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20 Cards in this Set
- Front
- Back
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A court order that may either require or forbig a party to perform a specified act is a(n)______. |
INJUNCTION |
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Which of the following statements is true of the conditions concurrent clause? (A) Each performance is independent. (B) It specifies that the parties are to perform their duties at the same time. (C) An event must occur before the parties are obliged to perform. (D) It excuses performance if a future event transpires. |
It specifies that the parties are to perform their duties at the same time. |
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Contracts for services are governed by the Uniform Commercial Code (UCC). T or F? |
False |
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When an offeror promises to keep an offer open for a specified period and, in return, the offeree pays consideration, the parties have created a(n) _____ contract. |
option |
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The point of nominal damages is to illustrate the wrongfulness of a breach. T or F? |
True |
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In an implied-in-fact contract, the contract is inferred on the basis of the behavior of the parties. T or F? |
True |
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A contract is labeled executory when all parties have completed their performances. T or F? |
False |
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_____ refers to the bargained-for legal value that one party agrees to pay or provide to secure the promise of another. |
Consideration |
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Which of the following statements is true of incidental beneficiaries? A. Often a second party receives benefit from a contract. B. The benefit received was not the contracting parties' primary purpose or intent. C. The primary purpose in entering a contract is to make a gift to another. D. The beneficiary can sue the contracting party for payment. |
B. The benefit received was not the contracting parties' primary purpose or intent. |
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The mailbox rule states that an acceptance is effective when sent even if never received. T or F? |
True |
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Which of the following statements indicates a material breach of contract? A. A party falls beneath substantial performance and does not have a lawful excuse for that failure. B. Complete performance is not achieved because of minor deviations from the agreed-upon performance. C. Before performance is due, a party indicates by word or deed that she or he will not perform. D. A party performs the tasks and completes the contract. |
A party falls beneath substantial performance and does not have a lawful excuse for that failure. |
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Meg, who is on the lookout for a temporary security officer, approaches a security agency. The agency sends one of its reserve security officers to guard Meg's commercial building. Which of the following types of contract does Meg enter into with the security agency? A. Bilateral contract B. Implied-in-fact contract C. Unilateral contract D. Quasi contract |
Implied-in-fact contract |
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Jim makes an agreement to play live music at Rusty's Tavern every Thursday night. Last Thursday, he had the flu and hence could not go to Rusty's. What can be concluded about the agreement with respect to Jim's condition? A. His performance can be excused due to a condition precedent. B. His performance can be excused due to a condition subsequent. C. His absence should be penalized because personal service contracts are never excused. D. His performance can be excused due to a condition subsequent.His absence should be penalized because there was a nonmaterial breach of contract. |
C. His performance can be excused due to a condition subsequent. |
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If a mentally incompetent person is unable to understand the purpose and effect of a contract but has not been legally adjudged insane, _____. |
the impaired party would have to pay the reasonable value of any necessaries received under the contract |
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Problems of unconscionability often arise in situations in which: |
the bargaining power of one of the parties is much superior to the other. |
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_____ is an equitable remedy that permits the court to rewrite a contract where it imperfectly expressed the parties' true intentions. |
Reformation |
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An effective offer must be the product of a present intent, it must be definite, and it must be communicated to the offeree. T or F? |
True |
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The victim of a breach can recover just the direct losses from the breach and not any indirect losses that were incurred as a consequence of that breach. T or F? |
False |
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Which of the following kinds of contracts must be in writing to be enforceable? |
A promise by an executor where the payment comes from his or her personal funds |
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A fully performed oral contract, not in compliance with the Statute of Frauds, will be rescinded by the courts. T or F? |
False |
