Question 1(1 point)

The Uniform Commercial Code (UCC) defines __________ as "the total legal obligation which results from the parties' agreement as affected by the Uniform Commercial Code or any other applicable rules of law."

a.tangible personal property

b.a contract

c.an agreement

d.an offer

Question 2(1 point)

If an agreement imposes a legal obligation, a(n) __________ contract results.

a.unenforceable

b.enforceable

c.illegal

b.moral

Question 3(1 point)

All contracts are agreements, but not all agreements are contracts. The PRIMARY reason is that:

a.certain agreements cannot be licensed under law.

b.certain agreements cannot be enforced by law.

c.agreements do not fall under any classification of contracts.

d.terms of an agreement usually are different from those of a contract.

Question 4(1 point)

Tangible personal property includes all of the following EXCEPT:

a.a table

b.a car

c.a cellphone

d.a copyright

Question 5(1 point)

Property that can be moved is known as:

a.intangible property.

b.tangible property.

c.common law.

d.a fixed asset.

Question 6(1 point)

Legal contracts may relate to:

a.the sale of merchandise or services.

b.employment.

c.the transfer of ownership of land.

d.All of the options are correct.

Question 7(1 point)

A(n) __________ is a proposal made by one party to another party.

a.offer

b.acceptance

c.mutual agreement

d.contract

Question 8(1 point)

The person making a proposal is known as:

a.the proposer.

b.the offeror.

c.the offeree.

d.the contractor.

Question 9(1 point)

In order to enter into a binding contract, the parties must be:

a.members of the bar.

b.attorneys.

c.of legal age.

d.All of the options are correct.

Question 10(1 point)

All but one of the following elements is required of an enforceable contract. The exception is:

a.offer and acceptance.

b.mutual agreement.

c.consideration.

d.simple form.

Question 11(1 point)

The state of mind that exists between an offeror and an offeree when a valid offer has been accepted and the parties know what the terms are and have agreed to be bound by them is known as:

a.arbitration.

b.negotiation.

c.mutual agreement.

d.acceptance.

Question 12(1 point)

In most cases, each party to a contract must promise either to give up something of value that he or she has a legal right to keep, or to do something that he or she is not otherwise legally required to do. This exchange of promises is called:

a.an offer and acceptance.

b.competence.

c.consideration.

d.mutual agreement.

Question 13(1 point)

An indication made by the offeree that he or she agrees to be bound by the terms of the offer is known as:

a.an enforceable offer.

b.a mutual agreement.

c.free consent.

d.acceptance.

Question 14(1 point)

What is the legal term for parties to a contract having a clear understanding of what they are undertaking with no confusion on whether there is a contract?

a.legality of purpose.

b.mutual agreement.

c.consideration.

d.competency of the parties.

Question 15(1 point)

If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement:

a.is enforceable.

b.has consideration.

c.lacks consideration.

d.is incompetent.

Question 16(1 point)

In order to __________ enter into a contract, the functioning of a party's mind must not be impaired.

a.legally

b.casually

c.orally

d.informally

Question 17(1 point)

Entering into a contract with persons of legal age and normal mentality is considered within the element of:

a.legality of purpose.

b.competency of the parties.

c.mutual agreement.

d.proper form.

Question 18(1 point)

A written contract can come in all of the following forms EXCEPT:

a.a printed statement.

b.an email.

c.a voice memo.

d.a handwritten note.

Question 19(1 point)

A transaction that is neither oral nor written but is still legally binding is considered:

a.an express contract.

b.an implied contract.

c.a formal contract.

d.a simple contract.

Question 20(1 point)

The meaning of an implied contract is drawn from the:

a.actions and conduct of the parties.

b.interpretations of a written contract.

c.interpretations of an oral contract.

dactions of third parties.

Question 21(1 point)

A contract that is made up of two or more parts, each part being independent of the others, is known as:

a.a divisible contract.

b.an indivisible contract.

c.a simple contract.

d.a formal contract.

Question 22(1 point)

An entire contract is also known as a(n):

a.indivisible contract.

b.divisible contract.

c.specialty contract.

d.executed contract.

Question 23(1 point)

A contract in which the terms of the agreement have not yet been fully performed is called:

a.a formal contract.

b.a simple contract.

c.an indivisible contract.

d.an executory contract.

Question 24(1 point)

An executory contract is an agreement in which:

a.a future act or obligation remains to be performed under its terms.

b.a past act or service was performed within the last three years.

c.a past act or service was performed recently but was not recorded.

d.the agreement has been completed in all respects by all parties.

Question 25(1 point)

A(n) __________ contract is an agreement that results in an obligation that is legally enforceable.

a.void

b.invalid

c.voidable

d.valid

Question 26(1 point)

An agreement that lacks one or more of the essential elements of a contract from the very beginning is a:

a.voidable and unenforceable contract.

b.void and unenforceable contract.

c.valid and enforceable contract.

d.void, but enforceable contract.

Question 27(1 point)

An agreement that may be rejected by one of the parties for a legally acceptable reason is a(n):

a.voidable contract.

b.void contract.

c.implied contract.

d.valid contract.

Question 28(3 points)

Define "contract" and state the elements of a valid contract.

Question 29(3 points)

Briefly explain the kinds of contracts that exist.: