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1
A contract is ________ if the offeror’s offer can be accepted only by the performance of an act by the offeree.
2
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.
3
Which of the following is true about a promissory note?
4
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?
5
Which one of the following would be a three-party transaction?
6
Contracts that have been fully performed by one side but not by the other are classified as ________ contracts.
B. executory
7
Michael Harrison opens an online store where people from all over the world can purchase and download iPhone apps. Which of these should Michael consult to know the rules of trading through his online store?
8
Which of the following statements is true about contracts?
9
________ are a special form of contract that satisfies the requirements established by Revised
10
Who is the drawee in a draft transaction?
11
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 ________.
12
Which of the following is true of the UCC?
13
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 ________ contract between them.
14
Which of the following is a necessary condition for a contract to be considered valid?.
15
A ________ is a type of draft that is always paid at a future date.
16
What is the similarity between a demand draft and a trade acceptance?
17
Who is the acceptor of a draft in a draft transaction?
18
Which of the following is true of the Restatement of the Law of Contracts?
19
An offeror uses blackmail to make an offeree sign a contract that involves the sale of the offeree’s house. The contract is ________.
20
According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ________.