<\/p>\n
(Business Law CRN 51884)
Assignment:
Week 7<\/p>\n
1.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
When is a contract voidable?
\u00a0
When the contract is entered into by a person adjudicated as a habitual drunkard
\u00a0
When the contract is entered into by a minor
\u00a0
When the contract is entered into by a person adjudicated insane
\u00a0
When the contract is entered into by an intoxicated person who understands his or her contractual obligations<\/p>\n
2.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A(n) _____ is best described as a statement made in court, under oath, or at some stage during a legal proceeding in which a party against
whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.
\u00a0
recognizance
\u00a0
illusory promise
\u00a0
admission
\u00a0
assignment<\/p>\n
3.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following contracts falls within the statute of frauds?
\u00a0
Contracts related to an interest in land
\u00a0
Contracts for lifetime employment
\u00a0
Contracts whose terms could be performed within six months
\u00a0
Contracts for the sale of goods totaling not more than $100<\/p>\n
4.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A contract entered into by a person suffering from mental problems yet who still understands the nature of the contract and the obligations it imposes is considered _____.
\u00a0
illegal
\u00a0
valid
\u00a0
void
\u00a0
voidable<\/p>\n
5.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
_____ is best described as a failure to provide pertinent information about a project ( help with nursing paper writing from experts with MSN & DNP degrees)ed contract.
\u00a0
Slander
\u00a0
Nondisclosure
\u00a0
Defalcation
\u00a0
Libel<\/p>\n
6.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Contracts that are required to be in writing by the statute of frauds include:
\u00a0
mutual promises to marry.
\u00a0
promises to sell crops annually.
\u00a0
contracts between parties for profit sharing from the sale of real property.
\u00a0
contracts of suretyship promises.<\/p>\n
7.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
An agreement can be rescinded on grounds of _____, when one of the parties to the contract has so much more bargaining power than the
other that he or she dictates the terms of the agreement.
\u00a0
defalcation
\u00a0
false light
\u00a0
libel
\u00a0
unconscionability<\/p>\n
8.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
The legal principle of _____ means that both parties to a contract are equally responsible for an illegal agreement.
\u00a0
pro hominem
\u00a0
res ipsa loquitur
\u00a0
in pari delicto
\u00a0
caveat emptor<\/p>\n
9.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
In a contract made by a minor, the:
\u00a0
minor has the right to disaffirm the contract before or within a reasonable time of reaching the age of majority.
\u00a0
adult parties to the contract can disaffirm the contract.
\u00a0
minor can choose to disaffirm only a portion of the contract.
\u00a0
other party will have no recourse against the minor in any state if the consideration has been damaged or destroyed.<\/p>\n
10.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
In contract law, _____ refers to having an erroneous belief about the facts of a contract at the time the contract is concluded.
\u00a0
mistake of fact
\u00a0
implied-in-fact
\u00a0
false light
\u00a0
defalcation<\/p>\n
11.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following is true of the parol evidence rule?
\u00a0
The rule is a unitary concept, which can be considered as a rule of evidence.
\u00a0
The rule takes into account evidence of prior agreements and negotiations, as well as contemporaneous agreements and negotiations.
\u00a0
The rule effectively applies to evidence of condition precedents.
\u00a0
The purpose of the rule is to prevent evidence that substantially contradicts an agreement in its written form.<\/p>\n
2.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
_____ occurs when a party gives a loan at an interest rate exceeding the legal maximum.
\u00a0
Duress
\u00a0
Arson
\u00a0
Libel
\u00a0
Usury<\/p>\n
13.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Agreements for a sale of goods in which the total price is $500 or more are required by the Uniform Commercial Code (UCC) to be recorded in
a written contract. This writing need only state the:
\u00a0
price of the goods.
\u00a0
names of the buyer and seller.
\u00a0
quantity to be sold.
\u00a0
method of payment.<\/p>\n
14.
award:
2.32 out of
2.32 points
\u00a0
\u00a0
In which of the following cases is parol evidence inadmissible?
\u00a0
When a contract contains obvious typographical errors
\u00a0
When a contract contains ambiguous terms that significantly affect its interpretation
\u00a0
When certain conditions make an otherwise valid contract void
\u00a0
When a contract is deemed integrated by the courts<\/p>\n
15.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A(n) _____ occurs when, after reaching the age of majority, a person states orally or in writing that he or she intends to be bound by the
contract entered into as a minor.
\u00a0
juvenile adjudication
\u00a0
recognizance
\u00a0
emancipation
\u00a0
express ratification<\/p>\n
16.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Naomi sold her five-year-old car to the buyer claiming that she had bought the car three years ago. This is an example of:
\u00a0
duress.
