Practice Quiz

Paralegal Exam Prep - Question List

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81. Under common law, in order for a modification of the terms of a contract to be effective, there must be:
  1. Additional consideration.
  2. A new written agreement.
  3. A new oral agreement.
  4. A handshake agreement.
  5. None of the above.
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82. Under the UCC, in order for a modification of the terms of a contract to be effective, there must be:
  1. Additional consideration.
  2. A new oral agreement.
  3. A handshake agreement.
  4. All of the above.
  5. None of the above.
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83. Which of the following demonstrates the doctrine of accord and satisfaction?
  1. Gina owes Georgina $300 for consulting services that Georgina provided. Gina offers Georgina artwork valued at $400 to pay for the consulting services. Georgina declines the artwork.
  2. Gina owes Georgina $300 for consulting services that Georgina provided. Gina offers Georgina artwork valued at $400 to pay for the consulting services. Georgina accepts the artwork.
  3. Gina owes Georgina $300 for consulting services that Georgina provided. Gina writes Georgina a check for $300.
  4. Gina owes Georgina $300 for consulting services that Georgina provided. Gina gives Georgina $300 in cash.
  5. Gina owes Georgina $300 for consulting services that Georgina provided. Gina does not pay Georgina.
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84. Car Fixer Guys signed a one-year agreement to provide oil change services to Taxi Cab Guys for $20 per oil change. Two months into the term of the agreement, Car Fixer Guys realized that the price was too low and raised it to $32 per car. Under common law, is the price change enforceable?
  1. Only if Car Fixer Guys provides additional consideration and Taxi Cab Guys agrees to the change.
  2. Yes, because an agreement to provide $20 oil changes is unconscionable.
  3. No. Once executed a contract cannot be modified.
  4. Yes, because there was no meeting of the minds prior to the modification.
  5. Only if Car Fixer Guys agrees to guarantee to purchase 20 oil changes per month.
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85. What is the difference between accord and satisfaction?
  1. Accord is a modification to a contract, while satisfaction is the performance of the accord contract.
  2. Accord and satisfaction are synonymous.
  3. Satisfaction is a contract to pay a stated amount to discharge a prior obligation while accord is the performance of the accord contract.
  4. Accord is a modification to a contract that allows a party to pay less than the contract amount while satisfaction is a modification to the contract that requires a party to pay more than the original contract amount.
  5. Accord and satisfaction is a phrase used to describe a modification of a contract, and neither word used alone has meaning in contract law.
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