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Study Resources (Business Management)

  31.Because their contracts are _____, minors have the right, until a reasonable time after reaching the age of majority, to _____, or avoid, their contracts.  A. void; disaffirm B. void; affirm C. void; resist D. voidable; disaffirm E. voidable; affirm 32.Which of the following is true in regard to how Chinese law treats contracts entered into by minors?  A. Because parents are considered.
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  True / False Questions 1.Consideration is what a person will give in return for performing a contract obligation.  2.Consideration is optional in every contract.  3.In a bilateral contract, the consideration for a promise is a completed act.  4.In a unilateral contract, one party's consideration is a promise and the other party's consideration is an.
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  79.As a general rule, when is revocation effective?  A. When it is mailed by the offeror. B. When it is received by the offeree. C. One day after it is made. D. Two days after it is made. E. Three days after it is made. 80.Which of the following is true regarding when an offeree may reject an offer?  A. Regardless of how.
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  True / False Questions 1.Certain problems with the offer of a contract result in the contract being voidable.  2.If at least one party has the ability to either withdraw or enforce the agreement, the contract is voidable.  3.A mistake is an erroneous belief about the facts of the contract at the time the.
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  61.A statement releasing one of the parties to an agreement from all liability, regardless of who is at fault or what the injury suffered is would be referred to as a(n) _____.  A. substantive agreement B. adhesion agreement C. in pari delicto agreement D. exculpatory E. res ipsa 62.Which of the following was the result in Eric Lucier and Karen A..
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  39.Which of the following are the two most important primary sources of contract law?  A. Case law and the Restatement of Law. B. Case law and the Uniform Commercial Code. C. The Uniform Commercial Code and the Convention on Contracts for International Sales of Goods. D. Case law and the Convention on Contracts for International Sales of Goods. E. The.
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  Essay Questions 92.Discuss the extent of ownership rights when a person owns a fee simple absolute in land, meaning what interests, if any, does the owner have in addition to rights to use the surface of the property. 93.Identify where a trademark is registered, what one should do when requesting registration and.
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  Essay Questions 64.Define and discuss promissory estoppel, and give an example of when it would be applied.  65.Do you believe that the law should be that consideration must be in an amount similar in value to the item or services being transferred in order for the contract to be enforceable? Discuss why.
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  39.An agreement in which two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party's property is known as a(n) _________.  A. preliminary agreement B. planned contract C. approved resolution D. prenuptial agreement E. arranged marriage 40.Which of the following is false regarding the statute of frauds and promises made in consideration of.
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  Multiple Choice Questions 19.When a party to a contract performs a contractual obligation, that party will receive _______________________.  A. consideration B. acknowledgement C. approval D. accord E. accession 20.What is something of value given to another party in exchange for something else of value?  A. Consideration. B. Acknowledgement. C. Approval. D. Discharge. E. Accession. 21.Which of the following are examples of consideration?  A. A benefit to the promisor but not a detriment to the promisee. B. A.
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  49.In a _____ contract, the offeror wants a performance to form the contract.  A. trilateral B. bilateral C. unilateral D. complete E. anticipatory 50.Which of the following have all their terms clearly set forth in either written or spoken words?  A. Implied contracts B. Express contracts C. Liquidated contracts D. Bilateral contracts E. Unilateral contracts 51.In which of the following does a contract arise not from words but from the conduct of.
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  11.A contract that arises from the conduct of the parties is an implied contract.  12.Quasi-contracts are legally the same as implied-in-law contracts.  13.Under a quasi-contract is imposed the amount of damages for a breach which may be awarded is based upon the fair market value of any service provided to the defendant.  14.A.
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  29.Which of the following is an exception to the rule requiring consideration?  A. Promissory agreement. B. Promissory estoppel. C. Quasi estoppel. D. Quasi agreement. E. Promissory performance. 30.What is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract?  A. Promissory agreement. B. Promissory estoppel. C. Quasi estoppel. D. Quasi agreement. E. Promissory performance. 31.When would a court consider the adequacy of consideration?  A. To verify property.
