Law Review Packet

1. Law Review Packet

2. Liquidated damages are (a) a token amount awarded by a court when rights have been violated but no actual injury has occurred, (b) agreed to by both parties as part of their contract in advance of breach, (c) awarded to creditors whenever a business goes bankrupt and its assets are liquidated, (d) none of the above.

3. Liquidated damages are (a) a token amount awarded by a court when rights have been violated but no actual injury has occurred, (b) agreed to by both parties as part of their contract in advance of breach, (c) awarded to creditors whenever a business goes bankrupt and its assets are liquidated, (d) none of the above.

4. When an offeror makes a valid offer to an offeree, he or she may revoke the offer (a) when the offeree accepts the offer, (b) up until the time the offer is accepted by the offeree, (c) whenever the offeror feels like it, (d) upon reaching the age of majority.

5. When an offeror makes a valid offer to an offeree, he or she may revoke the offer (a) when the offeree accepts the offer, (b) up until the time the offer is accepted by the offeree, (c) whenever the offeror feels like it, (d) upon reaching the age of majority.

6. Statutes of limitations have been enacted because with passage of time (a) needed evidence may no longer be available, (b) circumstances, and statues, of the parties may change greatly, (c) judges and juries may have greater difficulty in determining the truth, (d) all of the above.

7. Statutes of limitations have been enacted because with passage of time (a) needed evidence may no longer be available, (b) circumstances, and statues, of the parties may change greatly, (c) judges and juries may have greater difficulty in determining the truth, (d) all of the above.

8. Generally the victim of a breach of contract is required to mitigate the damages. This means that (a) looses must be reduced, if feasible, by any reasonable and available means under the circumstances, (b) whenever possible, the victim of a breach should make it an anticipatory breach, (c) the victim should never spend additional time or money on the contract, (c) all of the above.

9. Generally the victim of a breach of contract is required to mitigate the damages. This means that (a) loses must be reduced, if feasible, by any reasonable and available means under the circumstances, (b) whenever possible, the victim of a breach should make it an anticipatory breach, (c) the victim should never spend additional time or money on the contract, (c) all of the above.

10. This occurs when one party holds an incorrect beleif about the facts related to the a contract. (a) a breach of contract, (b) a unilaterial mistake, (c) a bilaterial mistake, (d) a material fact.

11. This occurs when one party holds an incorrect beleif about the facts related to the a contract. (a) a breach of contract, (b) a unilaterial mistake, (c) a bilaterial mistake, (d) a material fact.

12. Sometimes a party waives contractual rights even though a court would uphold then in a trial because, (a) the potential damage award is low, (b) the cost of suing, including lost of time and goodwill, are high, (c) the outcome of the lawsuit is uncertain, and the defendant may be judgment-proof, (d) all of the above.

13. Sometimes a party waives contractual rights even though a court would uphold then in a trial because, (a) the potential damage award is low, (b) the cost of suing, including lost of time and goodwill, are high, (c) the outcome of the lawsuit is uncertain, and the defendant may be judgment-proof, (d) all of the above.

14. If a contact is said to be substantially performed this means (a) the contact is written up, (b) both parties would like to void the contact, (c) just about all of the duties have been performed within the contract, (d) the contract has been written but not signed by both parties.

15. If a contact is said to be substantially performed this means (a) the contact is written up, (b) both parties would like to void the contact, (c) just about all of the duties have been performed within the contract, (d) the contract has been written but not signed by both parties.

16. In most cases where there is a breach of contract, the following damages are awarded: (a) nominal, (b) compensatory, (c) punitive, (d) liquidated.

17. In most cases where there is a breach of contract, the following damages are awarded: (a) nominal, (b) compensatory, (c) punitive, (d) liquidated.

