Question
Question 1.1.(TCO
4) Which of the following is true of UCITA? (Points : 2)
It establishes the
rules for operation of franchises in the U.S.A.
It does not become
law until a state adopts it as a statute
It solely deals with
the formation of electronic contracts, not licenses.
It addresses most
of the legal issues that are encountered while starting an entrepreneurial
venture
Question 2.2.(TCO
4) Hubert mistakenly pays property taxes that should have been assessed against
Jesse. Hubert can recover the amount from Jesse in quasi-contract _____ (Points
: 2)
even if Jesse was
not aware of the error.
only if Jesse tried
to conceal the error.
only if Jesse was
aware of the error.
under no
circumstances.
Question 3.3.(TCO4)
George and Halle disagree as to the exact amount one owes the other. They form
a new agreement that, on fulfillment, will discharge the prior obligation. This
is (Points : 2)
a covenant not to
sue.
an accord and
satisfaction.
a release.
promissory
estoppel.
Question 4.4.(TCO
4) Windsor, the owner of Windsor’s Sandwiches contacts a new supplier Gary. He
tells Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the
following morning. Gary promises to make the delivery as requested by Windsor.
This creates a _____ contract between them. (Points : 2)
unilateral
bilateral
implied-in-law
executor
Question 5.5.(TCO
4) Greco promises to buy illegal copies of CDs and DVDs from Fava, who promises
to deliver on April 15. These promises are most likely _____ (Points : 2)
enforceable.
valid.
void.
voidable..
Question 6.6.(TCO
4) Triple-D Cinemas promises to pay Shakir $1,000 to repair and clean its
marquee. The act of doing this work is _____ (Points : 2)
not consideration
because its performance is a pre-existing duty
not consideration
because its exchange is not a bargain
consideration.
not consideration
because its value is legally insufficient.
Question 7.7.(TCO
4) Hartman, who has worked for Aratize Inc. for 25 years, is retiring. Upon
hearing the news of his retirement, the president of Aratize announces a bonus
of $250,000 to Hartman for his exceptional services toward Aratize thus far.
But upon retiring, Hartman isn’t paid the bonus. Hartman decides to sue the
president and Aratize to recover the promised bonus. Which of the following is
true of this case? (Points : 2)
It will be
enforceable in court because it is a gift promise.
It will not be
enforceable in court because of past consideration.
It will not be
enforceable because the president is not authorized to make such a promise.
It will not be
enforceable because it is an unlawful consideration.
Question 8.8.(TCO
4) General Credit Corporation promises to pay its chief finance officer Hughie
and other employees a year-end bonus if it seems like a good idea at that time.
This is _____ (Points : 2)
an enforceable
contract.
an illusory
contract.
an unconscionable
contract.
a unilateral
contract.
Question 9.9.(TCO
4) Suki works for Renaldo. At the end of her first year, Renaldo promises to
pay her a bonus for her four quarters of success. Renaldo’s promise is _____
(Points : 2)
unenforceable
because Suki’s performance was a pre-existing duty.
unenforceable
because Suki’s performance is past.
enforceable.
unenforceable
because Suki’s performance is not legally sufficient.
Question 10.10.(TCO
4) Superior-Plus Properties, Inc., and Topps Construction Company sign a
contract that specifies the amounts to be paid for a building project at
various stages and on its completion. Additional compensation may be justified
by _____ (Points : 2)
any business
obstacles that arise after the time of the contract.
changes in the
market price of needed materials during the contract.
extraordinary
difficulties unforeseen at the time of the contract.
no circumstances.
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