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  11.Fraudulent misrepresentation has the same elements as intentional misrepresentation.  12.A negligent misrepresentation results when the party making the statement would have known the truth about the fact had he used reasonable care to discover or reveal it.  13.Fraudulent misrepresentation is a false representation of a material fact that is not intended to.
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  50.Heather innocently misrepresented the status of a puppy as being a full-blooded Pomeranian when actually it was a mixed breed. Brad had contracted to purchase the dog, but the problem was discovered prior to his paying for the dog and picking it up. Nevertheless, Brad was very angry and felt.
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  41.A(n) _____ occurs when a former minor does not specifically state that he affirms a contract entered into as a minor but takes some action that is consistent with intent to ratify the contract.  A. implied ratification B. express ratification C. express novation D. implied novation E. disaffirmance 42.Which of the following is true regarding the ability of persons suffering from.
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  89.When acceptance is examined under the common law, how do the basic requirements for a valid acceptance compare with those for a valid offer?  A. The basic requirements for a valid acceptance are materially different from those for a valid offer. B. The basic requirements for a valid acceptance parallel those for a valid.
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  11.A ratification must be expressed in order to be legally valid.  12.Making regular payments under a contract after reaching the age of majority will probably constitute implied ratification of the agreement.  13.If a person's mental deficiencies have resulted in his being adjudicated insane and a guardian has been appointed for him, he.
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  83.Maurice wishes to purchase a small restaurant named "Tasty Burger" in his community from Todd who tells Maurice that, while he loves the teenagers who have frequented his establishment, he is tired of flipping burgers and wants to spend more time fishing on the lake. Maurice has Todd sign a.
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  94.Ellen, who runs a successful nail salon, ran across a very interesting pamphlet on customer relations. The pamphlet was fifty pages long and cost $70.00. Ellen thought the price was outrageous. Accordingly, she bought one copy and photocopied the pages that she thought were pertinent and gave them to her.
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  40.In Indian Law, duress is referred to as _____.  A. coercion B. pardanashin C. forced contractual relation D. undue bias E. undue pressurizing 41.Which of the following is available to a party who was misled by a false statement contained in an innocent misrepresentation?  A. Rescission of the contract only B. Compensatory damages along with rescission of the contract C. Punitive damages in addition to compensatory damages.
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  51.If a licensing statute is intended to protect the public's health, safety, and welfare, an agreement with an unlicensed professional is typically deemed _____.  A. executed B. enforceable without a fine C. illegal and unenforceable D. enforceable but with a fine E. usurious 52.Which of the following occurs when a party gives a loan at an interest rate exceeding the legal.
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  True / False Questions 1.Capacity is the legal ability to enter into a binding contract.  2.Historically married women were in the category of those lacking contractual capacity.  3.The age of majority is 18 in all states.  4.There is a formal court process that must occur for a minor to disaffirm a contract.  5.A minor cannot.
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  11.Partial performance is an exception to the parol evidence rule.  12.Under partial performance, if the buyer in an alleged contract for the sale of land has paid any portion of the sales price and either has begun to permanently improve the land or has taken possession of the land, the courts.
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  Multiple Choice Questions 20.If one or both parties have the ability to withdraw or enforce the contract, then the contract is _____.  A. voidable B. rescinded C. a mistake D. void E. unenforceable 21.If a contract is rescinded, it is _____.  A. renewed B. a mistake C. cancelled D. temporarily stopped E. a misrepresentation 22.Which is not a major obstacle to genuine assent?  A. Mistake B. Misrepresentation C. Undue influence D. Ratification E. Duress 23.Mistakes in contracts may be classified as _____.  A. void and voidable B. enforceable.
