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Business Law, 9e (Cheeseman)
Chapter 9 Nature of Traditional and E-Contracts
1) Which of the following is an acceptable consideration for a contract?

A) arrest
B) penalty
C) money
D) sentence
Answer: C
Diff: 1
Skill: Legal Concepts
LO: 9.1 Define contract.
AACSB: Analytical thinking
Classification: Concept
2) Which of the following statements is true of contracts?

A) The offeror is the party to whom an offer to enter into a contract is made.
B) An offeree is the authority that supervises the signing of a contract.
C) A contract is created when the offer is made and before it is accepted.
D) To have an enforceable contract, there must be mutual assent by the parties.
Answer: D
Diff: 2
3) Ross makes an offer to Elizabeth to sell his automobile to her for $10,000. In this case, Ross is
the offeree and Elizabeth is the offeror.
Answer: FALSE
Diff: 1
Skill: Factual Application
AACSB: Application of knowledge
Classification: Application
4) Provision of services qualifies as a consideration for an enforceable contract.

Answer: TRUE
Diff: 1
1
Copyright © 2016 Pearson Education, Inc.
5) Two brothers Sam and Jim were fighting over the division of their ancestral property. After
ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to
extreme duress to make him sign a contract of assent in favor of Sam. When Jim takes this
contract to court, the contract will be declared ________.
A) enforceable
B) conditionally enforceable
C) voidable
D) unenforceable
Answer: C
Diff: 3
LO: 9.2 List the elements necessary to form a valid contract.
6) Which of the following is true of the UCC (Uniform Commercial Code)?

A) The UCC aims to create a uniform system of accounting among the 50 states.
B) The common law of contracts normally takes precedence over the provisions of the UCC.
C) Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of
rules of taxation.
D) Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of
contracts for the lease of goods.
Answer: D
Diff: 2
7) Which of the following is true of the Restatement of the Law of Contracts?

A) It serves as a reference for guidance in contract disputes.
B) It does not identify negotiable instruments as formal contracts.
C) Its goal is to create a uniform system of commercial law among the 50 states.
D) It is the absolute federal law for contracts drafted in the U.S.A.
Answer: A
Diff: 2
2
8) The ________ states that the intent to contract is judged by the reasonable person standard and
not by the subjective intent of the parties.
A) Restatement of the Law of Contracts
B) Restatement (Second) of Contracts
C) objective theory of contracts
D) common law of contracts
Answer: C
Diff: 1
9) According to the objective theory of contracts, the intent to enter into an express or implied-
in-fact contract is judged by the ________.
A) reasonable person standard
B) legality of the contract
C) doctrine of equity
D) common law of contracts
Answer: A
Diff: 1
10) The ________ establishes uniform legal rules for the formation and enforcement of
electronic contracts and licenses.
A) common law of contracts
B) Restatement of the Law of Contracts
C) Uniform Computer Information Transactions Act
D) Uniform Commercial Code
Answer: C
Diff: 1
3
11) Michael Harrison opens an online store where people from all over the world can purchase
and download iPhone apps. Which of the following should Michael consult to know the rules of
trading through his online store?
A) the common law of contracts
B) the objective law of contracts
C) the Uniform Computer Information Transactions Act
D) the Uniform Commercial Code
Answer: C
Diff: 2
12) Which of the following is true of the Uniform Computer Information Transactions Act?
A) It establishes the rules for operation of franchises in the U.S.A.
B) It does not become law until a state adopts it as a statute.
C) It solely deals with the formation of electronic contracts, not licenses.
D) It addresses most of the legal issues that are encountered while starting an entrepreneurial
venture.
Answer: B
Diff: 2
13) Agreement to a contract requires an offer by the offeror and an acceptance of the offer by the
offeree.
Answer: TRUE
Diff: 1
14) If the law requires that a contract be in writing, failure of such a contract to be in writing
does not impact its enforcement.
Answer: FALSE
Diff: 1
4
15) Common law of contracts refers to contract law developed primarily by state courts.
Answer: TRUE
Diff: 1
16) The goal of the Uniform Commercial Code (UCC) is to regularize foreign trade norms
among the 50 states of the U.S.A.
Answer: FALSE
Diff: 1
17) Article 2 of the Uniform Commercial Code (UCC) prescribes a set of uniform rules for the
creation and enforcement of contracts for the sale of goods.
Answer: TRUE
Diff: 1
18) Restatement of the Law of Contracts is the agreed upon federal law in the United States.
Answer: FALSE
Diff: 1
19) Objective theory of contracts states that the intent to contract is judged by the reasonable
person standard and not by the subjective intent of the parties.
Answer: TRUE
Diff: 1
5
20) Under the objective theory of contracts, the subjective intent of a party to enter into a
contract is irrelevant.
Answer: TRUE
Diff: 1
21) Companies are not permitted to issue licenses by e-commerce.

