ACCT 2700 COMPREHENSIVE LATEST QUESTIONS AND
ANSWERS RATED A+
✔✔True or false: If the Court finds there is an Integrated
Contract, parol evidence may still be allowed subject to
certain circumstances. - ✔✔False ?
✔✔ True or false: An otherwise valid contract may still be unenforceable. - ✔✔True
✔✔True or false: We determine what a contract or its terms mean by subjective facts. -
✔✔False (objective facts)
✔✔To be a valid contract, what must exist? - ✔✔Offer and acceptance, consideration,
capacity, legality
✔✔True or false: A Quasi - Contract is a fictional contract created by the courts to avoid
unjust enrichment - ✔✔True
✔✔The ________ means that the terms of a contract are determined from the face of
the instrument. - ✔✔Plain Meaning Rule
✔✔True or false: preprinted contracts are given the same weight as written, typewritten,
or handwritten contracts - ✔✔False
✔✔True or false: In contract law, the term consideration refers to the serious thought
that underlies a party's intent to enter into a contract - ✔✔False
✔✔You hit a pedestrian while driving. The pedestrian hires an attorney who presents
you with a document to sign saying that if you pay the pedestrian $5,000 cash upon
signing the document, the pedestrian will waive any further claims or liability. - ✔✔You
have signed a release
If you sign and pay the $5,000, the pedestrian cannot take further action against you
The document is an enforceable, valid contract
✔✔True or false: Consideration has to be essentially equal in any contract. - ✔✔True
✔✔You are 19 years old. Your mom promises to give you $10,000 if you stop drinking
at Skybar until you turn 21. You agree and never go back to Skybar. Your mom refuses
to pay the money. - ✔✔You can do nothing because you aren't legally able to drink at
age 19 so you didn't really give any consideration - there was no waiver of a legal right
✔✔True or false: If you don't have Contractual Capacity, you may not enter into a
contract. - ✔✔False
ANSWERS RATED A+
✔✔True or false: If the Court finds there is an Integrated
Contract, parol evidence may still be allowed subject to
certain circumstances. - ✔✔False ?
✔✔ True or false: An otherwise valid contract may still be unenforceable. - ✔✔True
✔✔True or false: We determine what a contract or its terms mean by subjective facts. -
✔✔False (objective facts)
✔✔To be a valid contract, what must exist? - ✔✔Offer and acceptance, consideration,
capacity, legality
✔✔True or false: A Quasi - Contract is a fictional contract created by the courts to avoid
unjust enrichment - ✔✔True
✔✔The ________ means that the terms of a contract are determined from the face of
the instrument. - ✔✔Plain Meaning Rule
✔✔True or false: preprinted contracts are given the same weight as written, typewritten,
or handwritten contracts - ✔✔False
✔✔True or false: In contract law, the term consideration refers to the serious thought
that underlies a party's intent to enter into a contract - ✔✔False
✔✔You hit a pedestrian while driving. The pedestrian hires an attorney who presents
you with a document to sign saying that if you pay the pedestrian $5,000 cash upon
signing the document, the pedestrian will waive any further claims or liability. - ✔✔You
have signed a release
If you sign and pay the $5,000, the pedestrian cannot take further action against you
The document is an enforceable, valid contract
✔✔True or false: Consideration has to be essentially equal in any contract. - ✔✔True
✔✔You are 19 years old. Your mom promises to give you $10,000 if you stop drinking
at Skybar until you turn 21. You agree and never go back to Skybar. Your mom refuses
to pay the money. - ✔✔You can do nothing because you aren't legally able to drink at
age 19 so you didn't really give any consideration - there was no waiver of a legal right
✔✔True or false: If you don't have Contractual Capacity, you may not enter into a
contract. - ✔✔False
