Question 1

Ron offers to pay Sara to pick up and deliver certain business documents within thirty minutes.Sara can accept the offer only by completing the task within the deadline.If she does,Ron and Sara will have​

Accepted Answer

A)  a bilateral contract.
B)  a unilateral contract.
C)  a void contract.
D)  an executive contract.

Question 2

Industrial Engineering,Inc. ,promises to give stock options to Jasmine for processes she has already designed for the firm.This promise is enforceable​

Accepted Answer

A)  because it is a new contract.
B)  because it is an illusory promise.
C)  because it is supported by past consideration.
D)  under no circumstances.

Question 3

The element of intent is of prime importance in determining whether a contract has been formed.

Accepted Answer

A) True 
 B)False

Question 4

Terms in a shrink-wrap agreement have been enforced in the same way as the terms of other contracts.

Accepted Answer

A) True 
 B)False

Question 5

An expression of opinion-"this is excellent"-is an offer.

Accepted Answer

A) True 
 B)False

Question 6

Risks ordinarily assumed in business can constitute consideration for the modification of a contract.

Accepted Answer

A) True 
 B)False

Question 7

Chet,a minor,signs a contract with Denise,an adult. The contract is voidable at the option of​

Accepted Answer

A)  neither party.
B)  Chet only.
C)  either party.
D)  Denise only.

Question 8

Bytes Inc.enters into contracts for its cloud services online.Bytes can protect itself against disputes involving these contracts by making important terms

Accepted Answer

A)  reasonably clear.
B)  vaguely ambiguous.
C)  practical.
D)  standardized.

Question 9

A contract is valid only if both of the parties entering into it have the capacity to do so.

Accepted Answer

A) True 
 B)False

Question 10

While sailboarding,Jolene is injured when Kirby carelessly crosses her path.Kirby's insurance company offers Jolene $50,000 to release Kirby from liability,and she accepts.Later,Jolene learns that her injuries are more serious than she realized.The release is​

Accepted Answer

A)  enforceable.
B)  unenforceable because Jolene's injuries are unforeseeably difficult.
C)  unenforceable because Kirby has a preexisting duty to pay.
D)  unenforceable because the release is an illusory promise.

Question 11

An effective offer requires reasonably definite terms.

Accepted Answer

A) True 
 B)False

Question 12

A contract is an agreement that can be enforced in court.

Accepted Answer

A) True 
 B)False

Question 13

Digital Enterprise,Inc. ,promises to pay its employees a year-end bonus "if profits continue to be high and management agrees at the time." This is​

Accepted Answer

A)  an enforceable contract.
B)  an illusory promise.
C)  an option-to-cancel clause.
D)  promissory estoppel.

Question 14

Brian offers Carly a dozen piano lessons for a certain price per lesson but conditions the deal on Carly accepting the offer by April 1.Brian may revoke the offer​

Accepted Answer

A)  before Carly accepts the offer.
B)  before April 1,whether or not Carly has accepted the offer.
C)  only after Carly accepts the offer.
D)  only after April 1.

Question 15

Play-It-Loud,LLC,provides music-streaming services online subject to complex pricing schedules.To control specific offers for the services and thus the resulting contracts,important terms to provide online include​

Accepted Answer

A)  a provision relating to the resolution of any dispute.
B)  a detailed history of the music business.
C)  positive reviews from users of the service.
D)  an updated list of the music available through the service.

Question 16

A contract that is otherwise valid is enforceable even if it is not in the proper form.

Accepted Answer

A) True 
 B)False

Question 17

A contract entered into by a mentally incompetent person can be valid if the person had capacity at the time the contract was formed.

Accepted Answer

A) True 
 B)False

Question 18

An express contract must be in writing.

Accepted Answer

A) True 
 B)False

Question 19

Bob claims that Carla breached their contract for tutoring.Carla responds that she never intended to enter into a contract with Bob.The intent to enter into a contract is determined with reference to​

Accepted Answer

A)  the intentional theory of contracts.
B)  the objective theory of contracts.
C)  the personal theory of contracts.
D)  the subjective theory of contracts.

Question 20

Legally sufficient consideration is something of value in the eyes of the law.

