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Law Chapter 6
Test Description: Law Chapter 6
Instructions: Answer all questions to get your test result.
1) If a contract does not state time .....
A
the court will automatically assume a 60 day time frame
B
the court will automatically assume a 30 day time frame
C
the court will decide what is a reasonable time frame
2) Contracts can be discharged by
A
performance
B
agreement
C
both performance and agreement
3) What do you call it when one party of a contract fails to perform his/her duties as spelled out by the contract
A
non-performance
B
breach of contract
C
performance
4) what do you call it when one party has in good faith completed the major portions of a contract and only minor details are left unfinished?
A
satisfactory performance
B
performance
C
non performance
D
impossibility of performance
5) Are substitutes allowed by law
A
yes
B
no
6) What is another word for the transferring of duties
A
delegation
B
assignment
C
novation
7) what is another word for the transferring of rights
A
delegation
B
Novation
C
assignment
8) What is it called when a third party agrees to take an assignment and the first party agrees to work with this new party
A
delegation
B
Novation
C
assignment
9) Which of the follow debts can be discharged in a bankruptcy
A
taxes
B
allimony
C
car loans
D
student loan debt
10) Contracts can be discharged by
A
involuntary means
B
both voluntary and involuntary means
C
voluntary means
11) Which of the following is not an example of involuntary discharge
A
destruction of subject matter
B
death
C
illness
D
operation of law
12) the statute of limitations on bringing legal action is the same from state to state
A
false
B
true
13) when a contract is delegated the original contractual party is no longer liable
A
false
B
true
14) If a contractor delegates duties to a 3rd party and the 3rd party does something wrong,
A
the first party would have to sue the 3rd party
B
the original contractual party remains liable to the first party
15) Which is not a required component of fraud
A
must be deliberate
B
the mere attempt to defraud an individual
C
results in an unlawful gain
D
intended to serve an unfair advantage
16) When selling a diamond ring on craigs list the seller says that the ring is exceptional quality when it is actually a low clarity and cut. This is an example of
A
mutual mistake
B
fraud
C
mistake to value
D
false representation of fact
17) If you ignore a lie during a sales proposition and do not rely upon the lie in your decision to make the purchase then you can not sue .
A
true
B
false
18) If you are buying a car and do not properly research the true value of the car, you can still sue
A
true
B
false
19) If you threaten to hurt someone if they don't sign a contract this would be considered
A
physical duress
B
economic duress
20) If your boss asks you to sign a non-compete contract and you refuse and then the boss says that if you don't do it he will fire you. this is an example of
A
economic duress
B
physical duress
*select an answer for all questions
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