1- In the nineteenth century, also known as the classical age of English contract law and the ......... of laissez-faire economic theory, common law rejected the moral theory of Lord Mansfield, which held that promises are a moral obligation.
(a) eloquence
(b) epitome
(c) heyday 0
(d) highlight
2- Contracts are promises that the law will ..........
(a) enact
(b) enforce 0
(c) enhance
(d) espouse
3- The law provides remedies if a promise is ......... and recognizes the performance of a promise as a duty.
(a) bent
(b) bestowed
(c) betrayed
(d) breached 0
4- Contracts ......... when a duty does or may come into existence, because of a promise made by one of the parties.
(a) activate
(b) appear
(c) apply
(d) arise 0
5- The Law of Contracts deals with self-......... duties, that is, agreements voluntarily concluded between parties.
(a) delineated
(b) designated
(c) implanted
(d) imposed 0
6- To be legally ......... as a contract, a promise must be exchanged for adequate consideration.
(a) based
(b) biased
(c) binding 0
(d) bound
7- Adequate consideration is a benefit which a party receives which reasonably and fairly ......... them to make the promise/contract.
(a) conduces
(b) educes
(c) induces 0
(d) seduces
8- Promises that are purely ......... are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act is normally not considered adequate consideration.
(a) gifts 0
(b) givens
(c) gratuities
(d) gratuitous
9- Certain promises that are not considered contracts may, in limited circumstances, be enforced if one party has relied to his ......... on the assurances of the other party.
(a) deference
(b) detraction
(c) detriment 0
(d) distress
10- The Law of Contracts is usually broadly classified either as part of the Law of Obligations or as part of the system of private law (which ......... contracts, property and torts).
(a) circumscribes
(b) delineates
(c) encompasses 0
(d) subtends
11- Real estate agents and brokers act as ......... in price negotiations between buyers and sellers.
(a) intermediaries 0
(b) mediators
(c) mediums
(d) moderators
12- When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers during which the details of the transactions are agreed upon and the new owners take ......... of the property.
(a) ahold
(b) assessment
(c) control
(d) possession 0
13- Brokers spend a significant amount of time obtaining .........-agreements by owners to place properties for sale with the firm.
(a) acknowledgements
(b) listings 0
(c) promises
(d) signatures
14- A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in ......... a sale.
(a) closing 0
(b) doing
(c) ending
(d) wrapping
15- In the prequalifying phase, the agent determines how much the buyers can ......... to spend.
(a) afford 0
(b) ensure
(c) intend
(d) manage
16- In addition, the agent and the buyer usually sign ......... contract which states that the agent will be the only one to show houses to buyers.
(a) an individual
(b) an ironbound
(c) a loyalty 0
(d) a solidarity
17- Agents identify and emphasize the most ......... selling points.
(a) perennial
(b) permanent
(c) perquisite
(d) pertinent 0
18- To a young family looking for a house, they may emphasize the convenient floor plan, the area's low crime rate, and the ......... to schools and shopping centers.
(a) directions
(b) juxtaposition
(c) proximity 0
(d) vicinity
19- If bargaining over price becomes necessary, agents must follow their client's instructions carefully and may have to present ......... in order to get the best possible price.
(a) arguments
(b) conditions
(c) counteroffers 0
(d) documents
20- Once both parties have signed the contract, the real estate broker or agent must make sure that all special terms of the contract are ......... before the closing date.
(a) defined
(b) filled
(c) met 0
(d) pending
21- Founded over 30 years ago, Winoker Realty Company is a privately ......... second-generation commercial real estate firm serving the diverse real estate needs of a highly prestigious list of tenants, owners, large corporations and growing businesses.
(a) classified
(b) converted
(c) held 0
(d) positioned
22- We are committed to providing you with value-added, timely solutions — and we ..........
(a) can
(b) deliver 0
(c) do
(d) swear
23- Winoker Realty Company's vast experience allows us to provide expert property redevelopment services, with timely, cost-efficient results and quality solutions to every need that may ..........
