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?

2) Legal value is found in

3) When buyers agree to purchase all of a particular producer's production, it is called

4) A liquidated debt is one where the parties agree

5) Which of the following is not a part of consideration?

6) The statute of limitations specifies

7) When consideration is provided to keep an offer open, it creates

8) When Marty agrees to take possession of her uncle' gift to her, Marty becomes a(n)

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?

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

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?

12) A promise not to do something is known as a(n)

13) Parties who have special contractual rights are

14) Acting toward a contract as though one intends to be bound by it is called

15) When a court decrees a minor emancipated, it is referred to as

16) Which of the following would most likely be classified as non-necessaries?

17) In most states a minor can get back everything they gave even if

18) Some contracts of a minor that cannot be disaffirmed are

19) The severance of the child parent relationship is referred to as

20) Generally, a person lacking contractual capacity can disaffirm a contract for non necessaries


*select an answer for all questions

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