Question

Question 1.1.(TCO 4) Which of the following is true of UCITA? (Points : 2)

It establishes the rules for operation of franchises in the U.S.A.

It does not become law until a state adopts it as a statute

It solely deals with the formation of electronic contracts, not licenses.

It addresses most of the legal issues that are encountered while starting an entrepreneurial venture

Question 2.2.(TCO 4) Hubert mistakenly pays property taxes that should have been assessed against Jesse. Hubert can recover the amount from Jesse in quasi-contract _____ (Points : 2)

even if Jesse was not aware of the error.

only if Jesse tried to conceal the error.

only if Jesse was aware of the error.

under no circumstances.

Question 3.3.(TCO4) George and Halle disagree as to the exact amount one owes the other. They form a new agreement that, on fulfillment, will discharge the prior obligation. This is (Points : 2)

a covenant not to sue.

an accord and satisfaction.

a release.

promissory estoppel.

Question 4.4.(TCO 4) 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. (Points : 2)

unilateral

bilateral

implied-in-law

executor

Question 5.5.(TCO 4) Greco promises to buy illegal copies of CDs and DVDs from Fava, who promises to deliver on April 15. These promises are most likely _____ (Points : 2)

enforceable.

valid.

void.

voidable..

Question 6.6.(TCO 4) Triple-D Cinemas promises to pay Shakir $1,000 to repair and clean its marquee. The act of doing this work is _____ (Points : 2)

not consideration because its performance is a pre-existing duty

not consideration because its exchange is not a bargain

consideration.

not consideration because its value is legally insufficient.

Question 7.7.(TCO 4) Hartman, who has worked for Aratize Inc. for 25 years, is retiring. Upon hearing the news of his retirement, the president of Aratize announces a bonus of $250,000 to Hartman for his exceptional services toward Aratize thus far. But upon retiring, Hartman isn’t paid the bonus. Hartman decides to sue the president and Aratize to recover the promised bonus. Which of the following is true of this case? (Points : 2)

It will be enforceable in court because it is a gift promise.

It will not be enforceable in court because of past consideration.

It will not be enforceable because the president is not authorized to make such a promise.

It will not be enforceable because it is an unlawful consideration.

Question 8.8.(TCO 4) General Credit Corporation promises to pay its chief finance officer Hughie and other employees a year-end bonus if it seems like a good idea at that time. This is _____ (Points : 2)

an enforceable contract.

an illusory contract.

an unconscionable contract.

a unilateral contract.

Question 9.9.(TCO 4) Suki works for Renaldo. At the end of her first year, Renaldo promises to pay her a bonus for her four quarters of success. Renaldo’s promise is _____ (Points : 2)

unenforceable because Suki’s performance was a pre-existing duty.

unenforceable because Suki’s performance is past.

enforceable.

unenforceable because Suki’s performance is not legally sufficient.

Question 10.10.(TCO 4) Superior-Plus Properties, Inc., and Topps Construction Company sign a contract that specifies the amounts to be paid for a building project at various stages and on its completion. Additional compensation may be justified by _____ (Points : 2)

any business obstacles that arise after the time of the contract.

changes in the market price of needed materials during the contract.

extraordinary difficulties unforeseen at the time of the contract.

no circumstances.

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