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Unit 2 Contract Review Q 45-65
Test Description: Questions 45-65
Instructions: Answer all questions to get your test result.
1) Which of the following is not given in mutual consideration?
A
an act
B
a promise
C
forbearance
D
a gift
2) Legal value is found in
A
the exchange of a benefit for a detriment
B
the exchange of two benefits
C
the exchange of two detriments
D
all of these
3) When buyers agree to purchase all of a particular producer's production, it is called
A
a production contract
B
an option contract
C
an output contract
D
a requirements contract
4) A liquidated debt is one where the parties agree
A
on the amount of the debt
B
that the debt exists
C
both of these
D
none of these
5) Which of the following is not a part of consideration?
A
future performance
B
present performance
C
past performance
D
immediate performance
6) The statute of limitations specifies
A
the maximum amount of people who can file on the same claim
B
the time limit for consideration
C
the time limit for bringing a lawsuit
D
the maximum amount of money one can receive on a claim
7) When consideration is provided to keep an offer open, it creates
A
none of these
B
a firm offer
C
an option contract
D
promissory estoppel
8) When Marty agrees to take possession of her uncle' gift to her, Marty becomes a(n)
A
nominee
B
promisor
C
donee
D
promisee
9) Marissa agree's to purchase Danny's land. Both parties sign the contract, which states she will purchase the property for one dollar and other good and valuable consideration. This is known as what?
A
nominal consideration
B
forbearance
C
impled consideration
D
adequate consideration
10) Will agrees not to file bankruptcy. In exchange a group of his creditors agree to accept less than what they are entitled to receive in their debt claims against Will. This consideration is known as
A
none of these
B
accord and satisfaction
C
composition of creditors
D
liquidated debt
11) Dahlia's Bakery produces a wide variety of cookies, cakes, and pastries. If Dahlia agrees to supply all the pastries a particular restaurant needs, what has she created?
A
forbearance
B
accord and satisfaction
C
illusory promise
D
requirements contract
12) A promise not to do something is known as a(n)
A
forbearance
B
irrevocable transaction
C
illusory promise
D
consideration
13) Parties who have special contractual rights are
A
the intoxicated
B
all of these
C
minors
D
the mentally incapacitated
14) Acting toward a contract as though one intends to be bound by it is called
A
none of these
B
ratification
C
disaffirmance
D
contractual capacity
15) When a court decrees a minor emancipated, it is referred to as
A
legal emancipation
B
all of these
C
formal emancipation
D
informal emancipation
16) Which of the following would most likely be classified as non-necessaries?
A
cosmetics
B
clothes
C
car
D
food
17) In most states a minor can get back everything they gave even if
A
they are unable to return exactly what was received under the contract.
B
the goods have been lost, consumed, or destroyed.
C
the goods have been used or damaged
D
all of these
18) Some contracts of a minor that cannot be disaffirmed are
A
enlistment in the armed services
B
court-approved contracts
C
all of these
D
educational loans
19) The severance of the child parent relationship is referred to as
A
none of these
B
disaffirmance
C
ratification
D
emancipation
20) Generally, a person lacking contractual capacity can disaffirm a contract for non necessaries
A
both of these
B
any time while stilll under the incapacity
C
within a reasonable time after attaining capacity
*select an answer for all questions
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