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