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Unit 2 Contract Review Q 66-80
Test Description: Unit 2 Review Q 66-80
Instructions: Answer all questions to get your test result.
1) The ability to understand that a contract is being made and to understand its meaning is known as
A
contractual necessity
B
none of these
C
contractual capacity
D
contractual affirmance
2) Which of the following is an act of ratification?
A
both making payments and giving a new promise
B
returning the merchandise
C
giving a new promise to perform as agreed
D
making paying
3) A contract made illegal by specific statute might involve
A
discrimination
B
neither
C
usurious interest
D
both
4) Some legalized forms of gambling might include
A
none of these
B
office pools
C
state lotteries
D
sports wagering
5) Some agreements that delay or prevent justice might include
A
both
B
neither of these
C
compounding a crime
D
bribing jurors
6) When contracts contain very fine print, light typesetting or elements of fraud, duress, undue influence, or misrepresentation they are said to be
A
rare unconscionability
B
procedural unconscionability
C
none of these
D
substantive unconscionability
7) Professionals such as physicians, teachers, lawyers, and pharmacists must have
A
a revenue license
B
all of these
C
a competency license
D
a federal license
8) When the court finds a contract illegal for unconscionability, it can
A
all of these
B
modify the terms of the contract to make it fair
C
refuse to enforce the contract
D
enforce the legal part and refuse to enforce the illegal part
9) The Uniform Commercial Code governs the sale of
A
services
B
goods
C
goods and real estate
D
real estate
10) Five competing oil and gas companies agree to divide the markets between themselves each agreeing not to open gas stations in the other's markets. This agreement is an example of
A
price fixing
B
divisible contracts
C
allocation of markets
D
bid rigging
11) Lending money at a rate higher than the state's maximum rate is
A
restitution
B
usury
C
illegal rate of interest
D
illusory
12) To create a valid offer, the offeror must communicate an intention to create a legal obligation to the offeree with
A
a witness present
B
a down payment
C
none of these
D
definite and complete terms
13) An offer can be terminated by the offeror by
A
revocation
B
both of these
C
a counter offer
D
none of these
14) Capacity in an organization is created when
A
an employee has the employer's authorization to bind the organization
B
neither
C
the organization titles a person as such that others believe that the person has certain authority
D
both
*select an answer for all questions
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