FYLSX Contracts Formation & Enforcement 3

Question 1

Which of the following best describes a 'quasi-contract'?

Accepted Answer

A remedy imposed by law to prevent unjust enrichment where no contract exists

Answer

A quasi-contract is not a true contract but a legal fiction imposed by courts to prevent unjust enrichment when one party confers a benefit on another without a contractual basis.

Question 2

Carol signs a contract under a reasonable, mistaken belief that it was a receipt. This is an example of:

Accepted Answer

Fraud in the execution

Answer

Fraud in the execution (factum) occurs when a party is deceived about the very nature of the document signed, making the contract void.

Question 3

Under the FYLSX, which contract must be in writing to be enforceable under the Statute of Frauds?

Accepted Answer

A promise by an executor to pay estate debts from personal funds

Answer

A promise by an executor to pay the decedent's debts from the executor's own funds is one of the classic Statute of Frauds categories (the 'suretyship' provision for personal liability).

Question 4

Two parties enter a contract with a mutual misunderstanding about a key term, each meaning something different. Under contract law, the result is most likely:

Accepted Answer

No contract is formed due to lack of mutual assent.

Answer

Under the Raffles v. Wichelhaus principle, when parties attach materially different meanings to a key term and neither knows of the other's meaning, no contract is formed.

Question 5

An agreement to refrain from filing a lawsuit in exchange for a payment is enforceable if:

Accepted Answer

The claim being waived is valid or the claimant has a good-faith belief it is valid.

Answer

Forbearance from asserting a legal claim constitutes good consideration if the claim is valid or the party has an honest, reasonable belief that it is valid.

(FYLSX) Baby Bar Exam Practice Test

(FYLSX) Baby Bar Exam Practice Test

FYLSX Contracts Formation & Enforcement 3