ch9 - Ch.9 Quiz Instructions Please read the questions...

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Ch.9 Quiz Instructions Please read the questions carefully. This assessment is worth 100 points. 1. A bilateral contract involves the exchange of a promise for a promise. (5 points) True False 2. A valid contract whose enforcement is barred by a statute of limitations is called an unenforceable contract. (5 points) True False 3. Speaking generally, quasi-contract applies where there has been foreseeable reliance on an express promise. (5 points) True False 4. The UCC imposes a duty of good faith on the performance and enforcement of every contract it covers. (5 points) True False 5. The rules promulgated by the Restatement (Second) of Contracts often resemble the rules created by Article 2 of the UCC. (5 points) True False 6. If no Code rule applies to an issue regarding a sales of goods contract, the common law rules apply. (5 points) True False 7. A void contract is a contract that one or both parties may cancel, at their option. (5 points) True False 8. An express contract is a contract that is evidenced by a writing. (5 points) True False
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9. In general, 20th century contract law exhibits the principle of freedom of contract more than does 19th century contract law. (5
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This note was uploaded on 02/28/2012 for the course ACCT 460 taught by Professor Charley during the Spring '12 term at Aachen University of Applied Sciences.

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ch9 - Ch.9 Quiz Instructions Please read the questions...

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