(a) appear
(b) arise 0
(c) emerge
(d) exist
24- Winoker Realty Company also provides superior leasing services; for building owners seeking to increase cash-flow, ........., and speed to market is critical.
(a) money has wings
(b) money talks
(c) time flies
(d) time is money 0
25- We take ......... in our ability to rapidly gain a comprehensive understanding of an owner's specific needs and objectives.
(a) care
(b) pride 0
(c) skill
(d) time
26- Winoker Realty Company has a ......... commitment to senior level involvement in every aspect of customer relationship.
(a) stalwart
(b) staunch
(c) steadfast 0
(d) stubborn
27- We implement the marketing strategy approved by you — seeking out the right prospects, creating and placing ads, conducting ......... houses with full attention to detail, and more.
(a) dwelling
(b) model
(c) open 0
(d) rental
28- Our decades of New York real estate experience from both the ......... and the tenant sides help us provide customized solutions for every real estate niche and geographic area.
(a) housekeeper
(b) landlord 0
(c) leaseholder
(d) proprietor
29- Winoker's hands-on approach and roll-up-your-......... attitude has benefited building owners for more than 30 years.
(a) carpet
(b) sleeves 0
(c) socks
(d) windows
30- Our true depth and breadth of expertise is simply ......... in the greater New York real estate marketplace.
(a) insurmountable
(b) superabundant
(c) surreal
(d) unsurpassed 0
31- Ray Alcorn of Park Real Estate Inc remarks that real estate is a capital-intensive industry, and its health rises and falls with capital availability; currently the capital markets are so ......... with cash, they can't find a place for it all.
(a) flood
(b) fluid
(c) flush 0
(d) full
32- Boom times typically engender oversupply of product, but construction prices have skyrocketed due to natural disasters and rising commodity prices, which has ......... new building in all property types.
(a) ameliorated
(b) mollified
(c) tempered 0
(d) transformed
33- Rising consumer interest rates will further slow consumer purchasing and the housing market, and may produce the desired soft ..........
(a) dealing
(b) ending
(c) landing 0
(d) spending
34- Historically, contractions in capital have a negative effect on valuations, and current ......... from government regulators aiming to trim commercial banks' real estate loan exposure are worrisome.
(a) groundings
(b) grumblings
(c) ramblings
(d) rumblings 0
35- Global markets are literally awash in capital, all of it seeking yield and stability; fortunately, commercial real estate offers both, and even if banks are constrained there is a ......... of capital to fill the void.
(a) cache
(b) niche
(c) surfeit 0
(d) surplus
36- Construction costs have gone through the ......... in the past year due to natural disasters and increased commodity prices.
(a) budget
(b) gauntlet
(c) roof 0
(d) stock
37- High construction costs and condo conversions have reduced new supply and a slowing housing market increases rental demand, so owners can now flex their muscles with rent increases, and those who bought at high valuations may yet get the ..........
(a) brush off
(b) cat's meow
(c) door prize
(d) last laugh 0
38- Areas with declining employment and population will experience an acceleration of those trends, and investors will not acquire properties in such markets without good reason to believe a comeback is in the ..........
(a) off chance
(b) offer
(c) offering
(d) offing 0
39- Retail properties will suffer as owners rediscover risk as a component of value, but most of these assets are owned by well-capitalized private equity groups that can easily ......... the storm.
(a) keep up with
(b) ride out 0
(c) sail into
(d) wriggle out of
40- Acquisition of stabilized properties at low cap rates with little potential for rent growth is a sure ......... for below market returns.
(a) receipt
(b) recipe 0
(c) recipient
(d) reward
41- The amount of purchasing undertaken in the business market easily ......... the total spending by consumers; because the business market is so large it draws the interest of millions of companies that market exclusively to business customers.
(a) belittles
(b) diminishes
(c) dwarfs 0
(d) shrinks
42- In certain business markets purchase decisions ......... on the outcome of a bidding process between competitors offering similar products and services.
