Contracts Quiz

What is a voidable contract?

• An agreement that neither party can enforce.

• An agreement that may be terminated by one of the parties.

• An agreement in which all parties have fulfilled their obligations.

• An agreement with all the important terms explicitly stated.

What does "executory" refer to in a contract?

• An agreement that is fully completed.

• An agreement that may be terminated by one of the parties.

• An agreement in which one or more parties has not yet fulfilled its obligations.

• An agreement that is explicitly stated with all terms.

Which term describes a contract where neither party can enforce it because it is illegal or lacks legal authority?

• Voidable contract

• Executory

• Quantum meruit

• Void agreement

What is "quantum meruit" associated with?

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What is the purpose of promissory estoppel?

• To provide a remedy when there is a fully enforceable contract

• To enforce the terms explicitly stated in a contract

• To offer a remedy for an injured plaintiff when there is no valid contract

• To terminate an agreement at the discretion of one party

What is an artisan's lien?

• A) A security created when a worker improves real property.

• B) A security interest in personal property.

• C) Retention of collateral by a secured party.

• D) Having insufficient funds to pay off a debt.

What does the term "inventory" refer to in a business context?

• A) Goods held for sale or lease in the ordinary course of business.

• B) A security created when a worker improves real property.

• C) Any action that disturbs public tranquility and order.

• D) Retention of the collateral by a secured party.

What does "breach of the peace" mean?

• A) Any action that disturbs public tranquility and order.

• B) A security interest in personal property.

• C) Goods held for sale or lease in the ordinary course of business.

• D) Having insufficient funds to pay off a debt.

What does "deficiency" mean in financial terms?

• A) Having insufficient funds to pay off a debt.

• B) A security created when a worker improves real property.

• C) Retention of the collateral by a secured party.

• D) Goods held for sale or lease in the ordinary course of business.

What does "acceptance" mean in the context of collateral?

• A) Retention of the collateral by a secured party as full or partial satisfaction of a debt.

• B) A security interest in personal property.

• C) To pay the full value of a debt to get the collateral back.

• D) Any action that disturbs public tranquility and order.