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Unit 2 Contracts Test Review 21-40
Test Description: Contracts Chapter 7-11 Questions 21-40
Instructions: Answer all questions to get your test result.
1) Which of the following is not one of the major requirements for a contract?
A
capacity
B
genuine assent
C
consideration
D
time
2) an unaccepted offer may be terminated by
A
a reasonable length of time
B
a counteroffer
C
the rejection of the offeree
D
all of these
3) A firm offer is binding
A
for not more than three months
B
for a stated time
C
all of these
D
even when nothing is paid by the offeree
4) There is no contract
A
without both offer and acceptance on mutually agreed terms
B
both a and b
C
none of these
D
without the exchange of money
5) Social arrangements
A
none of these
B
are legal contracts
C
are not legal agreements
D
are subject to breach of contract
6) Capacity to contract means that the person
A
has the ability, according to law, to understand his or her actions and the effect of those actions
B
has genuine need for the goods or services purchased
C
all of these
D
has ample room to store goods that are purchased
7) When the price is not specified in contracts between merchants for the sale of goods,
A
the highest market price is the basis
B
the current market price is the basis
C
the contract is null and void
D
the lowest market price is the basis
8) Offers that require the offeree to accept by communicating the requested promise to the offeror are
A
matching offer contracts
B
bilateral contracts
C
mirror image rules
D
unilateral contracts
9) When the terms of acceptance must exactly match the terms contained in the offer, it is called
A
a bilateral contract
B
a mirror image rule
C
a unilateral contract
D
a matching offer contract
10) Advertisements in newspapers, radio, television, and direct mailings are considered to be
A
contracts
B
invitations
C
all of these
D
valid offers
11) The right to withdraw an offer before it is accepted is known as
A
consideration
B
revocation
C
a counteroffer
D
termination
12) All economic activity is based upon an enforceable agreement between parties. This agreement is known a(n)
A
invitation
B
offer
C
contract
D
warranty
13) If an offeree alters the terms of the offeror's terms, which of the following results?
A
revocation
B
option
C
contract
D
counteroffer
14) Key elements in undue influence are unfair persuasion and
A
none of these
B
ownership
C
relationship
15) A mistake from failure to read a contract before signing is called
A
none of these
B
a mutual mistake
C
a fraudulent mistake
D
a unilateral mistake
16) Disclosure is required when a statement
A
neither
B
is made false by subsequent events
C
both
D
omits important information about a material fact
17) When both parties have an incorrect belief about material facts relating to a contract, what occurs?
A
bilateral mistake
B
both mutual and bilateral mistake
C
a unilateral mistake
D
mutual mistake
18) In the case of fraud, what remedies are available to the injured party?
A
rescission, compensatory damages, and punitive damages
B
rescission only
C
none of these
D
rescission and punitive damages
19) An untrue statement is not material if
A
the defendant knew this plaintiff would rely on the statement
B
the defendant knew the statement was false
C
the statement was an honest opinion
D
the statement would case a reasonable person to contract
20) If Rosa knowingly convinces Eric to sign a sales contract in which information in the contract is incorrect, what has occurred?
A
bilateral mistake
B
recognized unilateral mistake
C
induced unilateral mistake
D
silence
*select an answer for all questions
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