1) A voluntary acknowledgment made by one party to the other party in a contract is ___________.

a) Partial Performance b) Admission c) Promissory Estoppel d) An Integrated Contract

2) Remedies in Law occurs compensatory damages are awarded and the court orders the person that breached the contract to pay the other person enough money to get what they were promised in the contract elsewhere.

a) True b) False

3) Intention of an offer is determined by what a reasonable person in the offerees position would conclude that the offerors words and actions meant.

a) True b) False

4) An executed contract is one that has been fully performed on both sides.

a) True b) False

5) The key term that states that "foreseeable damages that result from a partys breach of contract but are caused by special circumstances beyond the contract itself" is:

a) Specific performance b) Nominal damages c) Liquidated damages d) Consequential damages

6) A quasi-contract is an obligation or contract imposed by law in the absence of an agreement to prevent the unjust enrichment of one party.

a) True b) False

7) The doctrine in the law of contracts provides that if a party changes his or her position substantially either by acting or forbearing from acting in reliance upon a gratuitous promise, then that party can enforce the promise although the essential elements of a contract are not present is called Promissory Estoppel.

a) True b) False

8) An unenforceable contract is a valid contract that cannot be fully enforced due to some related defect, issue, or missing details preventing it from enforcing.

a) True b) False

9) A contract that has not been fully performed by the parties is a(an):

a) unilateral contract b) empathy contact c) executory contract d) agreement

10) What is not true about third-party beneficiary requirements in a contract?

a) A third-party beneficiary, in the law of contracts, is a person who has the right to sue on a contract, despite not having originally been a party to the contract and/or a signer of the contract. b) There are two kinds of third-party beneficiaries: an intentional or intended beneficiary and an incidental beneficiary. c) An intentional beneficiary under third-party requirements is when a non-party to a contract receives benefit from the agreement indirectly. d) An incidental beneficiary under third-party requirements is a third party who benefits from a contract between two other parties, but it is not intended that the third-party benefit.

11) Threats and coercion to force someone to enter into a contract are called:

a) a mistake b) undue influence c) duress d) fraud

12) The key term Restitution means that there is an equitable remedy under which persons are partially restored to their original position prior to loss or injury, or partially placed in the position they would have been in had the breach not occurred.

a) True b) False

13) Which of the following is not one of the 3 common types of mistakes?

a) Unilateral mistakes b) Innocent misrepresentations c) Mutual mistakes d) Common mistakes

14) Contract contrary to a statute include all of the following except,

a) contracts to not commit crime b) licensing statute c) gambling d) usuary

15) Consideration is something of legally sufficient value given in return for a promise and there must be bargain for exchange

a) True b) False

16) Buyers Breach occurs only when the buyer in a contract does fail to meet all of the required obligations.

a) True b) False

17) When no contract exists or there is one without legal obligations that is a voided contract.

a) True b) False

18) A contract is a set of promises constituting an agreement between parties, giving each a legal duty to the other and the right to seek a remedy for the breach of the promises or duties.

a) True b) False

19) A contract entered into by an intoxicated person can be voidable when:

a) the person was sufficient b) intoxicated to lack mental capacity, the transaction may be voidable. c) the intoxicated person understood the legal consequences of the agreement. d) the intoxicated person enters the contract after work hours. the intoxicated person is from another state.

20) Revocation is the withdrawal of a contract offer by the offeror.

a) True b) False

21) The courts will only enforce certain contracts in writing which are all of the following except

a) Prenuptial agreements b) Marriage contracts c) Electronic contracts for sale of goods of $500 or more d) Expressed contracts

22) A minor can enter into any contract an adult can, without any exceptions.

a) True b) False

23) Common uses of liquidity damage provisions include all of the following except

a) Sale of goods b) Short term loan contracts c) Construction contracts d) Contracts with entertainers and professional athletes

24) An offer must contain definite terms to be valid.

a) True b) False

25) An electronic sound, symbol, or process attached to or logically associated with a record and adopted by a person with the intent to sign the record is called a(an). a) e-signature b) contract c) dispute d) advertisement

26) Novation is substitution by agreement of a new contract for the old one, with the old rights terminated. Which of these is not a requirement for novation?

a) Possible prior intent for an offer. b) A previous valid obligation. c) An agreement by all of the parties to a new contract. d) The extinguishing of the old obligation. e) A new, valid contract.

27) When a party can be compelled to observe or forced to obey the terms of the contract there enforceability?

a) True b) False

28) Duties That Cannot Be Delegated include which of the following:

a) When performance depends on the personal skill or talents of the obligor. b) When special trust has been placed in the obligor. c) When performance by a third party will vary materially from that expected by the obligee. d) When the contract expressly prohibits delegation. All of the above

29) Termination of an offer can occur for all of the following situations, except when there is

a) Termination actions by parties b) Termination action by an offeree c) Termination operation of law d) Words without actions

30) A contract can be illegal or void under which of the following circumstances (the effects of illegality)?

a) When there is justifiable ignorance of facts b) When it involves members of a protected class c) If there is a fraud, duress, and undue influence d) All of the above

31) Which of the following is not one of the 4 elements of contract enforceability?

a) Agreement b) Confidence c) Consideration d) Contractual Capacity

32) Recovery based on Quasi Contracts has all of the following requirements except

a) The party conferred a benefit on other parties. b) The party conferred a benefit without a reasonable expectation of being paid. c) The party did not act as volunteers in conferring the benefit. d) The party receiving benefit could be unjustly enriched if allowed to retain the benefit without paying for it.

