BUL 3320 Exam 2 Review Questions
with Complete Answers
Yes. Under the doctrine of quasi-contract, victim is responsible for any charges that
are not covered by her insurance coverage. - ANSWER-Victim of a car accident is
knocked unconscious and rushed to the hospital, and doctors perform the necessary
actions to save the victims life. The victim wakes up from a coma only to see bills
from the hospital. Are these charges reasonable?
bilateral contract - ANSWER-a promise for a promise
unilateral contract - ANSWER-a promise for an act
express contract - ANSWER-a contract expressed in oral or written words
implied-in-fact contract - ANSWER-a contract inferred from the conduct of the parties
implied-in-law contract (quasi-contract) - ANSWER-a contract implied by law to
prevent unjust enrichment
formal contract - ANSWER-a contract that requires a special form or method of
creation
informal contract - ANSWER-a contract that requires no special form or method of
creation
executed contract - ANSWER-a completed contract that has been fully performed on
both sides
executory contract - ANSWER-a contract that has not been performed on both sides
executory contracts - ANSWER-contracts that have been fully performed by one side
but not by the other are classified as .....
actual contract - ANSWER-a ____________ contract may be either expressed or
implied-in-fact.
express contract - ANSWER-most personal and business contracts; stated in oral or
written form........
express contract - ANSWER-a written agreement to buy an automobile from a
dealership is a __________ contract because it is in written words
express contract - ANSWER-an oral agreement to purchase a neighbor's bicycle is a
___________ contract because it is in oral words.
1. the plaintiff provided property or services to the defendant.
, 2. the plaintiff expected to be paid by the defendant for the property or services and
did not provide for the property or services gratuitously.
3. the defendant was given an opportunity to reject the property or services provided
by the plaintiff but failed to do so. - ANSWER-Elements that must be established to
create an implied-in-fact contract.
executory contract because the contract has not yet been performed - ANSWER-
Customer signs to purchase a new car but has not paid for the car yet and the car
has not been delivered.
executory contract because company has not completed the contract yet. -
ANSWER-Customer has paid for the car but the car has not yet been delivered.
true - ANSWER-contract is only considered executed if all tasks on both sides have
been completed. True or False?
counteroffer - ANSWER-a ______________ by the offeree simultaneously
terminates the offeror's offer and creates a new offer.
- counteroffer
- rejection - ANSWER-generally, a _____________ is not effective until it is actually
received by the offeror.
rejection - ANSWER-a ____________ may be evidenced by the offeree's express
words (oral or written) or conduct.
rejects - ANSWER-an offer is terminated if the offeree __________ it.
communicated - ANSWER-an offer cannot be accepted if it is not _____________ to
the offeree by the offeror or a representative or an agent of the offeror.
No, because the CEO of Ace never communicated the offer to Baker Corp., there is
no offer to be accepted. (Communication of an offer) - ANSWER-CEO of Ace Corp.
writes offer to sell a division of the company to Baker Corp., leaves it on his desk,
CFO of Baker Corp. visits Ace and sees the offer lying on the desk and tells his
CEO. Does this mean that the offer can be used and completed?
reward - ANSWER-an award given for some form of service or attainment.
reward - ANSWER-To collect ________ , the offeree must .....
(1) have knowledge of the _______ offer prior to completing the requested act
(2) perform the requested act
because the advertisement identifies the exact automobile for sale, the first person to
accept the offer owns the automobile. - ANSWER-an automobile owner's
advertisement to sell a "previously owned white 2009 Toyota Prius automobile, serial
no. 3210674, $25,000" is an offer. why?
reward - ANSWER-an offer to pay a __________ (e.g., for the return of lost property
of the capture of a criminal) is an offer to form a unilateral contract.
with Complete Answers
Yes. Under the doctrine of quasi-contract, victim is responsible for any charges that
are not covered by her insurance coverage. - ANSWER-Victim of a car accident is
knocked unconscious and rushed to the hospital, and doctors perform the necessary
actions to save the victims life. The victim wakes up from a coma only to see bills
from the hospital. Are these charges reasonable?
bilateral contract - ANSWER-a promise for a promise
unilateral contract - ANSWER-a promise for an act
express contract - ANSWER-a contract expressed in oral or written words
implied-in-fact contract - ANSWER-a contract inferred from the conduct of the parties
implied-in-law contract (quasi-contract) - ANSWER-a contract implied by law to
prevent unjust enrichment
formal contract - ANSWER-a contract that requires a special form or method of
creation
informal contract - ANSWER-a contract that requires no special form or method of
creation
executed contract - ANSWER-a completed contract that has been fully performed on
both sides
executory contract - ANSWER-a contract that has not been performed on both sides
executory contracts - ANSWER-contracts that have been fully performed by one side
but not by the other are classified as .....
actual contract - ANSWER-a ____________ contract may be either expressed or
implied-in-fact.
express contract - ANSWER-most personal and business contracts; stated in oral or
written form........
express contract - ANSWER-a written agreement to buy an automobile from a
dealership is a __________ contract because it is in written words
express contract - ANSWER-an oral agreement to purchase a neighbor's bicycle is a
___________ contract because it is in oral words.
1. the plaintiff provided property or services to the defendant.
, 2. the plaintiff expected to be paid by the defendant for the property or services and
did not provide for the property or services gratuitously.
3. the defendant was given an opportunity to reject the property or services provided
by the plaintiff but failed to do so. - ANSWER-Elements that must be established to
create an implied-in-fact contract.
executory contract because the contract has not yet been performed - ANSWER-
Customer signs to purchase a new car but has not paid for the car yet and the car
has not been delivered.
executory contract because company has not completed the contract yet. -
ANSWER-Customer has paid for the car but the car has not yet been delivered.
true - ANSWER-contract is only considered executed if all tasks on both sides have
been completed. True or False?
counteroffer - ANSWER-a ______________ by the offeree simultaneously
terminates the offeror's offer and creates a new offer.
- counteroffer
- rejection - ANSWER-generally, a _____________ is not effective until it is actually
received by the offeror.
rejection - ANSWER-a ____________ may be evidenced by the offeree's express
words (oral or written) or conduct.
rejects - ANSWER-an offer is terminated if the offeree __________ it.
communicated - ANSWER-an offer cannot be accepted if it is not _____________ to
the offeree by the offeror or a representative or an agent of the offeror.
No, because the CEO of Ace never communicated the offer to Baker Corp., there is
no offer to be accepted. (Communication of an offer) - ANSWER-CEO of Ace Corp.
writes offer to sell a division of the company to Baker Corp., leaves it on his desk,
CFO of Baker Corp. visits Ace and sees the offer lying on the desk and tells his
CEO. Does this mean that the offer can be used and completed?
reward - ANSWER-an award given for some form of service or attainment.
reward - ANSWER-To collect ________ , the offeree must .....
(1) have knowledge of the _______ offer prior to completing the requested act
(2) perform the requested act
because the advertisement identifies the exact automobile for sale, the first person to
accept the offer owns the automobile. - ANSWER-an automobile owner's
advertisement to sell a "previously owned white 2009 Toyota Prius automobile, serial
no. 3210674, $25,000" is an offer. why?
reward - ANSWER-an offer to pay a __________ (e.g., for the return of lost property
of the capture of a criminal) is an offer to form a unilateral contract.
