Contracts function as a symbol of __________ in modern society.
● A.)
prosperity
● B.)
corruption
● C.)
chaos
● D.)
individual freedom ( correct )
Select the true statement about the Convention on Contracts for the International Sale of
Goods (CISG).
● A.)
The Convention is consistent with the Uniform Commercial Code (UCC) in every way.
● B.)
Parties to a contract may mutually agree to follow the CISG rather than the Uniform
Commercial Code (UCC). ( correct )
● C.)
The United States has not formally adopted the CISG.
● D.)
The Convention is only applicable to countries in the Western Hemisphere.
The local police station offers a $1,000 reward for anyone who can provide information about a
robbery at a gas station. Mason calls the police with a tip that leads to the arrest of the thief.
Mason and the police have a(n) __________.
● A.)
unenforceable contract
● B.)
bilateral contract
● C.)
unilateral contract ( correct )
● D.)
illegal contract
A contract with consideration from only one party __________.
● A.)
is always enforceable, if the consideration is reasonable
● B.)
is always void and never enforceable
● C.)
is enforceable only if mutual assent existed
● D.)
may be enforceable under promissory estoppel ( correct )
A contract is always rendered unenforceable when __________.
● A.)
the subject or purpose of the contract is illegal ( correct )
● B.)
the contract was formed under emotional strain
● C.)
a party to the contract cannot meet the financial obligations of the contract
● D.)
a party to the contract returns the consideration
A purpose of the Statute of Frauds is to __________.
● A.)
prevent one party from falsely claiming that a contract was formed in certain areas of
exchange ( correct )
● B.)
ensure that contracts formed for fraudulent purposes are preserved in writing
● C.)
enforce the full execution of oral contracts
● D.)
outline the penalties for committing fraud in certain kinds of contracts