18. Buyer makes a valid contract to purchase Lot #33 from the selection of 100 lots in a new subdivision owned by Seller. When Seller refuses to transfer the title to Lot #33, (a) buyer must accept a substitute lot of the same or larger size in the subdivision, (b) buyer has no remedy, (c) buyer can compel seller to transfer title to Lot #33 by getting a court order for specific performance, (d) none of the above.

19. Buyer makes a valid contract to purchase Lot #33 from the selection of 100 lots in a new subdivision owned by Seller. When Seller refuses to transfer the title to Lot #33, (a) buyer must accept a substitute lot of the same or larger size in the subdivision, (b) buyer has no remedy, (c) buyer can compel seller to transfer title to Lot #33 by getting a court order for specific performance, (d) none of the above.

20. Agreements that are enforceable by the courts are (a) invalid contracts, (b) void agreements, (c) valid contracts, (d) illegal.

21. Agreements that are enforceable by the courts are (a) invalid contracts, (b) void agreements, (c) valid contracts, (d) illegal.

22. When a party in a contract is said to have defaulted on the contact, he or she has (a) performed all of the duties within the contract, (b) used novation to pass contractual duties to another party, (c) failed to perform the duties within the contract, (d) all of the above.

23. When a party in a contract is said to have defaulted on the contact, he or she has (a) performed all of the duties within the contract, (b) used novation to pass contractual duties to another party, (c) failed to perform the duties within the contract, (d) all of the above.

24. The following is an example of a valid consideration (a) grandparents promise to will $10,000 to each of their grandchildren, (b) The Dagwoods promise to pay the local police officer on night duty $100 to cruise past their home in his squad car occasionally while they are away on vacation, (c) Hitch promised to pay Cook an additional $500 when Cook said he could not finish installing a fence around Hitch’s farm for only $2,500 as originally agreed, (d) none of the above.

25. The following is an example of a valid consideration (a) grandparents promise to will $10,000 to each of their grandchildren, (b) The Dagwoods promise to pay the local police officer on night duty $100 to cruise past their home in his squad car occasionally while they are away on vacation, (c) Hitch promised to pay Cook an additional $500 when Cook said he could not finish installing a fence around Hitch’s farm for only $2,500 as originally agreed, (d) none of the above.

26. Consideration is not necessary for which of the following: (a) a promise of a gift to the Boy Scouts of America, (b) an order to pay a check (commercial paper) that one has been defrauded into signing if an innocent person later acquires it honestly and for value, (c) an offer, in writing, by a merchant to sell specific goods for up to 3 months, (d) all of the above.

27. Consideration is not necessary for which of the following: (a) a promise of a gift to the Boy Scouts of America, (b) an order to pay a check (commercial paper) that one has been defrauded into signing if an innocent person later acquires it honestly and for value, (c) an offer, in writing, by a merchant to sell specific goods for up to 3 months, (d) all of the above.

28. A contract (a) is a legally binding agreement, (b) is an agreement enforceable by law, (c) results from an exchange of acts or promises (d) all of the above.

29. A contract (a) is a legally binding agreement, (b) is an agreement enforceable by law, (c) results from an exchange of acts or promises (d) all of the above.

30. Which of the following is generally held to be an offer? (a) an invitation to attend a baseball game with a friend, (b) a newspaper advertisement for a sale on shoes, (c) the promise of a gift from anyone, (d) the promise of a friend to buy your stereo for $100.

31. Which of the following is generally held to be an offer? (a) an invitation to attend a baseball game with a friend, (b) a newspaper advertisement for a sale on shoes, (c) the promise of a gift from anyone, (d) the promise of a friend to buy your stereo for $100.

32. Any change in the terms of an offer by the offeree generally results in (a) a void agreement, (b) a counteroffer, (c) an unenforceable, (d) an illegal agreement.

33. Any change in the terms of an offer by the offeree generally results in (a) a void agreement, (b) a counteroffer, (c) an unenforceable, (d) an illegal agreement.

34. The statute of frauds does not apply to a contract (a) for the sale of personal services to be completed within a year, at the price of $3,000, (b) for the sale of goods (personal property) to be delivered within a year, (c) for the loan of $3,000, (d) for any of the above.

