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Business Law Ch17 Part II
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Belle enters into a contract to subdivide and sell housing lots in Colin’s hillside field if Dell City annexes the property within the next year. Belle’s duty to perform is
A
absolute
B
illusional
C
conditional
D
irresolute
2) Jen agrees to buy Kev’s Dirt Bike business on the express condition that Valley Credit Union approves the financing. This approval is
A
an implied condition
B
a condition subsequent
C
a condition precedent
D
a concurrent condition
3) Elton and Florida sign a contract by which Elton agrees to deliver and install a utility sink on May 15 in exchange for Florida’s promise to pay the $150 price on May 15. The delivery and installation of the sink and the payment of the price are ex¬a
A
conditions precedent
B
concurrent conditions
C
conditions subsequent
D
implied conditions
4) Real Cheap Painters, Inc., agrees to paint Quint’s house, using a particular brand of “discount” paint. Real Cheap completes the job but uses a dif¬ferent brand of discounted paint. This is most likely
A
an absolute excuse for Quint's refusal to pay
B
a material breach
C
complete performance
D
substantial performance
5) Jane and Kelly want Lucy to replace Kelly as a party to their con¬tract. They can best accomplish this by
A
an accord and satisfaction
B
an alteration of the contract
C
a novation
D
a mutual agreement to rescind
6) Quito contracts with Rewind Graphix, Inc., to pay $5,000 for its work on the animated film “Song.” After Rewind performs, they sign an accord, in which Quito promises to pay $4,000 within ten days instead of $5,000 later. But Quito does not pay. Rewi
A
the original obligation only
B
the accord only
C
neither the accord nor the original obligation
D
an accord or the original obligation
7) Ruth contracts to provide Shelly with fifty hours of telepathic personal coaching. The state legisla¬ture sub¬sequently passes a law making tele¬pathic personal coaching illegal. This law will
A
fulfill the contract
B
require immediate performance of the contract.
C
discharge the contract
D
not affect the contract
8) What's the official flower of the Kentucky Derby?
A
Patunias
B
Daphidales
C
Carnations
D
Roses
9) A gift of fine china represents what year anniversary?
A
30
B
50
C
10
D
20
10) Do ants sleep?
A
yes
B
no
*select an answer for all questions
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