Accepted Answer

A) True 
 B)False

Exam 12: Formation of Traditional and E-Contracts

Brian offers Carly a dozen piano lessons for a certain price per lesson but conditions the deal on Carly accepting the offer by April 1.Brian may revoke the offer​

Correct AnswerverifiedShow Answer

An expression of opinion-"this is excellent"-is an offer.

Correct AnswerverifiedShow Answer

Digital Enterprise,Inc. ,promises to pay its employees a year-end bonus "if profits continue to be high and management agrees at the time." This is​

Correct AnswerverifiedShow Answer

Play-It-Loud,LLC,provides music-streaming services online subject to complex pricing schedules.To control specific offers for the services and thus the resulting contracts,important terms to provide online include​

Correct AnswerverifiedShow Answer

Chet,a minor,signs a contract with Denise,an adult. The contract is voidable at the option of​

Correct AnswerverifiedShow Answer

The element of intent is of prime importance in determining whether a contract has been formed.

Correct AnswerverifiedShow Answer

A contract is an agreement that can be enforced in court.

Correct AnswerverifiedShow Answer

Bob claims that Carla breached their contract for tutoring.Carla responds that she never intended to enter into a contract with Bob.The intent to enter into a contract is determined with reference to​

Correct AnswerverifiedShow Answer

Risks ordinarily assumed in business can constitute consideration for the modification of a contract.

Correct AnswerverifiedShow Answer

An express contract must be in writing.

Correct AnswerverifiedShow Answer

Legally sufficient consideration is something of value in the eyes of the law.

Correct AnswerverifiedShow Answer

While sailboarding,Jolene is injured when Kirby carelessly crosses her path.Kirby's insurance company offers Jolene $50,000 to release Kirby from liability,and she accepts.Later,Jolene learns that her injuries are more serious than she realized.The release is​

Correct AnswerverifiedShow Answer

Bytes Inc.enters into contracts for its cloud services online.Bytes can protect itself against disputes involving these contracts by making important terms

Correct AnswerverifiedShow Answer

A contract that is otherwise valid is enforceable even if it is not in the proper form.

Correct AnswerverifiedShow Answer

Terms in a shrink-wrap agreement have been enforced in the same way as the terms of other contracts.

Correct AnswerverifiedShow Answer

An effective offer requires reasonably definite terms.

Correct AnswerverifiedShow Answer

A contract is valid only if both of the parties entering into it have the capacity to do so.

Correct AnswerverifiedShow Answer

A contract entered into by a mentally incompetent person can be valid if the person had capacity at the time the contract was formed.

Correct AnswerverifiedShow Answer

Industrial Engineering,Inc. ,promises to give stock options to Jasmine for processes she has already designed for the firm.This promise is enforceable​

Correct AnswerverifiedShow Answer

Ron offers to pay Sara to pick up and deliver certain business documents within thirty minutes.Sara can accept the offer only by completing the task within the deadline.If she does,Ron and Sara will have​

Correct AnswerverifiedShow Answer

Brian offers Carly a dozen piano lessons for a certain price per lesson but conditions the deal on Carly accepting the offer by April 1.Brian may revoke the offer

Correct Answer
verified

Correct Answer
verified

Digital Enterprise,Inc. ,promises to pay its employees a year-end bonus "if profits continue to be high and management agrees at the time." This is

Correct Answer
verified

Play-It-Loud,LLC,provides music-streaming services online subject to complex pricing schedules.To control specific offers for the services and thus the resulting contracts,important terms to provide online include

Correct Answer
verified

Chet,a minor,signs a contract with Denise,an adult. The contract is voidable at the option of

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Bob claims that Carla breached their contract for tutoring.Carla responds that she never intended to enter into a contract with Bob.The intent to enter into a contract is determined with reference to

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

While sailboarding,Jolene is injured when Kirby carelessly crosses her path.Kirby's insurance company offers Jolene $50,000 to release Kirby from liability,and she accepts.Later,Jolene learns that her injuries are more serious than she realized.The release is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Industrial Engineering,Inc. ,promises to give stock options to Jasmine for processes she has already designed for the firm.This promise is enforceable

Correct Answer
verified

Ron offers to pay Sara to pick up and deliver certain business documents within thirty minutes.Sara can accept the offer only by completing the task within the deadline.If she does,Ron and Sara will have

Correct Answer
verified