Once all the terms of the contract have been fully performed, the contract is said to be ___________.
A. Executory
B. Executed
C. Anticipatory
D. Ended
E. Stopped
Once all the terms of the contract have been fully performed, the contract has been executed.
As long as some of the duties under a contract have not yet been performed, the contract is considered ________________.
A. Executory
B. Executed
C. Anticipatory
D. Ended
E. Stopped
As long as some of the terms have not yet been performed, a contract is executory.
Which of the following is an example of a formal contract?
A. Contracts under seal.
B. Executed contracts.
C. Letters of credit.
D. Contracts under seal and also letters of credit.
E. Contracts under seal, letters of credit, and also executed contracts.
The Restatement (Second) of Contracts identifies the following four types of formal contracts: (1) contracts under seal, (2) recognizances, (3) letters of credit, and (4) negotiable instruments.
The reference to __________________ comes from the days when the contract was literally sealed by a piece of soft wax into which an impression was made.
A. Implied-in-fact contracts
B. Implied-in-law contracts
C. Contracts under wax
D. Contracts under seal
E. Contracts under pressure
When people hear the term formal contract, what often comes to mind is a contract under seal, named in the days when contracts were sealed with a piece of soft wax into which an impression was made.
How many states still allow a contract without consideration to be enforced if it is under seal?
A. Five
B. Eight
C. Ten
D. Twenty
E. Thirty
U.S. states today do not require that contracts be under seal. However, 10 states still allow a contract without consideration to be enforced if it is under seal.
A _______________ arises when a person acknowledges in court that he or she will perform some specified act or will pay a price upon failure to do so.
A. Contract under seal
B. Voidable contract
C. Recognizance
D. Implied-in-fact
E. Informal contract
A recognizance arises when a person acknowledges in court that he or she will perform some specified act or pay a price upon failure to do so.
A ________________ is an agreement by the person who issues a letter to pay a sum of money on receipt of an invoice and other documents.
A. Letter of agreement
B. Letter of credit
C. Letter of acknowledgement
D. Negotiated credit instrument letter
E. Letter of simple contract
A letter of credit is an agreement by the issuer to pay another party a sum of money on receipt of an invoice and other documents.
Which of the following are written documents signed by a party that makes an unconditional promise to pay a specific sum of money on demand or at a certain time to the holder of the instrument?
A. Negotiable instrument
B. Informal contracts
C. Simple contracts
D. Letters of credit
E. Formal contracts
Negotiable instruments are unconditional written promises to pay the holder a specific sum of money on demand or at a certain time.
Which of the following states that if a writing, or term in question, appears to be plain and unambiguous on its face, its meaning must be determined from the four corners of the instrument without resort to intrinsic evidence, with the words being given their ordinary meaning?
A. The Interpretation Rule
B. The Simple Rule
C. The Understandable Rule
D. The Plain Meaning Rule
E. The Comprehensive Rule
The plain-meaning rule states that if a writing, or a term in question, appears to be plain and unambiguous on its face, we must determine its meaning from just "the four corners" of the document, without resorting to outside evidence, and give the words their ordinary meaning.
What was the result on appeal in the case of D.L. Peoples Group, Inc., v. Hawley, in which heirs of the defendant's deceased employee claimed entitlement to workers' compensation benefits based on a contract of employment entered into in Florida by the deceased employee, but the trial court ruled that Florida law was inapplicable?
A. Because the last act necessary for the formation of the contract occurred in Florida, Florida workers' compensation law applied.
B. The workers' compensation law of Florida was inapplicable because the last act necessary for the formation of the contract occurred in a state other than Florida.
C. The workers' compensation law of Florida applied because the defendant performed most of his work in Florida.
D. The workers' compensation law of Florida was inapplicable because the defendant performed most of his work outside of Florida.
E. Florida workers' compensation law applied because the contract at issue specifically designated the application of Florida law.
Because the last act necessary to complete the agreement was performed in Florida, the contract was made in Florida. Accordingly, Florida workers' compensation law was applied.
Which of the following was the result in In Re Zappos.com Inc., v. Customer Data Security Breach Litigation, the case in the text in which customers of Zappos claimed that they were not bound to an arbitration agreement contained in a contract with Zappos?
The court ruled for the plaintiffs for the following two reasons: (1) there was no contract because plaintiffs did not assent to it, and (2) even if a contract existed, the contract was illusory and unenforceable because Zappos could avoid promises at any time.