\u00a0
mistake of law.
\u00a0
fraudulent misrepresentation.
\u00a0
mistake of fact.<\/p>\n
17.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Under the _____, contracts that would normally fall under the statute of frauds and need a writing if negotiated by the principal must be in
writing even if negotiated by an agent.
\u00a0
mirror image rule
\u00a0
parol evidence rule
\u00a0
equal dignity rule
\u00a0
preexisting duty rule<\/p>\n
18.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A(n) _____ results from a false statement about a fact material to an agreement that the person making it believed to be true.
\u00a0
innocent misrepresentation
\u00a0
negligent misrepresentation
\u00a0
intentional misrepresentation
\u00a0
fraudulent misrepresentation<\/p>\n
19.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
When one party is forced to enter into a contract by the wrongful threat of another, the contract is voidable by the innocent party due to _____.
\u00a0
duress
\u00a0
false light
\u00a0
negligence per se
\u00a0
duty to retreat<\/p>\n
20.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A contract is referred to as a(n) _____ when a court can void the illegal part of the contract and enforce the rest as long as they represent the
main purpose of the original agreement.
\u00a0
severable contract
\u00a0
executory contract
\u00a0
adhesion contract
\u00a0
constructive contract<\/p>\n
21.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A(n) _____ is best described as an agreement presented on a take-it-or-leave-it basis or as the only chance the presented party will have to
enter into it.
\u00a0
unilateral contract
\u00a0
aleatory contract
\u00a0
executory contract
\u00a0
adhesion contract<\/p>\n
22.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Section 16 of the Restatement of Contracts provides that contracts of an intoxicated person are _____ if the other party had reason to know
that intoxication rendered the person unable to understand the nature and consequences of the transaction.
\u00a0
illegal
\u00a0
voidable
\u00a0
enforceable
\u00a0
void<\/p>\n
23.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
If a person has been adjudicated insane and has a guardian appointed, any contract the person attempts to enter into is:
\u00a0
valid.
\u00a0
void.
\u00a0
unilateral.
\u00a0
voidable.<\/p>\n
24.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Removing 10,000 miles from the odometer on a pre-owned car before selling it is an example of:
\u00a0
concealment.
\u00a0
mistake of fact.
\u00a0
negligent misrepresentation.
\u00a0
trade libel.<\/p>\n
25.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Before a contract can be voided for a mutual mistake, it must be proved that:
\u00a0
a party to the contract made erroneous judgment about the value of an item.
\u00a0
a basic assumption about the subject matter of the contract is present.
\u00a0
there is no material effect on the agreement.
\u00a0
both the parties to the contract consciously made false statements about a fact material to the agreement.<\/p>\n
26.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A _____ is an agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property.
\u00a0
coverture arrangement
\u00a0
nondisclosure agreement
\u00a0
cartel arrangement
\u00a0
prenuptial agreement<\/p>\n
27.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
_____ is best described as those special relationships in which one person takes advantage of a dominant position in a relationship to unfairly
persuade the other and interfere with that person’s ability to make his or her own decision.
\u00a0
Undue influence
\u00a0
Defalcation
\u00a0
Duress
\u00a0
Unconscionability<\/p>\n
28.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
When does an innocent misrepresentation occur?
\u00a0
When a person makes a false statement due to mistake of law
\u00a0
When a person makes a false statement due to lack of scienter
\u00a0
When a person makes a false statement under the influence of alcohol or drugs
\u00a0
When a person makes a false statement with intentions to mislead<\/p>\n
29.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
When an entire contract is conditioned on something else’s occurring first, that first event is known as a(n) _____.
\u00a0
constructive action
\u00a0
condition precedent
\u00a0
adhesion clause
\u00a0
undue influence<\/p>\n
30.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following elements of a contract refers to the mental ability of a person to understand his or her rights and obligations under a
contract and comply with the terms?
\u00a0
Fair consideration
\u00a0
Legal capacity
\u00a0
Agreement
\u00a0
Recognizance<\/p>\n
31.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Under the statute of frauds, which of the following statements is true of the one-year rule for contracts?
\u00a0
The possibility that a contract’s terms could be performed within one year does not remove the contract from the statute’s
written requirements.
\u00a0
The test for compliance with the one-year rule considers the likelihood of completing the contract in one year rather than the possibility.
\u00a0
If a contract can possibly be performed within a year, but such performance is highly unlikely, then the contract needs to be in
writing to be enforceable.
\u00a0
Under the statute, the one-year period begins the day after the contract is created, not when it is scheduled to begin.<\/p>\n
32.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following is a primary purpose of statute of frauds?