(a) fold
(b) hinge 0
(c) lean
(d) stand
43- In these cases the decision to buy is often ......... down to one concern who has the lowest price.
(a) arrowed
(b) ratcheted
(c) sized
(d) whittled 0
44- Consumer and business markets differ in that business markets are more likely to be price than brand-..........
(a) controlled
(b) defined
(c) driven 0
(d) limited
45- The demand by businesses for products and services is affected by consumer purchases; this is called ......... demand.
(a) delayed
(b) derived 0
(c) distal
(d) distance
46- Because so many organizations may have a part in creating consumer purchases, a small ......... in consumer demand can create big changes in business purchasing.
(a) skip
(b) slant
(c) swath
(d) swing 0
47- The search for alternatives is a significant difference between consumer and business purchasing; while a consumer will probably not search hard to save two cents a gallon on gas, a company that has a large ......... of cars or trucks certainly will.
(a) caravan
(b) corps
(c) fleet 0
(d) flotilla
48- In more advanced purchase situations, members of the BuyingCenter may evaluate each option using a checklist of features sought by the buyer, and each feature is assigned a ......... that corresponds to its importance to the purchase decision.
(a) consideration
(b) number
(c) position
(d) weight 0
49- If the product is ......... received, it may end up moving to a straight re-purchase status, thus eliminating much of the evaluation process on future purchases.
(a) soon
(b) then
(c) timely
(d) well 0
50- Business purchase decisions can ......... for an extensive period; unlike consumer markets where impulse purchasing is rampant, the number of people involved in business purchase decisions results in decisions taking weeks, months or years.
(a) delve through
(b) drag on 0
(c) scrape by
(d) seize up
51- T. Fuller states that, historically, all business operated at a small scale and were centred on the individual ..........
(a) art form
(b) artifact
(c) artisan 0
(d) artistry
52- Even now there are strong cultural ......... to individual enterprise.
(a) affinities 0
(b) attachments
(c) tentacles
(d) touchstones
53- Over the centuries, business has emerged, legitimised by reflexive social ......... of entrepreneurship and fuelled by regulated international free trade, competition, property rights and usury.
(a) actions
(b) distinctions
(c) mentions
(d) notions 0
54- In this ........., small businesses are increasingly important but relatively powerless.
(a) foreground
(b) landscape 0
(c) perspective
(d) scenery
55- he overall thesis is that small businesses, once ........., have been systematically othered, then homogenised.
(a) anonymous
(b) precarious
(c) ubiquitous 0
(d) victorious
56- The article traces a brief history of small business from post-medieval times, through the Industrial Revolution to the ......... day.
(a) contemporary
(b) current
(c) modern
(d) present 0
57- In doing so, it ......... a number of principles upon which small business in the UK is founded, and illustrates how corporatism has emerged as these principles evolved.
(a) bares
(b) disseminates
(c) publicizes
(d) uncovers 0
58- Small business is ......... as being in a weak position relative to corporate business but co-dependent upon it.
(a) conceived 0
(b) concerned
(c) received
(d) referred
59- The link between the entrepreneurial individuals and innovation is discussed, outlining a view that entrepreneurs may best be ......... by corporate ecologies.
(a) construed
(b) contracted
(c) served 0
(d) subsumed
60- The future trajectory of small business in the UK and Europe is by ......... certain.
