Lisa informed Misty she would buy her a new wardrobe for her upcoming 15th birthday. Essentially, Lisa and Misty have entered into a legal contractual situation, the terms of which are enforceable under the law. In the event that Lisa fails to purchase the promised wardrobe,
1.Misty can seek legal remedy against Lisa through the courts.
a. true
b. false
2.Which of the following is described as a contract remedy in which the parties involved must relinquish what was transferred in the contract?
a. Rescission
b. Injunction
c. Supremacy
d. Precedent
3.For a contract to be valid under the law it must contain an offer and acceptance of said offer, consideration given from all involved parties and the performance of the contractual requirements must be of a legal nature.
a. true
b. false
4.In the world of business, all agreements both written and oral are considered to be contracts that are enforceable by law.
a. true
b. false
5.A/An ______________ contract is one that is formed when a promise is given in exchange for a promise.
a. express
b. executory
c. bilateral
d. quasi
6. When the duties called for under a contract have been fully performed by the parties, it is called https://ecourse.amberton.edu/grad/MGT6106E1/Exam 2.htm 1 of 8 9/24/2012 6:20 PM
a/an _______________ contract.
a. unilateral
b. executory
c. implied
d. executed
7.An employment contract in which the wages agreed upon are specifically in exchange for certain work performance is a/an _______________ contract.
a. express
b. quasi
c. bilateral
d. implied
8.Seeking medical advice or assistance, with the unspoken knowledge that the physician's services are to be paid for, is an example of a/an ______________ contract.
a. promissory estoppel
b. unilateral
c. implied
d. express
9. The process of forming a contract begins with a/an ________________.
a. written communication
b. consideration
c. acceptance
d. offer
10.Which one of the following terms is best defined as the doctrine that assures that a promise will be binding as, otherwise, an offeree would be harmed by relying on the promise made?
a. rescission
b. novation
c. promissory estoppel
d. illusory promise
This is the thing or act of value provided in exchange for a promise, which is required for a validcontract to be formed.