Answer: FALSE
Diff: 2
22) Traditional contract rules do not apply to e-contracts.

Answer: FALSE
Diff: 1
23) The UCITA (Uniform Computer Information Transactions Act) is a model act that does not
become law until a state legislature adopts it as a statute for the state.
Answer: TRUE
Diff: 1
24) The UCITA (Uniform Computer Information Transactions Act) establishes uniform legal
rules for the formation and enforcement of electronic contracts and licenses.
Answer: TRUE
Diff: 1
6
25) The UCITA (Uniform Computer Information Transactions Act) is a law common to all states
and does not require state legislatures to adopt it as a statute for the state.
Answer: FALSE
Diff: 1
26) Explain the basic requirements that must be met for a contract to be enforceable.
Answer: The requirements for a contract to be enforceable are:
1. Agreement. To have an enforceable contract, there must be an agreement between the parties.
This requires an offer by the offeror and an acceptance of the offer by the offeree. There must be
mutual assent by the parties.
2. Consideration. A promise must be supported by a bargained-for consideration that is legally
sufficient. Money, personal property, real property, provision of services, and such qualify as
consideration.
3. Contractual capacity. The parties to a contract must have contractual capacity for the contract
to be enforceable against them. Contracts cannot be enforced against parties who lacked
contractual capacity when they entered into the contracts.
4. Lawful object. The object of a contract must be lawful. Most contracts have a lawful object.
However, contracts that have an illegal object are void and will not be enforced.
Diff: 2
27) A contract is a(n) ________ if the offeror's promise is answered with the offeree's promise of
acceptance.
A) unilateral contract
B) bilateral contract
C) executed contract
D) executory contract
Answer: B
Diff: 1
LO: 9.3 Distinguish between bilateral and unilateral contracts.
7
28) 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(n) ________ contract
between them.
A) unilateral
B) bilateral
C) implied-in-law
D) executory
Answer: B
Diff: 2
29) A contract is ________ if the offeror's offer can be accepted only by the performance of an
act by the offeree.
A) unilateral
B) bilateral
C) implied-in-law
D) executory
Answer: A
Diff: 1
30) Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the
job within Saturday, she would pay him $1,000. This offer creates a(n) ________ contract.
A) executed
B) executory
C) unilateral
D) bilateral
Answer: C
Diff: 2
8
31) Martha contacts a bakery to get a cake for her son's birthday party. She tells the baker that
she will pay him $150 for the cake if he delivers the cake on Friday evening. If the baker does
not deliver the cake on Friday evening, which of the following will hold true?
A) Martha can sue the baker to recover $150 in damages.
B) Martha can sue the baker but cannot recover damages.
C) The baker has to give $150 plus cost of the replacement cake to Martha as he entered into a
verbal contract with her.
D) Martha cannot sue the baker.
Answer: D
Diff: 2
32) Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry
starts running the marathon, Alan ________.
A) can revoke the contract as informal verbal agreements are not binding
B) cannot revoke the contract
C) can reduce the money on offer
D) can only increase the money on offer
Answer: B
Diff: 2
33) Which of the following is an informal contract?

A) check
B) bank draft
C) lease
D) recognizance
Answer: C
Diff: 2
9
34) What is recognizance?
A) a party's acknowledgement in court that he or she will pay a specified sum of money if a
certain event occurs
B) a sealed document that contains a formal contract whose contents are known to both parties
and the referee who supervised its signing
C) a sealed document that contains an informal contract whose contents are known only to the
parties
D) a party's acknowledgement in court that he or she is not liable to pay any money if a certain
event occurs
Answer: A
Diff: 2
35) Which of the following statements is true of contracts?

