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CONTRACT QUIZ I
1. Are the guidelines comprising Restatement, Second, Contracts recognized as law?
2. What is a restatement of the law?
A. An assortment of common law
B. A collaboration of state statute law
C. Codifications of case law
3. Which law and/or authority should one look into when studying contract law?
A. State Statute Law
B. State Common Law
D. State Jury Instructions
E. A, B, and D
F. All of the Above
4. Why would someone wish to form a contract with another?
A. To hold the parties accountable
B. To establish a legal rights and duties for the parties
C. To establish an agreement between the parties
D. Both A and B
E. Both B and C
F. All of the above
5. ______________ leads to an exchange of energy, information, and ideas.
A. A contract
Fill in the blank. Choose the answer that is most correct.
6. In the contractual chemistry part of the Contracts I webinar, a(n) ______________ is a party to a contract, a(n) _______________ is the property of an atom, and a(n) ________________ represents the lawful relationship between two atoms.
A. Electrons, bonds, atoms
B. Molecules, atoms, electrons
C. Bonds, atoms, molecules
D. Atoms, electrons, bonds
7. Where do contracts exist?
A. Commercial Transactions
B. Business Relationships
C. When there is an agreement between the parties.
D. Legal Relatinships
E. A, B, and C
F. A, B, and D
8. Which of the following is a correct list of PROs with respect to having a contract govern a relationship.
A. Generally, a record is created, terms are clarified, and a contracting party is held accountable by the government to perform their duties per the terms of the contract.
B. Contracts are easy to enforce, enforcement is inexpensive, and contracts are relatively easy to write.
9. Is the definition (or meaning) of a word, a necessary condition or a sufficient condition?
A. Necessary Condition
B. Sufficient Condition
10. According to Testmasters, a sufficient condition is that which is _________________ to make something true while a necessary condition is that which is _________________ to make something true.
A. Enough, required
B. Presented, required
C. Required, enough
D. Enough, Presented
E. Offered, Presented
11. To the right there is a list of definitions. Match these definitions with the word that they define.
A. 1. Contract, 2. Bargain, 3. Agreement, 4. Promise
B. 1. Promise, 2. Contract, 3. Bargain, 4. Agreement
C. 1. Promise, 2. Contract, 3. Agreement, 4. Bargain
D. 1. Agreement, 2. Bargain, 3. Agreement, 4. Promise
1. a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made.
2. A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
a manifestation of mutual assent on the part of two or more persons.
4. An agreement to exchange promises or to exchange a promise for a performance or to exchange performances.
12. Which of the following is true?
A. If a bargain exists, then it must be true that a contract exists.
B. If a promise exists, then it must be true that a bargain exists.
C. If there exists a manifestation of assent on the part of two or more persons, then there exists agreement.
D. Generally, if a contract exists, then a bargain exists.
13. How can an offer be accepted?
A. By performing a specific act.
B. By an affirmative answer in words.
C. By failing to perform a specific act.
D. A, B, and C
E. A and B
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