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- 1. Multiple Choice
What types of contracts are always established by parties' actions rather than a written document or explicit discussion?
express
implied
unilateral
executory
- 2. Multiple Choice
What is the term used to describe the discharge of contracts due to the effort or action of at least one of the parties to the contract?
force of law
discharge of the parties
operation of law
acts of the parties
- 3. Multiple Choice
Which of the following statements is NEVER true about void contracts?
They might require or involve an illegal act
They can be completed if the parties choose to
They might be lacking one or more essential elements of a valid contract
Sometimes they cannot be completed due to an operation of law or act of God
- 4. Multiple Choice
Two years into his contract to coach Jerry's semi-pro football team, Jimmy choked on a cream cheese bagel and died. Jimmy's estate is not obligated to perform according to the terms and conditions of Jimmy and Jerry's contract. Why?
Death or incapacity relieves a party from contractual obligations in personal services contracts
Death or incapacity relieves a party from contractual obligations only if the surviving party agrees
Death or incapacity relieves a party from contractual obligations regardless of the type of contract
Death or incapacity relieves a party from contractual obligations in all bilateral contracts.
- 5. Multiple Choice
Which of these is a contract that has been fully performed (both sides have completed their obligations)?
executed contract
void contract
voidable contract
executory contract
- 6. Multiple Choice
What type of contract has no legal effect?
bilateral contract
unilateral contract
void contract
voidable contract
- 7. Multiple Choice
An offer can be withdrawn any time:
prior to the proper communication of the offer's acceptance
after the proper communication of the offer's acceptance
none of the answer choices are correct
prior to or after the proper communication of the offer's acceptance
- 8. Multiple Choice
From the moment a purchase agreement is signed, until closing on the property occurs, the contract is:
executory
unenforceable
executed
redeemable
- 9. Multiple Choice
The forfeiture of earnest money is a common example of:
the contractually stipulated payment of liquidated damages
the contractually stipulated payment of compensatory damages
The payment of damages not stipulated by contract
the contractually stipulated payment of punitive damages
- 10. Multiple Choice
When something regarding the contract lacks legal standing or purpose or is unlawful in some way, it is said to suffer from:
ambiguous language
ill intent
lack of legal element
equitable resolution
- 11. Multiple Choice
A broker promised his agents that he would give a bonus to anyone that got four or more listings this month. This is an example of what kind of contract?
bilateral
unilateral
implied
trilateral
- 12. Multiple Choice
What do you call the response to an offer that agrees to the offer if some modifications can be made?
revocation of the offer
acceptance of the offer
counteroffer to the offer
rejection of the offer
- 13. Multiple Choice
What is the term used to describe the discharge of contracts as result of the application of law without regard for the parties' agreement or cooperation?
operation of law
acts of the parties
constructive law
operation of the parties
- 14. Multiple Choice
When a purchase contract for real estate converts into a deed, this is an example of contract discharge by way of
novation
revocation
assignment
merger
- 15. Multiple Choice
When an offeror wants the offeree to understand that the offer has a precise time limit, what is the phrase that will often appear in the offer?
this offer is timed
you're on the clock
time is of the essence
time is of importance
- 16. Multiple Choice
If liquidated damages are those specifically stipulated in the contract to be paid in the event of breach of contract, what are compensatory damages?
The award given to a wronged party as compensation for actual injury or loss
as with liquidated damages, they are damages specifically described in a clause in the contract
damages awarded to deter others from this behavior in the future
damages awarded in unusual cases where the defendant's behavior is viewed as intentional and particularly harmful.
- 17. Multiple Choice
When a party perform their obligation to a contract that they could have rescinded, they are said to have done what?
disaffirmed the contract
ratified the contract
constituted the contract
reset the contract
- 18. Multiple Choice
Which of the following provides the BEST definition of the parol evidence rule?
an umbrella term encompassing all rules surrounding the use of oral evidence in court
a legal bar to the use of oral evidence in all cases involving written contracts
a rule giving equal weight to oral evidence in cases involving written contracts
the legal concept that says that oral evidence can be used to support a written contract but can NOT be used to contradict one
- 19. Multiple Choice
With respect to offers made, which of the following is NOT true about the concept of "reasonable time"?
With offers lacking a specific expiration date, the offeree is allowed a "reasonable" time to accept the offer.
What constitutes "reasonable" will vary, depending on the type of agreement being pursued.
What constitutes "reasonable" will vary from state to state.
If an offer says "time is of the essence", then the offeree is allowed a "reasonable" time to accept the offer.
- 20. Multiple Choice
A contract that is essentially valid but is without legal remedy is said to be:
void
null and void
unenforceable
voidable
- 21. Multiple Choice
Why does alteration of contract result in discharge of contract?
because the new terms/conditions no longer represent the original intent of the parties
because alterations of contracts are unilateral actions
because alterations of contracts are always illegal
because alterations are used exclusively to discharge a contract
- 22. Multiple Choice
Which of these statements is NOT true about the statute of limitations?
There are state and federal laws establishing statute of limitations
the statute of limitations depends on the courts discretion to determine whether or not a plaintiff has taken too long to make a claim
a legitimate complaint for a performance failure related to a valid contract will not be considered if the statute of limitations has expired
established time limits rather than court's discretion will be looked at to determine whether or not a claim can be made
- 23. Multiple Choice
Which of the following is NOT necessarily required for a contract to be considered as possessing lawful objective?
It cannot require any illegal activities
it was constructed by a licensed attorney at law
it takes all necessary federal laws and statutes into consideration
it takes all necessary state laws and statutes into consideration
- 24. Multiple Choice
The following are all common types of unilateral contracts, except:
contests
purchase agreements
reward offers
commissions
- 25. Multiple Choice
An oral contract to buy a piece of real estate is unenforceable because it does not comply with the statute of:
limitations
frauds
duress
civil affairs
- 26. Multiple Choice
What is the age of majority in Georgia
21
18
20
19
- 27. Multiple Choice
A contract entered into under duress or as result of fraud or misrepresentation is:
voidable
unenforceable
void
valid
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