A) Parties to an informal contract can use any words they choose to express their contract.
B) A contract under seal is disclosed only to the offeror of the contract.
C) A letter of credit is an informal contract.
D) A void contract is the same as a voidable contract.
Answer: A
Diff: 2
36) If ambiguity is detected while determining the type of a contract, it is presumed to be a

bilateral contract.
Answer: TRUE
Diff: 1
37) A contract is bilateral contract if the offeror's promise is answered with the offeree's promise
of acceptance.
Answer: TRUE
Diff: 1
10
38) An act of performance is necessary to create a bilateral contract.
Answer: FALSE
Diff: 1
39) A unilateral contract can be accepted without the performance of an act by the offeree.
Answer: FALSE
Diff: 2
40) An offer to create a unilateral contract cannot be accepted by a promise to perform.

Answer: TRUE
Diff: 1
41) An offer to create a unilateral contract can be revoked by the offeror any time prior to the
offeree's performance of the requested act.
Answer: TRUE
Diff: 1
42) A letter of credit is considered an informal contract as it does not have a special method of
creation.
Answer: FALSE
Diff: 1
11
43) Checks and drafts are considered informal contracts as their method of creation varies from
one bank to another.
Answer: FALSE
Diff: 1
44) Contracts under seal are thus named because they are highly confidential, and the parties to
these contracts are not allowed to talk about their terms.
Answer: FALSE
Diff: 1
45) In a recognizance, a party acknowledges in court that he or she will pay a specified sum of
money if a certain event occurs.
Answer: TRUE
Diff: 1
46) What are the possible problems that can come up in a unilateral contract?
Answer: In a unilateral contract, problems arise if the offeror attempts to revoke an offer after
the offeree has begun performance. Generally, an offer to create a unilateral contract can be
revoked by the offeror any time prior to the offeree's performance of the requested act. However,
the offer cannot be revoked if the offeree has begun or has substantially completed performance.
Diff: 2
12
47) An oral agreement to purchase a neighbor's bicycle is a(n) ________ contract.
A) voidable
B) void
C) express
D) implied
Answer: C
Diff: 2
LO: 9.4 Describe and distinguish between express and implied-in-fact contracts.
48) A(n) ________ contract is stated orally or in written words.

A) express
B) implied-in-law
C) implied-in-fact
D) quasi
Answer: A
Diff: 1
49) In a(n) ________ contract, agreement between parties is inferred from their conduct.
A) implied-in-law
B) implied-in-fact
C) express
D) formal
Answer: B
Diff: 1
13
50) Which of the following elements must be established to create an implied-in-fact contract?
A) A plaintiff provided a property or services gratuitously.
B) A plaintiff made a defendant sign a contract and then changed its terms, calling the new terms
"previously implied."
C) A defendant was given an opportunity to reject a property or services provided by a plaintiff
but failed to do so.
D) A defendant accepted a property or services offered by a plaintiff as a fee for an illegal
activity.
Answer: C
Diff: 2
51) A(n) ________ is an equitable doctrine whereby a court may award monetary damages to a
plaintiff for providing work or services to a defendant even though no actual contract existed.
A) bilateral contract
B) unilateral contract
C) implied-in-fact contract
D) quasi contract
Answer: D
Diff: 1
52) Which of the following statements is true of the doctrine of quasi contract?
A) It allows a court to award monetary damages to a defendant because no actual contract
existed between the parties.
B) It applies only where there is an enforceable contract between the parties.
C) It is an equitable doctrine intended to prevent unjust enrichment.
D) Agreement between parties to a quasi contract has been inferred from their conduct.
Answer: C
Diff: 2
14
53) Stella gets injured in a motor accident and is brought to the hospital by a passerby. Stella
subsequently passes into a coma. The doctors and other staff perform the necessary medical
procedures to save her life. Stella comes out of her coma two months later and is released from
the hospital after the doctors are satisfied by her recovery. Under the doctrine of ________
contract, Stella has to pay the hospital for its services.
A) express contract
B) quasi contract
C) implied-in-fact contract
D) formal contract
Answer: B
Diff: 2
54) Kyle goes to a used-car showroom to buy a sedan. He signs an agreement with the store that
bears the name of the car, price, and other details. This is an example of a(n) ________ contract.
A) unilateral
B) implied-in-law
C) implied-in-fact
D) express
Answer: D
Diff: 2
55) Which of these is an instance of a quasi contract?