33) A breach in the contract occurs when there is the act of breaking the terms set in a contract.

a) True b) False

34) Which of the following is the correct type or form of Acceptance?

a) Unequivocal Acceptance b) Silence as Acceptance c) All of these choices are correct d) Communication of Acceptance

35) Intent of an offer may be lacking in all cases except when (choose which is incorrect):

a) it is a preliminary negotiation b) it is an expression of opinion c) there is no invitation to bid d) statements of future intent

36) Which of the following is not a type of contract?

a) Implied contract b) Mixed contract c) Express contract d) Breach contract

37) A promise or commitment to perform or refrain from performing some specified act in the future is an offer.

a) True b) False

38) Which of the following is not the correct definition of the described term?

a) Choice of law clause: A clause that specifies that any dispute arising out of the contract, will be settled in accordance with the law of a particular jurisdiction

b) Skingk wrap agreements: Agreement terms are located inside a packaged box of goods c) Click on an agreement: An agreement that arises when an online buyer clicks on I agree. d) Forum selection clause: A provision in a contract designating stating that a court cannot decide any disputes arising under the contract.

39) Which of the following is not true about minors in contracts?

a) The age majority of a minor for contractual purposes is 18 in most states, b) A minor can enter into a contract any adult can, even if the law prohibits it. c) Parents are not usually liable for contracts made by minor children acting on their own. d) Minor status may also be terminated by minor emancipation.

40) All contracts must be in writing to be enforceable. True False

41) Privity of a contract establishes the basic principle that only parties to a contract should be able to sue to enforce rights or claim damages.

a) True b) False

42) All of these are types of damages in a breach of contract except (choose only the one that does not apply):

a) incidental damages b) punitive damages c) nominal damages d) wrongful damages

43) Third-Party Beneficiary Contract is made with the intent to benefit a third party. The third party has rights in the contract and may sue the promisor and under some circumstances the promisee to have it enforced.

a) True b) False

44) All of these agreements lack consideration except which one of the following:

a) Counter lawsuits b) Pre-existing duty c) Past consideration d) Illusory promises

45) Intent to deceive or wrongful deception committed intentionally is fraud.

a) True b) False

46) Legality is the lawfulness of an object of a contract. Therefore, when a contract is illegal, it is uneforceable, and if any terms of the contract are unrealistic, it will not go through.

a) True b) False

47) Rights that cannot be Assigned includes all but the following:

a) Statutes that expressly prohibit (prevent) assignments b) When a contract is personal in nature c) When an assignment significantly changes the risks or duties of an obligor d) When the contract involves services

48) A contract that cannot be enforced because of certain legal defenses against it is a(an):

a) unenforceable contract b) void contract c) inhumane contract d) missing contract

49) A breach of contract is the nonperformance of a contractual duty.

a)True b)False

50) Points Agreement is the lack of or missing mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract.

a) True b) False

51) Capacity refers to a person or companys legal ability to engage in an agreement with another party and be held liable to the terms of the contract.

a) True b) False

52) Breach of contracts can occur in real estate transactions. Which of the following is not an example of a real estate transaction contract breach?

a) When a buyer breaches by failing to obtain adequate financing before the closing date. Most real estate contracts are predicated on the buyer's ability to obtain financing. b) When a buyer breaches when they cannot sell their current home after closing on the new home and therefore cannot go through with the purchase. c) When a buyer breaches by failing to pay on time (ie. Failing to close escrow in the time specified). d) When a buyer breaches by failing to deliver the deed of the property in the correct way

53) In the case of Priority Issues, the assignor assigns the same right to two different persons, then there cannot be a question that arises as to which one has prioritythat is, which one has the right to the performance by the obligor.

a) True b) False

54) Damages with contracts can be defined as a sum of money paid to the innocent party in compensation for a breach of contract.

a) True b) False

55) Undue influence involves taking advantage of someone through a position of trust so which means that it can be exerted by someone who no has a duty to advise the other.

a) True b) False

56) Which of these following is an incorrect description/definition of the key term? a)

Offeree: a person to whom an offer is made. b) Promise: a person to whom a promise is made. c) Executory contract: a contract that has been fully performed and cannot be voided Unenforceable contract: d) a valid contract rendered unenforceable by some statute or law.

57) The transfer of contract rights to another completely or in part is an illegal delegation or illegal assignment.

a) True b)False

58) Which of these following statement are true about the One Year Rule? (only one answer is the correct choice)

a. Time period starts the day after the contract is formed. b. It must be objectively impossible to perform within one year c. It can occur for employment and club membership type contracts a and b only a, b and c

59) Discharge of a contract means termination of a contract. It is the act of making a contract or agreement null There are four (4) ways in which a contract may be discharged: (only one answer is the correct choice) Performance Agreement Breach Frustration All of the above