Contracts Quiz

Contracts Quiz

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Question 1 of 16

1. Question
All of the following are true of contracts EXCEPT that they _____.
- must be based on an expressed agreement
- may be agreements to do a certain thing
- may be agreements NOT to do a certain thing
- may arise from the acts of the parties
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Question 2 of 16

2. Question
An expressed contract:
- I. arises from the stated intent of the parties
- II. is created by the acts of the parties
- III. may be a contract for forbearance
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Question 3 of 16

3. Question
Charles made an oral offer to sell his lawn mower to Daniel for $20 if Daniel would agree not to operate it before 10 AM on weekends. Daniel accepted the offer. This agreement is:
I. an expressed contract
II. a contract for forbearance
III. a parol contract
IV. invalid
- I, II and III
- II and III only
- I only
- I and III only
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Question 4 of 16

4. Question
Contracts between adults and minors (children) are usually treated by law as ___
- voidable by the minor
- voidable by either party
- illegal
- Enforceable
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Question 5 of 16

5. Question
Which of the following, when given as the consideration in a contract, would NOT be a valuable consideration?
- services
- money
- goods
- Love
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Question 6 of 16

6. Question
Jim wrote a letter to Allan in which he offered to sell Allan his home for $100,000. Under the terms of this offer: I. Jim is the offeror II. Allan is the offeree
- "Neither I nor II "
- II only
- Both I and II
- I only
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Question 7 of 16

7. Question
When Sue sold her home to Sally, she was unaware that the house was infested with termites. This was later discovered by Sally. Sue was guilty of: I. fraud II. innocent misrepresentation III. mistake
- Both I and II
- II only
- Neither I, II nor III
- Both II and III
Correct

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Question 8 of 16

8. Question
Which of the following need NOT be in writing in order to be an enforceable contract?
- a mortgage on real property
- a deed to real property
- a contract for the sale of real property
- a lease for 1 year
Correct

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Question 9 of 16

9. Question
Fraud can result from:
I. giving false information
II. withholding relevant information
III. innocently giving mistaken information
- II only
- I and II only
- I, II and III
- I only
Correct

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Question 10 of 16

10. Question
Which of the following types of contracts could NOT be assigned even though they did not contain an anti-assignment clause?
- contracts of sale
- leases
- options
- Deeds
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Question 11 of 16

11. Question
Under an option, which of the following statements is true?
- The optionee must buy from the optionor.
- The optionor must buy from the optionee.
- The optionee must sell to the optionor.
- The optionor must sell to the optionee.
Correct

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Question 12 of 16

12. Question
Blue gave Red an option for thirty days to purchase her property for a consideration of $500. There was no anti-assignment clause in the option. Which of the following statements is NOT correct?
- Red may assign this option to a third party.
- Red is the optionee.
- Blue is the optionor.
- Blue can force Red to buy the property.
Correct

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Question 13 of 16

13. Question
An action brought to compel the defaulting party to perform according to the terms of a contract is known as a suit for: I. liquidated damages II. specific performance
- Both I and II
- II only
- Neither I nor II
- I only
Correct

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Question 14 of 16

14. Question
An installment contract may also be known as a:
I. land contract
II. contract for deed
- Both I and II
- II only
- Neither I nor II
- I only
Correct

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Question 15 of 16

15. Question
The purchaser pays for the property and receives a deed at settlement when real property is sold under a:
I. contract for deed
II. contract of sale
- Neither I nor II
- Both I and II
- I only
- II only
Correct

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Question 16 of 16

16. Question
What does is mean when a contract is bilateral?
- when all parties relevant in the contract exchange binding promises
- when the contract hasn't been signed yet
- if the contract is bound to only one party
- when the contract is missing two parts
Correct

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