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Unit 2 Contract Review Q 45-65
Test Description: Questions 45-65
Instructions: Answer all questions to get your test result.
1) Which of the following is not given in mutual consideration?
A
a promise
B
an act
C
forbearance
D
a gift
2) Legal value is found in
A
the exchange of a benefit for a detriment
B
the exchange of two detriments
C
the exchange of two benefits
D
all of these
3) When buyers agree to purchase all of a particular producer's production, it is called
A
an output contract
B
a production contract
C
a requirements contract
D
an option contract
4) A liquidated debt is one where the parties agree
A
none of these
B
on the amount of the debt
C
both of these
D
that the debt exists
5) Which of the following is not a part of consideration?
A
future performance
B
immediate performance
C
present performance
D
past performance
6) The statute of limitations specifies
A
the maximum amount of people who can file on the same claim
B
the maximum amount of money one can receive on a claim
C
the time limit for consideration
D
the time limit for bringing a lawsuit
7) When consideration is provided to keep an offer open, it creates
A
a firm offer
B
none of these
C
promissory estoppel
D
an option contract
8) When Marty agrees to take possession of her uncle' gift to her, Marty becomes a(n)
A
nominee
B
promisee
C
donee
D
promisor
9) Marissa agree's to purchase Danny's land. Both parties sign the contract, which states she will purchase the property for one dollar and other good and valuable consideration. This is known as what?
A
forbearance
B
nominal consideration
C
impled consideration
D
adequate consideration
10) Will agrees not to file bankruptcy. In exchange a group of his creditors agree to accept less than what they are entitled to receive in their debt claims against Will. This consideration is known as
A
composition of creditors
B
none of these
C
liquidated debt
D
accord and satisfaction
11) Dahlia's Bakery produces a wide variety of cookies, cakes, and pastries. If Dahlia agrees to supply all the pastries a particular restaurant needs, what has she created?
A
accord and satisfaction
B
illusory promise
C
requirements contract
D
forbearance
12) A promise not to do something is known as a(n)
A
illusory promise
B
forbearance
C
consideration
D
irrevocable transaction
13) Parties who have special contractual rights are
A
minors
B
the mentally incapacitated
C
the intoxicated
D
all of these
14) Acting toward a contract as though one intends to be bound by it is called
A
ratification
B
disaffirmance
C
contractual capacity
D
none of these
15) When a court decrees a minor emancipated, it is referred to as
A
informal emancipation
B
formal emancipation
C
legal emancipation
D
all of these
16) Which of the following would most likely be classified as non-necessaries?
A
food
B
clothes
C
cosmetics
D
car
17) In most states a minor can get back everything they gave even if
A
all of these
B
the goods have been lost, consumed, or destroyed.
C
the goods have been used or damaged
D
they are unable to return exactly what was received under the contract.
18) Some contracts of a minor that cannot be disaffirmed are
A
court-approved contracts
B
educational loans
C
all of these
D
enlistment in the armed services
19) The severance of the child parent relationship is referred to as
A
none of these
B
emancipation
C
disaffirmance
D
ratification
20) Generally, a person lacking contractual capacity can disaffirm a contract for non necessaries
A
any time while stilll under the incapacity
B
both of these
C
within a reasonable time after attaining capacity
*select an answer for all questions
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