1- Which of the following are exceptions to the parol evidence rule?

	A.	partial performance
	B.	usage of trade
	C.	contracts containing ambiguous terms
	D.	all of the above

2- The "mirror image" rule

	A.	allows an acceptance to vary the terms of the offer
	B.	must be unequivocal
	C.	must precisely mirror the offer
	D.	B & C above

3- A rejection of an offer, to be effective, must be

	A.	delivered in person by the offeree
	B.	placed in the mail
	C.	received by the offeror
	D.	received by the offeree

4- An ambiguous term in a contract will always be

	A.	interpreted against the party who drafted it.
	B.	ignored.
	C.	interpreted any way a court wants to.
	D.	none of the above.

5- Which of the following will a court take into consideration to interpret a contract?

	A.	Objective theory of contracts.
	B.	"Plain language" rule.
	C.	The parties' interpretation.
	D.	A & B above

6- Which of the following constitutes valid consideration?

	A.	a promise to do something the promisee is not obligated to do
	B.	a promise of a gift
	C.	performing a preexisting duty
	D.	all of the above

7- Dave promised Bill to pay him $150.00 to paint his apartment. After the job was completed, Dave promised Bill an additional $75.00 for his excellent job. This promise is

1. Enforceable
2. unenforceable because it is not in writing
3. an unliquidated debt
4. unenforceable because it was a promise made in exchange for an action that has already taken place

8- Failure of consideration includes

	A.	illusory promise
	B.	gratuitous promise
	C.	past consideration
	D.	all of the above

9- A promise not to do something one is legally allowed to do

	A.	is valid consideration.
	B.	is not valid consideration
	C.	is promissory estoppel.
	D.	None of the above

10-Mary and Joe enter into an implied-in-fact contract. The parties' conduct

	A.	defines the contract's terms
	B.	finds the contract's facts
	C.	terminates any unintended consequences
	D.	all of the above

11- An accord and satisfaction will

	A.	Always discharge a contract
	B.	never discharge a contract
	C.	Only modify a contract
	D.	Rescind the contract

12- Restrictive covenants in employment contracts will

	A.	Always be enforceable
	B.	Never be enforceable
	C.	Be enforceable only if reasonable
	D.	None of the above

13- An offer may be revoked any time prior to acceptance without consequence unless

	A.	The offeror promises not to revoke it
	B.	There is an option contract concerning the offer
	C.	The offer is in writing
	D.	All of the above

14- In order for an offer to be effective, it must be communicated to the offeree. True False

15- One's subjective interpretation of a contract will not be taken into consideration by a court. True False

16-There is never a remedy available if there is no contract. True False

17- Generally, the "plain language" rule is used to interpret contracts. True False

18- A contract where one party does not have an opportunity to negotiate the terms of it is called an adhesion contract. True False

19-Promissory estoppel is a remedy at law. True False

20- Generally, courts do not consider the adequacy of consideration. True False