(a) all means
(b) any means
(c) no means 0
(d) some means
61- Which of the following definitely would not be enforced as a contract by a court of law?
a. an agreement by one partner in a marriage to not apply for maintenance in a divorce court
b. a minor who bought a necessary school book and pen in a local shop 0
c. an offer by a manufacturer to persons who buy a cough remedy, that anyone getting a cough while using the remedy will be reimbursed.
d. an agreement to enter a beauty contest where a large prize was awarded, but only to the winner
62- Which of the following does not contain a possible contract in normal circumstances?
a) an agreement signed under deed
b) a promise by "A" to "B" , not to do a certain act
c) a promise by "A" to "B", to pay "C"
d) a bus timetable 0
63- Is it true to say that an acceptance of an offer is usually communicated immediately an acceptance is posted?
a) True
b) False 0
64- Is a contract to sell a large block of valuable flats (appartments) for £1 enforceable at law?
a) Yes 0
b) No
65- While checking the validity of a contract which of the following Acts of Parliament will not be of use to you?
a) The Unfair Terms In Consumer Contracts Regulations, 1994 0
b) The Unfair Contract Terms Act, 1977
c) The Unfair Terms in Consumer Contracts Regulations, 1999
d) The Limitation Act, 1980
66- Is it true to say that an employer may restrict an employee in his/her work (in the same trade) after leaving his/her employment with this employer?
a) with terms no wider than is reasonably necessary 0
b) not if he/she is paid up with a respectable trade union.
c) never
d) whatever the employer wishes to insert in the contract of employment, provided it is freely entered into by the employee
67- What is an order by the court of "specific performance"?
a) an order that parties must produce all relevant documents
b) an injunction to stop dangerous or over noisy methods of completing the contract
c) an order for a party to pay damages for work not done
d) an order that the contract must be done as agreed 0
68- Which of the following contracts are not illegal?
a) a contract to employ an accountant to help with tax evasion
b) a contract to run an establishment that defrauds its customers
c) a contract to run a brothel
d) a contract to employ an accountant to help evade tax 0
69- What does "non est factum" literally mean?
a) where's the toilet?
b) give us the facts (or truth)
c) not my deed (or document) 0
d) it isn't; is it?
70- A misrepresentation by a party can lead to damages or even nullify a contract. Is it possible to have an actionable misrepresentation "by conduct" in such circumstanes?
a) Yes 0
b) No
71. What is frustration?
You have a reason for entering a contract but that reason has vanished
Part of the contract has been fulfilled
It turned out to be a bad deal
It was a good deal but you don't want it
The King took over your fields
72. Which case supported the view that traditionally frustration was not part of English law?
Paradine v Jane
Taylor v Caldwell
Hirjii Mulii v Cheong Yue Steamship Co Ltd
Davis Contractors Ltd v Fareham UDC National Carriers Ltd v Panalpinda (Northern) Ltd
73. Which case introduced frustration into English law as an implied contractual term?
Asfar v Blundell Condor v Barron Knights Krell v Henry Herne Bey Steamboat Co. v Hutton Taylor v Caldwell
74. What was the rationale given for frustration in the case of Hirjii Mulii v Cheong Yue Steamship Co Ltd (1926)?
Contextual interpretation Requirements of the contract Demand of Justice That there are exceptions that go beyond the literal words of the contract Destruction of subject matter
75. Which case gave rise to the idea of contextual interpretation of the requirements of the contract as being a rationale for frustration?
Davis Contractors Ltd v Fareham UDC Fibrosa Snolka Akcyina v Fairbairn Lawson Combe Barbour Ltd Cricklewood Property v Leighton's Investment Trust Tsakiroglou & Co v Noblee and Third Maritime National Fish v Ocean Trawlers
76. Which case gave rise to the idea that complete destruction of subject matter is not necessary?
Asfar v Blundell Lauritzen (J) AS v Wijsmuller BV, The Super Servant Two Jackson v Union Marine Insurance Metropolitan Water Board v Dick Kerr Hirjii Mulii v Cheong Yue Steamship
77. What did the case of Condor v Barron Knights (1966) conclude?
That the courts should look at things that are fundamental to the contract That the courts should look at realistic commercial practice That frustration can only arise when the parties have reached an agreement that is dependent on a particular event taking place That you cannot recover a deposit That frustration arises when one is unable to perform a personal service
78. Which event frustrated the case of Krell v Henry (1903)?
A nervous breakdown The music hall caught fire The boat needed sank The sickness of Edward VII There was no license available for the boat needed
79. Which case held that Government intervention could frustrate a contract?
Fibrosa Spolka Akcyina v Fairbairn Lawson Combe Barbour Ltd Krell v Henry Chandler v Webster Appleby v Myers Gamerco v ICM/Fair Warning (Agency) Ltd
80. If the frustration is self induced will there be frustration?
Yes No Maybe
81. Which case held that even if there is a exception clause it does not apply if the delays were of such an extent as to not be covered by the exceptions in the contract?
