CONTRACT LAW FINAL EXAM ACTUAL EXAM 2026
| ALL QUESTIONS AND CORRECT ANSWERS |
VERIFIED ANSWERS | BRAND NEW VERSION!
A Condition is a fact or event, the happening or non-happening of
which creates or extinguishes an absolute duty to perform. ---------
CORRECT ANSWER-----------------True
A Condition Precedent is a condition that must occur before the
contractual promise becomes operative and enforceable. ---------
CORRECT ANSWER-----------------True
A Condition Subsequent is a condition that extinguishes a previous
absolute duty to perform. ---------CORRECT ANSWER-----------------True
A Condition Concurrent occurs when the mutual performances of the
parties are capable of simultaneous execution. ---------CORRECT
ANSWER-----------------True
,Rules of Construction are the guidelines that the courts use to interpret
contractual provisions. ---------CORRECT ANSWER-----------------True
The Parole Evidence Rule provides that once a contract is reduced to
writing, the written document prevails. ---------CORRECT ANSWER--------
---------True
The UCC is a model act designed to make commercial transactions and
mercantile law uniform among all of the states. ---------CORRECT
ANSWER-----------------True
Parties whose transactions come within the law are not allowed to vary
the terms of the UCC to further their own commercial interests. ---------
CORRECT ANSWER-----------------False
Because it is meant to further commerce, the UCC is to be interpreted
liberally. ---------CORRECT ANSWER-----------------True
,There are three obligations on all parties who come within the purview
of the UCC: perform in good faith, in a reasonable time, and according
to custom and usage. ---------CORRECT ANSWER-----------------True
Under the UCC, contracts for the sale of goods need not be in writing. --
-------CORRECT ANSWER-----------------False
Goods are defined as things that are existing and moveable. ---------
CORRECT ANSWER-----------------True
The UCC governs all contracts for the sale of goods between merchants.
---------CORRECT ANSWER-----------------True
When there is a battle of the forms, the Court will find that earliest
agreement between the parties prevails. ---------CORRECT ANSWER------
-----------False
Under the UCC, a warranty will attach to the goods sold and provides
that the product is exactly as ordered, that it is fit for its intended use,
, and the seller has good title to pass to the buyer. ---------CORRECT
ANSWER-----------------True
A contract is a legally enforceable agreement that meets certain
specified legal requirements between two or more parties in which
each party agrees to give and receive something of legal value. ---------
CORRECT ANSWER-----------------True
In order to determine if a contractual relationship exists, it is necessary
to determine whether all five of the requisite elements of a valid
contract exist. ---------CORRECT ANSWER-----------------False
An offer is a proposal by one party to another manifesting an intention
to enter into a valid contract. ---------CORRECT ANSWER-----------------
True
To create a valid contract, the party to whom an offer is extended need
not manifest any acceptance of the offer. ---------CORRECT ANSWER------
-----------False
| ALL QUESTIONS AND CORRECT ANSWERS |
VERIFIED ANSWERS | BRAND NEW VERSION!
A Condition is a fact or event, the happening or non-happening of
which creates or extinguishes an absolute duty to perform. ---------
CORRECT ANSWER-----------------True
A Condition Precedent is a condition that must occur before the
contractual promise becomes operative and enforceable. ---------
CORRECT ANSWER-----------------True
A Condition Subsequent is a condition that extinguishes a previous
absolute duty to perform. ---------CORRECT ANSWER-----------------True
A Condition Concurrent occurs when the mutual performances of the
parties are capable of simultaneous execution. ---------CORRECT
ANSWER-----------------True
,Rules of Construction are the guidelines that the courts use to interpret
contractual provisions. ---------CORRECT ANSWER-----------------True
The Parole Evidence Rule provides that once a contract is reduced to
writing, the written document prevails. ---------CORRECT ANSWER--------
---------True
The UCC is a model act designed to make commercial transactions and
mercantile law uniform among all of the states. ---------CORRECT
ANSWER-----------------True
Parties whose transactions come within the law are not allowed to vary
the terms of the UCC to further their own commercial interests. ---------
CORRECT ANSWER-----------------False
Because it is meant to further commerce, the UCC is to be interpreted
liberally. ---------CORRECT ANSWER-----------------True
,There are three obligations on all parties who come within the purview
of the UCC: perform in good faith, in a reasonable time, and according
to custom and usage. ---------CORRECT ANSWER-----------------True
Under the UCC, contracts for the sale of goods need not be in writing. --
-------CORRECT ANSWER-----------------False
Goods are defined as things that are existing and moveable. ---------
CORRECT ANSWER-----------------True
The UCC governs all contracts for the sale of goods between merchants.
---------CORRECT ANSWER-----------------True
When there is a battle of the forms, the Court will find that earliest
agreement between the parties prevails. ---------CORRECT ANSWER------
-----------False
Under the UCC, a warranty will attach to the goods sold and provides
that the product is exactly as ordered, that it is fit for its intended use,
, and the seller has good title to pass to the buyer. ---------CORRECT
ANSWER-----------------True
A contract is a legally enforceable agreement that meets certain
specified legal requirements between two or more parties in which
each party agrees to give and receive something of legal value. ---------
CORRECT ANSWER-----------------True
In order to determine if a contractual relationship exists, it is necessary
to determine whether all five of the requisite elements of a valid
contract exist. ---------CORRECT ANSWER-----------------False
An offer is a proposal by one party to another manifesting an intention
to enter into a valid contract. ---------CORRECT ANSWER-----------------
True
To create a valid contract, the party to whom an offer is extended need
not manifest any acceptance of the offer. ---------CORRECT ANSWER------
-----------False