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  True / False Questions 1.A contract is a set of legally enforceable promises.  2.An agreement consists of an offer by one party and acceptance of the terms by the other party.  3.An offeree is the party making an offer and the offeror is the party receiving the offer.  4.Lack of genuine assent is an.
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  Multiple Choice Questions 21.The legal ability to enter into a binding contract is _____.  A. disaffirmance B. capacity C. ratification D. usury E. a covenant not to compete 22.Which of the following is an element of a legally binding contract?  A. Inquiry B. Acknowledgement C. Capacity D. Knowledge E. Affirmance 23.A person who has the legal ability to enter into a binding contract has _____.  A. capacity B. understanding C. ratification D. history E. consideration 24.Which of the following is some sort of mental.
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  Multiple Choice Questions 29.Which of the following is false regarding written contracts?  A. Disputes are easier to settle when contractual terms are solidified in writing. B. The moment of writing allows both parties to reconsider terms and ensure what they desire. C. In general, written contracts aid in the conduct of smooth business contracts. D. The idea of requiring.
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  30.An error by one party about a material fact is known as a(n) _____ mistake.  A. unclear B. mutual C. unilateral D. clear E. single 31.An error on the part of both parties to an agreement is a(n) _____ mistake.  A. unclear B. mutual C. unilateral D. clear E. single 32.Distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts _____.  A. are void B. are voidable C. lack consideration D. lack legality E. none of these.
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  Multiple Choice Questions 29.A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty is known as a(n) _____.  A. contract B. offer C. consideration D. acceptance E. legal object 30.What are the elements of a binding contract?  A. Offer, acceptance, consideration, and assent B. Acceptance, consideration, assent,.
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  11.Consideration that was provided before the promise was made, known as past consideration, qualifies as consideration.  12.For a court to enforce a promise, only the offeror must give consideration.  13.A preexisting duty is generally valid consideration.  14.If additional work is needed for an existing contractual duty due to unforeseen circumstances, the promise for.
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  49.When an accord and satisfaction is at issue, the ______ is the payment, by the debtor, of the reduced amount.  A. satisfaction B. accord C. both satisfaction and accord D. fund transfer E. bond 50.Which of the following is true regarding a valid accord and satisfaction?  A. When amounts agreed upon are paid, the debt is fully discharged. B. When amounts agreed upon are paid,.
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  39.A promise to do something that you are already obligated to do is ______.  A. valid consideration because it is illusory consideration B. valid consideration only in the employment context C. valid consideration because it is past consideration D. valid consideration only if a sale of goods is involved E. not valid consideration 40.Courtney, who does not keep up with the.
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  71.Useless Friend. Charles, who is very gullible, is friend with Bobby. Bobby, who cannot be trusted, decides to try to bind Charles to a contract in Bobby's favor. Bobby has Charles sign a contract promising to wash Bobby's car once a week for a month for $80. The contract incorporated.
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  Essay Questions 75.What is the result of a contract being rescinded?  76.Set forth the three reasons referenced in the text that would permit a court to invalidate a contract on grounds of unilateral mistake.  77.What must a party prove in order to obtain money damages based on a fraudulent misrepresentation?  78.Constance was buying a.
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  True / False Questions 1.State laws require that all contracts must be in writing to be enforceable in the courts.  2.The statute of frauds is a law passed by the federal legislature.  3.The statute of frauds is a law, which set forth requirements for which agreements can be oral.  4.Contracts related to the sale.
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  Essay Questions 112.Identify and describe the four elements that are necessary for a contract to exist.  113.Define a bilateral contract and a unilateral contract, and give an example of each.  114.Define and give an example of an express contract and an implied contract.      .
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  59.Once all of the terms of the contract have been fully performed, the contract is said to be _____.  A. executory B. executed C. anticipatory D. ended E. stopped 60.As long as some of the duties under a contract have not yet been performed, the contract is considered _____.  A. executory B. executed C. anticipatory D. ended E. stopped 61.Which of the following is an example of a formal contract?  A. Contracts under seal. B. Executed.
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