Lauritzen (J) AS v Wijsmuller BV, The Super Servent Two Maritime National Fish v Ocean Trawlers Tsakiroglou & Co v Noblee and Thorl Jackson v Union Marine Insurance Cricklewood Property v Leighton's Investment Trust
82. What is the effect of frustration under the common law?
Brings the contract to an end Gives rise to a claim for damages, but doesn't end the contract Renders the contract voidable Renders the contract void Breaches the contract
83. Which act governs frustration of contracts?
Sale of Goods Act 1979 Frustrated Contracts Act 1943 Frustration of Contract Act 1974 Breach of Contracts Act 1850 Contract Formation and Frustration Act 1875
84. What did BP Exploration Co (Libya) Ltd v Hunt (No 2) (1982) hold?
That the correct interpretation of the Frustrated Contracts Act was the end product of what was produced not the value of work done That a contract should be discharged That parties have to give all of the money received back That where there is a total failure of consideration recovery is possible That you can't recover a deposit
85. What did the facts of Chandler v Webster (1904) involve?
A ship was requisitioned by the Government A room being rented to view the coronation procession of King Edward VII A ship was not worthy of being sailed The ship had been sunk There was no license for the ship involved
86. What did the House of Lords hold in the case of Tsakiroglou & Co v Noblee and Thorl (1962)?
That because the route had not been specified the contract was not frustrated That because of increased costs the contract was frustrated That because of the closure of the Suez canal the contract was frustrated That because there had been no allocation of risk the contract was no frustrated The contract was radically different and therefore frustrated
87. What meant that the contract in Cricklewood Property v Leighton's Investment Trust (1945) was no frustrated?
99 year lease The outbreak of WWII The land was not fit for purpose The reduction in people wanting to go to shopping centres The law said they couldn't perform
88. Which of these would not prevent a contract from being frustrated?
A taxi driver is hired to take you to Epsom on the day of the Derby but the Derby is cancelled A hall is hired for a concert but burns down War breaks out and the Government makes it illegal to deal with enemy companies A room is hired to view a procession but the procession is cancelled A ticket is bought for the Olympics but the Olympics are cancelled
89. Why was Condor unable to fulfil his contractual obligations in Condor v Barron Knights (1966)?
Broke his arm Had a nervous breakdown He died He moved house He decided he didn't like rock music any more
90. What food stuffs was spoiled in the case of Asfar v Blundell
Dates Banana's Grapes Pineapples Lemons
answeres:
91. What is frustration?
Part of the contract has been fulfilled
The correct answer is You have a reason for entering a contract but that reason has vanished
92. Which case supported the view that traditionally frustration was not part of English law?
Paradine v Jane
93. Which case introduced frustration into English law as an implied contractual term?
Asfar v Blundell
The correct answer is Taylor v Caldwell
94. What was the rationale given for frustration in the case of Hirjii Mulii v Cheong Yue Steamship Co Ltd (1926)?
Requirements of the contract
The correct answer is Demand of Justice
95. Which case gave rise to the idea of contextual interpretation of the requirements of the contract as being a rationale for frustration?