35. The statute of frauds does not apply to a contract (a) for the sale of personal services to be completed within a year, at the price of $3,000, (b) for the sale of goods (personal property) to be delivered within a year, (c) for the loan of $3,000, (d) for any of the above.

36. When an contact is said to be executed, the contact is (a) fully performed, (d) not yet started, (c) still in negotiations, (d) written up, but not signed.

37. When an contact is said to be executed, the contact is (a) fully performed, (d) not yet started, (c) still in negotiations, (d) written up, but not signed.

38. Whether or not the statute of frauds applies, it is usually prudent to reduce important agreements to writing signed by both parties, if (a) a substantial sum of money is involved, (b) considerable time is required for performance, (c) much detail is involved and should be spelled out in advance of performance, (d) any one or more of the above.

39. Whether or not the statute of frauds applies, it is usually prudent to reduce important agreements to writing signed by both parties, if (a) a substantial sum of money is involved, (b) considerable time is required for performance, (c) much detail is involved and should be spelled out in advance of performance, (d) any one or more of the above.

40. An oral agreement to sell a parcel of real property is legally enforceable if the buyer has (a) made partial or full payment, (b) occupied or taken possession of the real property, (c) made substantial improvements to the real property, (d) done all three of the above.

41. An oral agreement to sell a parcel of real property is legally enforceable if the buyer has (a) made partial or full payment, (b) occupied or taken possession of the real property, (c) made substantial improvements to the real property, (d) done all three of the above.

42. In interpreting a written contract, courts will follow the rule that (a) if there are three or more inconsistent provisions, the contract is void and a new one must be drafted, (b) handwritten provisions prevail over contradictory typewritten provisions, and typewritten prevail over contradictory printed ones, (c) oral testimony in court under oath, supported by two or more witnesses, supersedes the entire written contract, (d) all of the above.

43. In interpreting a written contract, courts will follow the rule that (a) if there are three or more inconsistent provisions, the contract is void and a new one must be drafted, (b) handwritten provisions prevail over contradictory typewritten provisions, and typewritten prevail over contradictory printed ones, (c) oral testimony in court under oath, supported by two or more witnesses, supersedes the entire written contract, (d) all of the above.

44. The use of improper act or threat to obtain unfair advantage when entering into a contact is known as (a) coercion is known (b) contractual obligation, (c) duress, (d) none of the above.

45. The use of improper act or threat to obtain unfair advantage when entering into a contact is known as (a) coercion is known (b) contractual obligation, (c) duress, (d) none of the above.

46. Among the significant advantages of the statute of frauds is (are) the fact(s) that the (a) resulting contract is likely to be more carefully though out and prepared, (b) statue compels people to act before they think, (c) statute creates job for manufactures of paper, ink, and various duplicating devices and machines, (d) all of the above.

47. Among the significant advantages of the statute of frauds is (are) the fact(s) that the (a) resulting contract is likely to be more carefully though out and prepared, (b) statue compels people to act before they think, (c) statute creates job for manufactures of paper, ink, and various duplicating devices and machines, (d) all of the above.

48. Agreements that violate the law or public policy are void. Which of the following agreements do not violate the law or public policy? (a) agreements that require committing a crime or tort, (b) agreements that require restitution, (c) agreements that injure public service, (d) agreements that involve illegal gabling, wages, and lotteries.

49. Agreements that violate the law or public policy are void. Which of the following agreements do not violate the law or public policy? (a) agreements that require committing a crime or tort, (b) agreements that require restitution, (c) agreements that injure public service, (d) agreements that involve illegal gabling, wages, and lotteries.

50. A contract is not made with the required assent (a) when either party refuses to put the agreement into writing, (b) when the contract is made in order to comply with a recently enacted statute, (c) when the offeror or the offeree acts under duress, (d) in all of the above.