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Business Law 2.01 - Elements And Characteristics Of A Contract - Part 1
Test Description: Contracts Part 1
Instructions: Answer all questions to get your test result.
1) Curt and Carrie sign a real estate contract to purchase a historic home. In the body of the contract, a change is handwritten in. What law requires the contract to be in writing?
A
Statute of Frauds
B
Statute of Limitations
2) After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated?
A
Rejection
B
Refusal
3) A detective caught a suspect who intentionally set fire to a pharmacy. He was not allowed to accept a gift from the proprietor due to:
A
existing duty
B
promise to obey the law
4) Marco and Angelica are purchasing their first home. What law requires that their contract be in writing?
A
Parole Evidence
B
Statute of Frauds
5) Molly agrees to buy a set of glassware after talking to the salesman over the phone. What type of contract is this?
A
Oral
B
Written
6) Molly agrees to buy a set of glassware after talking to the salesman over the phone. What type of contract is this?
A
Written
B
Oral
7) Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Jill?
A
Offeror
B
Offeree
8) Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Mark?
A
Offeree
B
Offeror
9) Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?
A
Offeror
B
Offeree
10) Which is a type of unilateral mistake?
A
Destruction of subject matter
B
Signing a contract without reading it
11) A 40-story building is completed on time but has a slightly different tile floor in one room than required by the contract. How was the contract discharged?
A
Complete
B
Substantial
12) Carter Construction is building the new civic arena. The construction is expected to take over two years to complete. The contract must be in writing according to which law?
A
Statute of Frauds
B
Commercial Building Code
13) A contract to charge a set price with competitors violates which element?
A
Consideration
B
Legality
*select an answer for all questions
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