\u00a0
It attempts to ease contractual negotiations by requiring that certain contracts be made orally.
\u00a0
It sets the maximum time within which all types of civil actions may be brought on fraudulent cases.
\u00a0
It addresses the issue of illegal and fraudulent contracts.
\u00a0
It prevents parties from entering into contracts with which they do not agree.<\/p>\n
33.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
In employment contracts, what is the purpose of covenants not to compete?
\u00a0
It restricts an employee from quitting her current job for a designated period of time.
\u00a0
It makes it legal for competitors of a business to involve in corporate espionage.
\u00a0
It restrains an employee from competing with her boss for a designated period of time after she quits her current job.
\u00a0
It restricts an employee from competing against his or her coworkers in the workplace.<\/p>\n
34.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following statements is true of mistakes in contract law?
\u00a0
Mistakes in contract law do not result from untrue statements.
\u00a0
A unilateral mistake generally voids a contract.
\u00a0
Mistaken beliefs about the subjective value of an item affect the validity of a contract.
\u00a0
In a mutual mistake, neither party can choose to rescind the contract.<\/p>\n
35.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Without legal assent, a contract:
\u00a0
is deemed void.
\u00a0
is still valid.
\u00a0
may be valid but unenforceable.
\u00a0
may be voidable.<\/p>\n
36.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A(n) _____ occurs when a party outside a primary agreement promises to fulfill one of the original party’s obligations if the original party fails to
fulfill it.
\u00a0
collateral promise
\u00a0
recognizance
\u00a0
primary obligation
\u00a0
illusory promise<\/p>\n
37.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following statements is true of merger clauses?
\u00a0
They are universally considered to be conclusive proof of a contract by all courts.
\u00a0
They seek to blend other agreements either into the final agreement or into something explicitly identified as being outside the final agreement.
\u00a0
They are used by parties to a contract to signal that the written contract is not the final statement of their agreement.
\u00a0
They increase the amount of guesswork courts must do in determining what is the final statement of the agreement.<\/p>\n
38.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
When is a contract deemed void?
\u00a0
When the contract is entered into by a person suffering from mental deficiencies, but he or she has the ability to understand the
legal obligations under the contract
\u00a0
When a contract is entered into by a person who, under the influence of alcohol, exercises poor judgment
\u00a0
When the contract is entered into by a person under the age of majority
\u00a0
When the contract is entered into by an intoxicated person who has been adjudicated a habitual drunkard<\/p>\n
39.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following refers to agreements in which parties pay consideration for the chance, or opportunity, to obtain an amount of money or
property?
\u00a0
Defalcation
\u00a0
Predatory lending
\u00a0
Usury
\u00a0
Gambling<\/p>\n
40.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
In a contract, _____ refers to a promise the courts will require the parties to obey.
\u00a0
legal capacity
\u00a0
legal assent
\u00a0
legal consideration
\u00a0
legal object<\/p>\n
41.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following statements is true of Sabbath laws?
\u00a0
These laws limit the types of business activities in which parties can legally engage on Saturdays.
\u00a0
These laws limit the performance of charity work to Sundays.
\u00a0
These laws require parties to enter into contracts only on Sundays for certain business activities.
\u00a0
These laws do not apply to contracts for obtaining necessities and anything related to health or survival.<\/p>\n
42.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
How is undue influence different from duress?
\u00a0
While contracts resulting from undue influence are void, contracts resulting from duress are valid.
\u00a0
Duress is a much more visible and active interference with free will than is undue influence.
\u00a0
Undue influence does not involve a dominant-subservient relationship, whereas it is an essential element in duress.
\u00a0
While undue influence results in aleatory contracts, duress results in adhesion contracts.<\/p>\n
43.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
A(n) _____ occurs only when the party making a false statement, without the intentions to deceive, should have known the truth using the
skills and competence required of a person in his position or profession.
\u00a0
negligent misrepresentation
\u00a0
innocent misrepresentation
\u00a0
fraudulent misrepresentation
\u00a0
intentional misrepresentation<\/p>\n
44.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
Which of the following can be in the form of an oral contract to be enforceable?
\u00a0
A contract of suretyship
\u00a0
Mutual promises to marry
\u00a0
A prenuptial agreement
\u00a0
Contract for a sale of land<\/p>\n
45.
award:
2.22 out of
2.22 points
\u00a0
\u00a0
The _____ makes oral evidence of an agreement inadmissible if it is made before or at the same time as a writing that the parties intend to be
the complete and final version of their agreement.
\u00a0
parol evidence rule
\u00a0
collateral agreement rule
\u00a0
mirror image rule
\u00a0
equal dignity rule<\/p>\n
\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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