Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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
consideration
C
time
D
capacity
2) an unaccepted offer may be terminated by
A
all of these
B
a counteroffer
C
the rejection of the offeree
D
a reasonable length of time
3) A firm offer is binding
A
for a stated time
B
for not more than three months
C
even when nothing is paid by the offeree
D
all of these
4) There is no contract
A
both a and b
B
without both offer and acceptance on mutually agreed terms
C
without the exchange of money
D
none of these
5) Social arrangements
A
are legal contracts
B
none of these
C
are subject to breach of contract
D
are not legal agreements
6) Capacity to contract means that the person
A
has the ability, according to law, to understand his or her actions and the effect of those actions
B
all of these
C
has genuine need for the goods or services purchased
D
has ample room to store goods that are purchased
7) When the price is not specified in contracts between merchants for the sale of goods,
A
the highest market price is the basis
B
the contract is null and void
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
matching offer contracts
C
unilateral contracts
D
bilateral contracts
9) When the terms of acceptance must exactly match the terms contained in the offer, it is called
A
a bilateral contract
B
a unilateral contract
C
a matching offer contract
D
a mirror image rule
10) Advertisements in newspapers, radio, television, and direct mailings are considered to be
A
all of these
B
contracts
C
invitations
D
valid offers
11) The right to withdraw an offer before it is accepted is known as
A
revocation
B
a counteroffer
C
consideration
D
termination
12) All economic activity is based upon an enforceable agreement between parties. This agreement is known a(n)
A
invitation
B
warranty
C
contract
D
offer
13) If an offeree alters the terms of the offeror's terms, which of the following results?
A
contract
B
counteroffer
C
option
D
revocation
14) Key elements in undue influence are unfair persuasion and
A
ownership
B
relationship
C
none of these
15) A mistake from failure to read a contract before signing is called
A
a fraudulent mistake
B
none of these
C
a mutual mistake
D
a unilateral mistake
16) Disclosure is required when a statement
A
is made false by subsequent events
B
both
C
neither
D
omits important information about a material fact
17) When both parties have an incorrect belief about material facts relating to a contract, what occurs?
A
a unilateral mistake
B
both mutual and bilateral mistake
C
bilateral mistake
D
mutual mistake
18) In the case of fraud, what remedies are available to the injured party?
A
rescission and punitive damages
B
none of these
C
rescission only
D
rescission, compensatory damages, and punitive damages
19) An untrue statement is not material if
A
the defendant knew this plaintiff would rely on the statement
B
the statement would case a reasonable person to contract
C
the statement was an honest opinion
D
the defendant knew the statement was false
20) If Rosa knowingly convinces Eric to sign a sales contract in which information in the contract is incorrect, what has occurred?
A
silence
B
recognized unilateral mistake
C
induced unilateral mistake
D
bilateral mistake
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?