United States Contracts Unit 2 Quiz

Which best completes the sentence?

A contract requires __________ and consideration.

a bargained for exchange
an offer
mutual assent
liability

Which choice best competes the sentence?

The court held that the buyer is __________ the seller for _____________ the contract.

liable for …. remedies
liable to …. breaching
responsible for … liability
cured to …. breaching

Which best describes a model law?

A sample law that states can choose to enact.
A national law that states must enact.
A federal law.
A criminal law.

Which of the following is most likely an unenforceable promise?

A promise by a new restaurant to provide a free dinner to the first ten customers.
A promise to sell a $5000 computer to the first person who offers $1000 cash.
A promise by a celebrity to a group of reporters to donate $10,000 to a charity.
A promise by a car dealer to sell and deliver a new car to the customer in exchange for $35,000.

Which choice best completes the sentence?

Although Seller claims this event was _____, the rising cost of production was reasonably ________.

unexpected, unforeseeable
foreseeable, hindsight
unexpected, surprising
unexpected, foreseeable

Which of the following best qualifies as an Act of God?

A strike
A war
A volcano
An economic depression

Which choice best completes the sentence?

Buyer must pay for the goods within ten days, ________ that if the goods are delivered between December 25 and January 1, Buyer may take an additional 14 days to complete payment.

despite
provided, however,
in all respects
without fail

Of the following, which choice has the closest meaning to the following sentence:

Any breach of a contractual obligation must be fixed within ten days of Buyer informing the Seller of this breach.

Any breach of a promise under this contract that is not fixed within ten days of Buyer informing the Seller of this breach will be unforgiven.
Any breach of a promise under this contract shall be liable within ten days of Buyer informing the Seller of such breach.
Any default under this contract must be cured within ten days of Buyer providing notice to the Seller of such breach.
Within ten days of any breach by Seller, Buyer may rescind the contract.

Under the common law, what is the legal result if a party purports to accept an offer but includes a term different from the offer?

Pursuant to the mirror image rule, the acceptance would actually be a rejection and a counteroffer.
Pursuant to the bargain theory of contracts, the acceptance would actually be a rejection and counteroffer.
The different term would become part of the contract provided both parties are sophisticated.
The parties would be required to consult with a notary as to the final terms of the contract.

Which of the following best summarizes the Statute of Frauds?

A federal law requiring contracts to be in writing.
State laws requiring certain contracts to be in writing.
State laws providing that contracts can be formed by conduct.
State laws requiring contracts to be performed within one year.

If an affidavit has been subscribed, what does that mean?

The affidavit was certified.
The affidavit was notarized.
The affidavit was signed.
The affidavit was forged.

What does it mean if a contract action is subject to a six-year statute of limitation?

The contract must be performed within six years.
Contractual obligations must be fulfilled within six years.
The contract must be signed within six years.
A lawsuit for breach of contract must be initiated within six years of the breach.

Which would be the best example of binding precedent on a New York trial court?

A decision from the supreme court of Colorado.
A decision from another New York trial court.
A decision from the Court of Appeals in New York.
The Restatenebt (Second) of Contracts.

Which of the following has the closest meaning to “Plaintiff asked the court to rule that the contract is invalid?”

Plaintiff sought damages.
Plaintiff sought rescission.
Plaintiff sought a remedy.
Plaintiff sought judicial review.

To which types of contracts does the UCC apply?

Contracts for the sale of goods.
Services contracts.
Insurance contracts.
Real property contracts.

How would you read the following: 18 U.SC. § 1956?

Section eighteen of the Uniform Commercial Code, title nineteen fifty-six.
Title eighteen of the Uniform Commercial Code, section nineteen fifty-six.
Title eighteen of the United States Code, section nineteen fifty-six.
Titles eighteen of the United States Code, sections nineteen fifty-six.

Which of the following has the closest meaning to “Defendant failed to perform under the contract.”

Defendant failed to subscribe to the contract.
Defendant breached the contract.
Defendant rescinded the contract.
Defendant ratified the contract.

Which of the following would most likely support a defense of impracticability if a buyer sued a seller for failing to deliver goods on time?

The Seller in good faith delivered goods to a wrong address
Seller was advised that the government prohibited any shipment of goods for a six-week period due to a pandemic.
After entering into the contract shipping costs increased as a result of an oil shortage.
Seller believed that buyer no longer needed the goods and would prefer a refund.

What is usually required to support a defense of unconscionability?

Procedural and substantive unconscionability
Procedural unconscionability and a contract of adhesion
Substantive unconscionability and lack of consideration
Use of force and deceit

Which of the following is the best description of a “recital of consideration”?

The terms of a contract expressing what value each party will provide to the other party.
A certification from both parties that the contract shall not be rescinded for lack of consideration.
An introductory clause stating that the parties formed the contract based on adequate consideration.
An introductory clause stating the names of the parties and their addresses.

United States Contracts Unit 2 Quiz

United States Contracts Unit 2 Quiz

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