Contract Law/Law Final
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Busines law 2010 final and contract law test
- 1.Is 1 to 2 months still considered a reasonable amount of time for a minor to dissafirm a contract?
- A.
No the correct time is 24 hours
- B.
3 months to a year
- C.
Yes, and as long as the whole contract is dissafirmed
- 2.Destruction of Subject matter
- A.
Change offerees and offerators
- B.
Change terms of offer, counter offer
- C.
Counter claim
- 3.In the "minority rule" what exactly needs to happen
- A.
All depriciated value of asset must be returned
- B.
All depriciated value of asset minor must restore the adult to the posisiton held prior contract is completed
- C.
All dpericiated value of asset minor must restore the adult to the posisition help before contract is made
- 4.All are exceptions to dissafirming contracts except
- A.
Contracts for stocks
- B.
Agre representation
- C.
Contracts for food, clothing and shelter, but are stil liable
- 5.Ratification of a contract occurs when
- A.
Minor on or after reaching majority indicates no intention to sign contract
- B.
Minor on or after reaching majority indicates an intention to become bound by a contract as a minor
- C.
Minor on or after reaching majority indicates an intention to leave a contract
- 6.What are the elements of a valid contract
- A.
Offer, agreement, creation
- B.
Offer, accpetance, consideration
- C.
Offer, creation, validation
- 7.Elements of consideration, meaning must have all elements
- A.
Legally sufficient value, bargain of exchange
- B.
Legally sufficient value, mediation between both parties
- C.
Thoughtful negotiation and collective bargaining
- 8.Legal vaule can be
- A.
Forbearence, damages, loans, trade secrets, labor
- B.
Promise, performance, forebearence, personal property, labor, services
- C.
Labor promise, equitable remedies, services
- 9.Objective theory of contracts states
- A.
What person would consider a fair trade
- B.
What a person would consider a reasonable offer
- C.
If sombody sells me a ferarri for $20
- 10.Contract legality states
- A.
Must call for fair offers
- B.
Must not call for any act that is criminal, or tortrous or against public policy
- C.
Must not call for any act that is unfair, criminal or against public policy
- 11.Discharge of a contract is when
- A.
A condition occurring or not occuring, full performance doesnt take place material breach occurs as well there is an agreement of both parties
- B.
Only material breach occurs, only partial performance takes place
- C.
An agreement from both parties and material breach doesnt take place but only partial performance takes place
- 12.When there is a intergrated contract it simply means that
- A.
There is still negotiation to be made by both parties
- B.
One lacks jurisdiction
- C.
There is no negotiation left to take place
- 13.Not a legal/equitable remedy fairness quantum meriut or reasonable value of services rendered not a legal contract is known as what kind of remedy
- A.
Recovery based on services lost
- B.
Reconvery based on quasi contract
- C.
Recovery based on total labor input
- 14.A contract will usually proved a specific amount to be paid in damages in the event that there is a future breach of contract or partial performance this is known as
- A.
Unliquidated damages
- B.
Partially liquidated damages
- C.
Liquidated damages
- 15.Contracts contrary to public policy are always what
- A.
Voidable, unfair usually
- B.
Void, unconscionable contract or clauses , shock the conscious
- C.
Void, clear and defined
- 16.If a person is able to understand the nature and effects of entering into a contract yet lacks capicty to engage in acitivites in other words they're considered "slow" contracts are
- A.
Void
- B.
Voidable
- C.
Valid
- 17.If a person doesnt know he or she is entering into a contract or lacks mental capacity to comprehend nature of contract, its purpose and the consenquences than the contract is considered
- A.
Voidable
- B.
Valid
- C.
Void
- 18.Discharge of contract because of performance simply means
- A.
Contract is void if both parties dont complete performance
- B.
Contract ends when both parties have compelted performance
- C.
Contract ends when both parties have not completed tasks
- 19.If before performance is due one party refuses to perform, his or her contractual obligations results in material breach non breaching party shouldn't be ready & willing to perform when other party has repudated contract also known as
- A.
Partial repudiation
- B.
Performance repudiation
- C.
Anticpatory repudiation
- 20.If a certian time period has passed a offer can be terminated or if no time has been specefied the by a reasonable amount of time offer terminates, destruction of subject matter, incompetence or death is known as
- A.
Termination of offer
- B.
Termination by operational law
- C.
Termiation by error of law
- 21.Rights that cannot be assigned include
- A.
Assingment contrary to statue, assignment is of personal nature,assingment materially changes the rights or duties of obliger, and anti-assingment clauses
- B.
Assingment is contrary to public policy, assignemtns are of a family matter
- C.
Assingment is contrary to statue, is of personal nautre, inclues anti termination clauses
- 22.No writting is present but one party admits to the contract's existence
- A.
Acceptance
- B.
Admissions
- C.
Approval
- 23.Transfer of contractual duties is known as
- A.
Delegation
- B.
Complete performance
- C.
Dissafirmence
- 24.Duties that cannot be delegated
- A.
When special trust has been placed on obliger
- B.
Landscape work
- C.
Cotracting jobs
- 25.Certain types of contracts need to be in writing to be enforcable, these are known as
- A.
Statue of exceptions
- B.
Statue of frauds
- C.
Statue of contractual policy
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