Business Law
In the case in the text where someone purchased a used safe at an auction for $50, but was later found by the buyers to contain more than $30,000 in cash, how did the court rule? a. There was no contract because the buyer was unjustly enriched.
b. There was no contract because the act of opening the safe was not completed before the buyers took the safe.
c. This was an implied-in-fact contract and the buyers were required to pay the fair value for the safe and its contents.
d. There was objective intent that the parties intended that the safe, and whatever might be in it, be sold for a price of $50.
D [moderate p. 196]
56. The doctrine that applies when one person confers a benefit on another who retains the benefit in a situation where it would be unjust to allow the recipient to retain the benefit without paying for it, is known as:
a. Quasi-contract.
b. Pseudo-contract.
c. Unjust-contract.
d. Unilateral-contract.
A [easy p. 197]
57. Which of the following are two terms for concept or situation?
a. Implied-in-law contract and implied-in-fact contract.
b. Implied-in-law contract and quasi-contract.
c. Implied-in-fact contract and quasi-contract.
d. Unilateral contract and informal contract.
e. Formal contract and implied-in-law contract.
B [moderate p. 197]
58. Which of the following is needed to impose a quasi-contract?
a. A benefit having been conferred and injustice if the benefit were not paid for.
b. Actions implying a contract and an agreement as to the price.
c. A promise asking for action and the requested action having been completed.
d. A benefit having been conferred and objective intent that it be conferred.
A [moderate p. 197]
59. What is the distinguishing characteristic that makes a contract a formal contract?
a. A signature by both parties.
b. The contract being in writing.
c. A legal requirement that the contract be in a specific form.
d. All possible scenarios are addressed in the contract terms.
C [easy p.
b. There was no contract because the act of opening the safe was not completed before the buyers took the safe.
c. This was an implied-in-fact contract and the buyers were required to pay the fair value for the safe and its contents.
d. There was objective intent that the parties intended that the safe, and whatever might be in it, be sold for a price of $50.
D [moderate p. 196]
56. The doctrine that applies when one person confers a benefit on another who retains the benefit in a situation where it would be unjust to allow the recipient to retain the benefit without paying for it, is known as:
a. Quasi-contract.
b. Pseudo-contract.
c. Unjust-contract.
d. Unilateral-contract.
A [easy p. 197]
57. Which of the following are two terms for concept or situation?
a. Implied-in-law contract and implied-in-fact contract.
b. Implied-in-law contract and quasi-contract.
c. Implied-in-fact contract and quasi-contract.
d. Unilateral contract and informal contract.
e. Formal contract and implied-in-law contract.
B [moderate p. 197]
58. Which of the following is needed to impose a quasi-contract?
a. A benefit having been conferred and injustice if the benefit were not paid for.
b. Actions implying a contract and an agreement as to the price.
c. A promise asking for action and the requested action having been completed.
d. A benefit having been conferred and objective intent that it be conferred.
A [moderate p. 197]
59. What is the distinguishing characteristic that makes a contract a formal contract?
a. A signature by both parties.
b. The contract being in writing.
c. A legal requirement that the contract be in a specific form.
d. All possible scenarios are addressed in the contract terms.
C [easy p.