F PTS: 1 5. During the twentieth century it became harder to enter into a contract as well as to get out of one. ANS: F PTS: 1 6. "I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract. ANS: F PTS: 1 7. A contract for the sale of a copyright is governed by Article 2 of the Uniform Commercial Code. ANS: F PTS: 1 8. Maria posted several signs in the neighborhood offering $50 for the return of her lost cat. Dave calls to get a description of the cat and tells Maria, "I'll look for your cat." A contract is formed by Dave's call to Maria. ANS: F PTS: 1 9. Marcus has a contract to purchase a new CD player. The law governing this contract is Article 2 of the UCC. ANS: T PTS: 1 10. All written contracts are considered to be formal contracts. ANS: F PTS: 1 11. If a person who has been declared incompetent by the courts enters into an agreement, that agreement is void, because it does not meet all the requirements of a binding contract.
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ANS: T PTS: 1 12. A contract to sell five acres of land is governed by Article 2 of the UCC. ANS: F PTS: 1 13. The Restatement and the UCC are both currently authoritative sources of contract law. ANS: T PTS: 1 14. Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange. ANS: T PTS: 1 15. At common law a promise under a seal to authenticate it was effective without anything more. ANS: T PTS: 1 16. Albert breaches a contract with Bill in a state where the statute of limitations is six years. Seven years later Bill wants to sue. The contract is unenforceable, but it is neither void nor voidable. ANS: T PTS: 1 17. Quasi contract is another name for a contract that is implied in fact. ANS: F PTS: 1 18. Article 2 of the Uniform Commercial Code does not apply to the sale of services. ANS: T PTS: 1 19. Arthur says to Bob, "If you will mow my lawn, I will give you ten dollars." Bob says nothing, but he mows the lawn. No contract exists under this fact situation, because Bob did not accept Arthur's offer. ANS: F PTS: 1 20. A valid contract is one that meets all of the requirements of a binding contract. ANS: T PTS: 1 21. An implied contract is as enforceable as is an express contract. ANS: T PTS: 1 22. A noncontractual promise may be enforceable where there has been justifiable reliance on the promise.
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