Contract Law/Law Final

57 Questions | Total Attempts: 215

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Contract Law/Law Final

Busines law 2010 final and contract law test


Questions and Answers
  • 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