Cricklewood Property v Leighton's Investment Trust
The correct answer is Davis Contractors Ltd v Fareham UDC
96. Which case gave rise to the idea that complete destruction of subject matter is not necessary?
Lauritzen (J) AS v Wijsmuller BV, The Super Servant Two
The correct answer is Asfar v Blundell
97. What did the case of Condor v Barron Knights (1966) conclude?
That frustration arises when one is unable to perform a personal service
98. Which event frustrated the case of Krell v Henry (1903)?
A nervous breakdown
The correct answer is The sickness of Edward VII
99. Which case held that Government intervention could frustrate a contract?
Gamerco v ICM/Fair Warning (Agency) Ltd
The correct answer is Fibrosa Spolka Akcyina v Fairbairn Lawson Combe Barbour Ltd
100. If the frustration is self induced will there be frustration?
No
101. Which case held that even if there is a exception clause it does not apply if the delays were of such an extent as to not be covered by the exceptions in the contract?
Maritime National Fish v Ocean Trawlers
102. What is the effect of frustration under the common law?
Gives rise to a claim for damages, but doesn't end the contract
The correct answer is Brings the contract to an end
103. Which act governs frustration of contracts?
Sale of Goods Act 1979
The correct answer is Frustrated Contracts Act 1943
104. What did BP Exploration Co (Libya) Ltd v Hunt (No 2) (1982) hold?
That parties have to give all of the money received back
The correct answer is That the correct interpretation of the Frustrated Contracts Act was the end product of what was produced not the value of work done
105. What did the facts of Chandler v Webster (1904) involve?
The ship had been sunk
The correct answer is A room being rented to view the coronation procession of King Edward VII
106. What did the House of Lords hold in the case of Tsakiroglou & Co v Noblee and Thorl (1962)?
That because the route had not been specified the contract was not frustrated
107. What meant that the contract in Cricklewood Property v Leighton's Investment Trust (1945) was no frustrated?
The law said they couldn't perform
The correct answer is 99 year lease
108. Which of these would not prevent a contract from being frustrated?
A taxi driver is hired to take you to Epsom on the day of the Derby but the Derby is cancelled
109. Why was Condor unable to fulfil his contractual obligations in Condor v Barron Knights (1966)?
Broke his arm
The correct answer is Had a nervous breakdown
110. What food stuffs was spoiled in the case of Asfar v Blundell
Grapes
The correct answer is Dates
111. The new law will reduce the time it takes to get from the 'sale agreed' stage to _____________ of contracts..
exchang 0 etrading conveyance
112. Although most of the contracts go to large firms experienced at working on major commercial developments, _____________ are often awarded to smaller firms.
subcontracts 0 implied contractsindefinite contracts
113. The lawyers were asked to review only the _____________ contracts relevant to the purchase transaction.
material 0 assignation essential
114. _____________ of contract is the principle that a contract cannot give rights to, or impose obligations on, any person who is not a party to the contract.
Privacy Primacy Privity 0
115. After _____________, the company assumed liability for the contracts entered into by Ranger Ltd..
assignment 0 assertion assumption
116- prevents a party from becoming unjustly enriched bc of a breach by a parties acts.fairness that dictates something need s to be paied
a) recission b) mentally ill c) restitution 0 d) necessities
117- prehaps most important
buying and selling real estate
a) contract made by a mionr
b) contracts not to be preformed within one year
c)contracts for the transfer of real property 0
d) contracts in consideration of marrige
118- provided by a court of law
awarded in the form of money
-compensatorydmgs
-conseqential dmgs
punitive dmgs
liquidated dmgs
a. meger clause b. legal remedies 0 c. equitable relief d. legality
119- specifically stated
a) concurrent condition b) expressed condition 0 c) implied condition d) restitution
True/False Questions
120-exceptions to parol evidence rule → oral evidence allwoed to clarify or explaine contract
when contract language is unclear and ambiguous
when prerequisits have not occured
True 0 False
121- discharge by contract terms → parties agree that the occurance of certain events will discharge contractual obligations.
True 0 False
122- discharge by preformance → most common
completing obligations under contract
True 0 False
123- discharge → creates a valid termination of contractual duties
True 0 False
124- condition subsequent → trigger the contractual obligation after the contract comes into existance. will terminate the contract
example car insurance
True 0 False
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