LEGAL ASPECT OF BUSINESS CONTRACTS
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PRINCIPLES OF BUSINESSEnd of chapter quiz on legal aspect of business contracts.
- 1.A contract may be defined as:
- A.
Agreement between two persons who are not minors
- B.
Offer by one party and a counter-offer by the other party
- C.
Agreement made with intention to create legal relations
- D.
Offer made in writing to the offeree
- 2.What will be the legal consequences of an infant fraudulently obtaining money from a firm which he does not repay?
- A.
The courts will insist that the infant repay at least half the sum of money.
- B.
It becomes the responsibility of his parents to repay the debt.
- C.
The plaintiffs cannot recover the money since a void contract exists.
- D.
The matter can be settled quietly in a lawyer's office.
- 3.David bought a plot of land from Tom for $20,000. Tom had threatened to expose a past misdeed ofDavid's if he did not purchase the land. The contract is void because:
- A.
There was no agreement
- B.
There was no good faith
- C.
There was no consideration
- D.
There was no acceptance
- 4.John offers to sell Henry a plot of land for $50,000. Henry writes to John saying he is willing to purchase the land for $40,000. Henry's offer is:
- A.
A simple contract
- B.
Consideration
- C.
A specialty contract
- D.
A counter offer
- 5.A supermarket advertises goods for sale, this is:
- A.
An invitation to treat
- B.
An offer
- C.
Communication of offer
- D.
A consideration
- 6.A specialty contract must be signed, delivered and ------------------
- 7.An simple contract can be oral, written or ----------------------
- 8.This term refers to termination of contract where a reasonable period of time has passed:
- 9.The replacement of one contract for another is referred to as:
- 10.A hire purchase is a ----------------------- contract.
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