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Business Law Ch 10 Part I
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Some promises are not legally binding.
A
false
B
true
2) If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act.
A
false
B
true
3) The intention to enter into a con¬tract is judged by outward, objective facts as interpreted by a reasonable person.
A
true
B
false
4) The only requirement of a valid contract is that it be voluntarily entered into.
A
false
B
true
5) Every contract involves at least three parties.
A
false
B
true
6) Every contract involves at least three parties.
A
false
B
true
7) A unilateral contract is formed when the one receiving the offer com¬pletes the re¬quested act or performance.
A
true
B
false
8) No offer may be revoked before it is accepted.
A
true
B
false
9) Informal contracts are usually based on their sub¬stance rather than their form.
A
true
B
false
10) An executed contract is one that has been fully performed.
A
false
B
true
11) A quasi contract is a fictional contract.
A
true
B
false
12) A void contract is enforceable if it is in writing.
A
true
B
false
13) The doctrine of quasi contract can be used only when there is an actual con-tract that covers the matter in controversy.
A
false
B
true
14) A reasonable, lawful, and effective meaning will normally be given to all of a contract’s terms.
A
true
B
false
*select an answer for all questions
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