Contract Law And Warranties
- 1.A contract must be in writing to be enforceable.
- A.
True
- B.
False
- 2.Implied warranties are created by...
- A.
Law
- B.
Oral statements
- C.
Writing
- D.
Your amazing Introduction to Law teacher
- 3.A written warranty that covers some defects but not others is...
- A.
Limited
- B.
Illegal
- C.
Implied
- D.
Not fair
- 4.Nate unknowingly buys a stolen IPad Mini from Timmy. The warranty that has been broken is the..
- A.
Warranty of title
- B.
Warranty of fitness for a particular purpose
- C.
Warranty of merchantability
- D.
No warranty and Nate is out of luck
- 5.Matthew buys a new set of headphones that comes with no written warranty. When he tries them out at home, the sound is muffled. The warranty that is broken is the...
- A.
Warranty of merchantability
- B.
Warranty of fitness for a particular purpose
- C.
Express warranty
- D.
Warranty of title
- 6.A _________________________________ is an attempt to limit the seller's responsibilities if something goes wrong with a product.
- 7.A warranty is a promise made by a
- A.
Seller about the quality or performance of goods for sale
- B.
Buyer to make payments on time
- C.
Seller that the price of goods is within fair market value range
- D.
Buyer to use the product as designed
- 8.Express written warranties may be full or limited
- A.
True
- B.
False
- 9.If a seller sells a new product without a written warranty, there are...
- A.
Implied warranties
- B.
Full warranties
- C.
No warranties
- D.
Limited warranties
- 10.________________________ is making obvious and lawful exaggerations about a product.
- 11.Which of the following is an example of consideration?
- A.
Money
- B.
The agreement to have another birthday
- C.
A worthless piece of trash
- D.
For a lifeguard to promise a swimmer to rescue him if he gets in trouble
- 12.A contract is
- A.
An agreement between two or more persons to exchange something of value
- B.
Never heard of it before
- C.
An obligation to pay another person's legal debts
- D.
An agreement to pay another person money
- 13.If Kara was intoxicated when she signed a contract, the contract is enforceable and she is out of luck.
- A.
True
- B.
False
- 14.A contract for __________________________ must be in writing to be enforceable.
- A.
The sale of land
- B.
The sale of goods priced at under $500
- C.
The sale of personal property
- D.
Agreements that can be performed within one year of the date of the contract
- 15.Aidan sells some stolen iPads for Roger. Aidan knows the items are stolen. Aidan refuses to give the money to Roger. What can Roger do?
- A.
Cannot enforce the contract because the contract is illegal
- B.
Sue Aidan for the money
- C.
Enforce the contract with Aidan to get his money
- D.
Option 4
- 16.What is a valid acceptance to a contract?
- A.
The person orally agrees to pay the offered price
- B.
The person says that she will think about it overnight
- C.
The person asks for a lower price
- D.
The person states that she is able to pay the offered price
- 17.What is a consideration?
- A.
Something of value
- B.
A realistic offer
- C.
Awareness of the circumstances of the other party to a contract
- D.
Exact acceptance of the terms of the offer
- 18.Which of the following is a characteristic of an offer?
- A.
The offer is made to a specific person
- B.
The seller accepts the price asked by the buyer
- C.
The offer is not directed at anyone in particular
- D.
The offer establishes a legally binding contract
- 19.Name three elements of a contract
- 20.A minor cane make contracts but as a general rule they cannot be forced to carry out their promises and may cancel or refuse to honor their contracts.
- A.
True
- B.
False
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