A) an employee receiving his or her paycheck every month
B) an unconscious man being nursed at a hospital, having been brought in by a passer-by
C) two companies signing a business agreement that spans an undefined duration
D) a woman hiring a caterer only after the caterer promises to deliver the food on time
Answer: B
Diff: 3
15
56) ________ is a doctrine that permits judges to make decisions based on fairness, equality,
moral rights, and natural law.
A) The common law of contracts
B) The Restatement of the Law of Contracts
C) Equity
D) Letter of credit
Answer: C
Diff: 1
57) Which of the following is true of the equity doctrine?

A) Equity is resorted to when an award of money damages would not be the proper remedy.
B) In an action in equity, a jury decides the equitable issue.
C) An equitable action could be tried with a judge or a jury.
D) The doctrine of equity cannot be applied in contract cases.
Answer: A
Diff: 2
58) Express contract can be stated orally.

Answer: TRUE
Diff: 1
59) To create an implied-in-fact contract, it must be established that a plaintiff provided a

property or services gratuitously.
Answer: FALSE
Diff: 2
16
60) A quasi contract is an equitable doctrine whereby a court may award monetary damages to a
plaintiff for providing work or services to a defendant even though no actual contract existed.
Answer: TRUE
Diff: 1
61) An implied-in-law contract is a contract in which agreement between parties has been
inferred from their conduct.
Answer: FALSE
Diff: 1
62) Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral
rights, and natural law.
Answer: TRUE
Diff: 1
63) There is no right to a jury trial in an equitable action.

Answer: TRUE
Diff: 1
17
64) How are unjust enrichment and unjust detriment prevented, in the context of contracts?
Answer: The doctrine of quasi-contract is intended to prevent unjust enrichment and unjust
detriment. It allows a court to award monetary damages to a plaintiff for providing work or
services to a defendant even though no actual contract existed between the parties. Recovery is
generally based on the reasonable value of the services received by the defendant. It does not
apply where there is an enforceable contract between the parties. A quasi-contract is imposed
where (1) one person confers a benefit on another, who retains the benefit, and (2) it would be
unjust not to require that person to pay for the benefit received.
Diff: 2
65) Explain the doctrine of equity with reference to contracts.

Answer: Equity is a doctrine that permits judges to make decisions based on fairness, equality,
moral rights, and natural law. Equity is resorted to when (1) an award of money damages "at
law" would not be the proper remedy or (2) fairness requires the application of equitable
principles. Today, in most states of the United States, the courts of law and equity have been
merged into one court. In an action "in equity," the judge decides the equitable issue; there is no
right to a jury trial in an equitable action. The doctrine of equity is sometimes applied in contract
cases.
Diff: 2
66) Which of the following is a necessary condition for a contract to be considered valid?
A) It cannot be enforced by just one of the parties involved.
B) It is enforceable by at least one of the parties.
C) It can be voided by one of the parties.
D) It can be voided by both parties.
Answer: B
Diff: 2
LO: 9.5 Describe and distinguish among valid, void, voidable, and unenforceable contracts.
18
67) Harry in a drunken state agrees to give his car to Ben as a token of friendship. Once sober,
Harry asks Ben to return his car. This contract is considered ________.
A) valid
B) void
C) voidable
D) unenforceable
Answer: C
Diff: 2
68) An offeror uses blackmail to make an offeree sign a contract that involves the sale of the
offeree's house. The contract is ________.
A) valid
B) void
C) voidable
D) unenforceable
Answer: C
Diff: 2
69) If a contract is required to be in writing under the Statute of Frauds but is not, then the
contract is ________.
A) valid
B) void
C) voidable
D) unenforceable
Answer: D
Diff: 1
19
70) A contract that has been fully performed on both sides is called an ________ contract.
A) executory
B) executed
C) option
D) executive
Answer: B
Diff: 1
71) Contracts that have been fully performed by one side but not by the other are classified as
________ contracts.
A) executory
B) executed
C) void
D) voidable
Answer: A
Diff: 1
72) Elizabeth signs a contract to purchase a new car from Spadace Motors. She is yet to pay for
the car and thus Spadace Motors has not delivered the car to Elizabeth. This is an example of
a(n) ________ contract.
A) void
B) unenforceable
C) executed
D) executory
Answer: D
Diff: 2
20
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