BUL 5810 Final FSU Woodyard
B - AnswerWhich of the following contracts is covered by Article 2 of the Uniform
Commercial Code?
a. The sale of a building.
b. The sale of new furniture.
c. An agreement to have the sidewalk shoveled.
d. A sale of stock in ABC, Inc.
D - answer Any property other than an interest in real property, is/are:
a. tangible property.
b. intangible property.
c. goods.
d. personal property.
C - answerWhich of the following is NOT always necessary in order for a valid contract
to be formed?
a. Mutual assent
b. Legality of purpose
c. A writing
d. Consideration
C - answerIn order to have a valid contract, in addition to the four basic requirements of
a contract, which of the following must also occur?
a. The consideration that one party is giving the other must be of the same value as the
consideration that is being received.
b. There must be the sale of goods from one party to another.
c. There must be an absence of invalidating conduct, such as duress.
d. Both parties must already have performed (done what they promised to do).
C - answerWhat is a requirement of an express contract?
a. It is written and signed.
b. It is based on the conduct of the parties.
c. The terms are stated in words.
d. It consists of a promise in exchange for an act
A - answerIf both parties exchange promises, the contract is:
a. bilateral.
b. void.
c. implied.
d. executed.
, C - answerWhen might a contract might be unenforceable?
a. If the purpose of the contract was to commit a tort.
b. If one party has not yet performed, but the other party has fully performed.
c. If the statute of limitations has passed.
d. If the parties could not reach an agreement.
D - answerThe doctrine of promissory estoppel:
a. is a doctrine enforcing contractual promises.
b. applies even if the promisor should not have expected the promisee to rely on the
promise.
c. applies even if the promisee does not rely on the promise.
d. is a doctrine that relies on justice and not contractual rights.
C - answerAnother name for a quasi contract is:
a. promissory estoppels.
b. an implied in fact contract.
c. an implied in law contract.
d. an unenforceable contract.
C - answerWhich of the following is required in order to recover in quasi contract?
a. An implied or express promise
b. A valid contract
c. Acceptance or retention of a benefit conferred on the defendant by the plaintiff
d. A voidable contract
A - answerContracts that are implied in law:
a. are obligations imposed by law on grounds of justice and equity.
b. are really contracts.
c. are also called implied in fact contracts
d. require the assent of the contracting parties.
D - answerMolly signs a contract with a publishing company to edit text manuscripts.
This contract is governed by
a. the law of quasi contract.
b. federal statute.
c. Article 2 of the UCC.
d. state common law.
B - answerSally offers to sell her Business Law textbook from last semester to Bob for
$50.00. Bob accepts Sally's offer and tells her he will pay her on Friday when he gets
his paycheck. A contract is formed:
a. when Sally offers to sell her book to Bob.
b. when Bob accepts Sally's offer
c. when Bob pays Sally.
d. when Bob gets his paycheck.
B - AnswerWhich of the following contracts is covered by Article 2 of the Uniform
Commercial Code?
a. The sale of a building.
b. The sale of new furniture.
c. An agreement to have the sidewalk shoveled.
d. A sale of stock in ABC, Inc.
D - answer Any property other than an interest in real property, is/are:
a. tangible property.
b. intangible property.
c. goods.
d. personal property.
C - answerWhich of the following is NOT always necessary in order for a valid contract
to be formed?
a. Mutual assent
b. Legality of purpose
c. A writing
d. Consideration
C - answerIn order to have a valid contract, in addition to the four basic requirements of
a contract, which of the following must also occur?
a. The consideration that one party is giving the other must be of the same value as the
consideration that is being received.
b. There must be the sale of goods from one party to another.
c. There must be an absence of invalidating conduct, such as duress.
d. Both parties must already have performed (done what they promised to do).
C - answerWhat is a requirement of an express contract?
a. It is written and signed.
b. It is based on the conduct of the parties.
c. The terms are stated in words.
d. It consists of a promise in exchange for an act
A - answerIf both parties exchange promises, the contract is:
a. bilateral.
b. void.
c. implied.
d. executed.
, C - answerWhen might a contract might be unenforceable?
a. If the purpose of the contract was to commit a tort.
b. If one party has not yet performed, but the other party has fully performed.
c. If the statute of limitations has passed.
d. If the parties could not reach an agreement.
D - answerThe doctrine of promissory estoppel:
a. is a doctrine enforcing contractual promises.
b. applies even if the promisor should not have expected the promisee to rely on the
promise.
c. applies even if the promisee does not rely on the promise.
d. is a doctrine that relies on justice and not contractual rights.
C - answerAnother name for a quasi contract is:
a. promissory estoppels.
b. an implied in fact contract.
c. an implied in law contract.
d. an unenforceable contract.
C - answerWhich of the following is required in order to recover in quasi contract?
a. An implied or express promise
b. A valid contract
c. Acceptance or retention of a benefit conferred on the defendant by the plaintiff
d. A voidable contract
A - answerContracts that are implied in law:
a. are obligations imposed by law on grounds of justice and equity.
b. are really contracts.
c. are also called implied in fact contracts
d. require the assent of the contracting parties.
D - answerMolly signs a contract with a publishing company to edit text manuscripts.
This contract is governed by
a. the law of quasi contract.
b. federal statute.
c. Article 2 of the UCC.
d. state common law.
B - answerSally offers to sell her Business Law textbook from last semester to Bob for
$50.00. Bob accepts Sally's offer and tells her he will pay her on Friday when he gets
his paycheck. A contract is formed:
a. when Sally offers to sell her book to Bob.
b. when Bob accepts Sally's offer
c. when Bob pays Sally.
d. when Bob gets his paycheck.
