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Unit 2 Contract Review Q 66-80
Test Description: Unit 2 Review Q 66-80
Instructions: Answer all questions to get your test result.
1) The ability to understand that a contract is being made and to understand its meaning is known as
A
contractual necessity
B
none of these
C
contractual capacity
D
contractual affirmance
2) Which of the following is an act of ratification?
A
giving a new promise to perform as agreed
B
making paying
C
both making payments and giving a new promise
D
returning the merchandise
3) A contract made illegal by specific statute might involve
A
usurious interest
B
neither
C
discrimination
D
both
4) Some legalized forms of gambling might include
A
state lotteries
B
office pools
C
none of these
D
sports wagering
5) Some agreements that delay or prevent justice might include
A
bribing jurors
B
neither of these
C
compounding a crime
D
both
6) When contracts contain very fine print, light typesetting or elements of fraud, duress, undue influence, or misrepresentation they are said to be
A
procedural unconscionability
B
none of these
C
substantive unconscionability
D
rare unconscionability
7) Professionals such as physicians, teachers, lawyers, and pharmacists must have
A
a federal license
B
a revenue license
C
a competency license
D
all of these
8) When the court finds a contract illegal for unconscionability, it can
A
refuse to enforce the contract
B
all of these
C
modify the terms of the contract to make it fair
D
enforce the legal part and refuse to enforce the illegal part
9) The Uniform Commercial Code governs the sale of
A
services
B
goods
C
real estate
D
goods and real estate
10) Five competing oil and gas companies agree to divide the markets between themselves each agreeing not to open gas stations in the other's markets. This agreement is an example of
A
price fixing
B
divisible contracts
C
bid rigging
D
allocation of markets
11) Lending money at a rate higher than the state's maximum rate is
A
illegal rate of interest
B
illusory
C
restitution
D
usury
12) To create a valid offer, the offeror must communicate an intention to create a legal obligation to the offeree with
A
a down payment
B
definite and complete terms
C
none of these
D
a witness present
13) An offer can be terminated by the offeror by
A
revocation
B
a counter offer
C
none of these
D
both of these
14) Capacity in an organization is created when
A
both
B
neither
C
the organization titles a person as such that others believe that the person has certain authority
D
an employee has the employer's authorization to bind the organization
*select an answer for all questions
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