Quiz 2
. Contract duties are obligations imposed by law. False
2. Contract law reduces the cost of economic transactions. true
3. A quasi-contract is not a contract, but a fiction created by the courts to prevent injustice. true
4. An agreement that is illegal is void. True
5. A contract need not be in writing to be enforceable. False
6. Specific performance is a limited remedy as it is only available for breach of contract to sell a unique item.
True
7. A _____ is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
Tort
8. A(n) _____ contract is one in which the terms are spelled out directly and the parties are conscious that they are making an enforceable agreement. express
9. An agreement that is lacking one of the legal elements of a contract is said to be _____. void
10. _____ is the quid pro quo between the contracting parties, in the absence of which the law will not enforce the promise or promises made. Restitution
11. In practice, a person asserting a claim for breach of warranty will have a good chance of success under an express warranty or implied warranty theory of merchantability or fitness for a particular purpose. False
12. The Uniform Commercial Code permits sellers to exclude warranties in whole or in part. False
13. _____ imposes a liability on a merchant-seller of defective goods without fault.
Statute of repose Strict products liability Limited warranty Negligence Preemption
14. Strict liability is liability without proof of negligence and without privity.
True False
15. A limited warranty may cover only parts, not labor.
True False
16. A contract is no less binding when negotiated by an agent than by the principal.
True False
17. A general agent has the authority to act in any way required by the principal's business.
True False
18. Most agencies are created by contracts.
True False
19. The fiduciary
2. Contract law reduces the cost of economic transactions. true
3. A quasi-contract is not a contract, but a fiction created by the courts to prevent injustice. true
4. An agreement that is illegal is void. True
5. A contract need not be in writing to be enforceable. False
6. Specific performance is a limited remedy as it is only available for breach of contract to sell a unique item.
True
7. A _____ is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
Tort
8. A(n) _____ contract is one in which the terms are spelled out directly and the parties are conscious that they are making an enforceable agreement. express
9. An agreement that is lacking one of the legal elements of a contract is said to be _____. void
10. _____ is the quid pro quo between the contracting parties, in the absence of which the law will not enforce the promise or promises made. Restitution
11. In practice, a person asserting a claim for breach of warranty will have a good chance of success under an express warranty or implied warranty theory of merchantability or fitness for a particular purpose. False
12. The Uniform Commercial Code permits sellers to exclude warranties in whole or in part. False
13. _____ imposes a liability on a merchant-seller of defective goods without fault.
Statute of repose Strict products liability Limited warranty Negligence Preemption
14. Strict liability is liability without proof of negligence and without privity.
True False
15. A limited warranty may cover only parts, not labor.
True False
16. A contract is no less binding when negotiated by an agent than by the principal.
True False
17. A general agent has the authority to act in any way required by the principal's business.
True False
18. Most agencies are created by contracts.
True False
19. The fiduciary