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Business Law Ch 13 Part II
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Dante enters into a contract with Rosalinda, who does not have contractual ca¬pacity. Dante can enforce the contract if Rosalinda
A
does not choose to avoid the contract
B
is intoxicated or mentally incompetent
C
is a minor
D
can obtain the funds to pay for the benefits of the contract
2) Olga, a minor, signs a contract to buy a computer from Phil, the owner of Quality Computer Store. Olga’s right to disaffirm the contract
A
does not yet exist because Olga is still a minor
B
is not valid because a computer is a 'necessary'
C
gives Phil, an adult, the right to disaffirm the contract
D
does not change the fact that Phil is bound by the contract
3) Jenna, a minor acting on her own, signs a contract to buy a horse and its tack from Field Equine Ranch. Later, after taking possession of the horse and tack, Jenna disaffirms the deal. She
A
must return both the horse and the tack
B
can keep the tack but not the horse
C
can keep the horse but not the tack
D
can keep the horse and the tack
4) Jacquie suffers from severe depression and often times cannot make sound decisions based on her mental state. Jacquie enters into a contract during a lucid state of mind which grants her clarity. This contract is…
A
enforceable
B
unconscionable
C
illegal
D
ratified
5) Max, an adult, enters into a transaction with Miller Trucking. Later evidence shows the Miller Trucking charged a rate three times the usual rate. This contract could fall into what category?
A
conscionable
B
unconscionable
C
conscionable since Max is an adult
D
illegal
6) On Tim’s eighteenth birthday, he decides that he no longer wants to keep a car he bought from Woody’s Autos, Inc., when he was seventeen. His right to disaffirm the deal will depend on
A
the car's current condition
B
whether Tim acts within a reasonable period of time
C
the car's condition when Tim bought it
D
whether Woody's has the right to diaffirm
7) Intoxicated but fully aware of the consequences, Uri agrees to a two-year cell-phone service contract with Wander Talk, Inc., at more than the average market price. This contract is
A
not enforceable because contracting parties can change their minds.
B
enforceable
C
not enforceable because Uri was intoxicated when he agreed to it.
D
not enforceable because the contract clearly favors Wander Talk
8) Fay is mentally incompetent but has not been so adjudged by a court. Any contract Fay enters into is
A
voidable if Fay lacks the capacity to comprehend the consequences.
B
voidable if the other party does not realize that Fay is incompetent
C
voidable if Fay has a lucid interval at the time of contracting.
D
unavoidable.
9) Fernando obtains a consumer loan from Greater Regional Credit Union at an interest rate that exceeds the state’s maximum. Greater Regional has
A
created a risk for the purpose of assuming it
B
engaged in a restraint of trade
C
committed usury
D
violated a licensing statute
10) Brasilia, a real estate broker licensed only in Connecticut, con¬cludes a land sale in Delaware. She can
A
not collect the commission, keep it, or foreclose on the property.
B
foreclose on the property to obtain any unpaid amount.
C
collect the commission if it has not been paid.
D
keep the commission if it has already been paid.
11) Cross-Country Trucking Company contracts with Baldwin to transport crated goods to a certain destination for $5,000. Cross-Country delivers the crates, but Baldwin does not pay. Cross-Country learns that the crates contained stolen goods. Cross-Count
A
recover the goods or the $5,000 from Baldwin
B
recover the goods but not the $5,000 from BAldwin
C
do nothing with respect to the contract
D
recover $5,000 from Baldwin
*select an answer for all questions
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