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Business Law Final Part IV
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Failure to perform a duty under a contract is a legal wrong, and even though there is no actual injury, courts will award. Usually $1.
A
liquidated damages
B
compensatory damages
C
consequential damages
D
nominal damages
2) Laws that deny any remedy if the lawsuit is not brought within a certain time after a legal claim arises are called
A
statutes of frauds
B
none of these
C
the UCC
D
statutes of limitations
3) The remedy that places the victim in the same post-contract financial position is
A
compensatory damages
B
rescission and restitution
C
none of these
D
specific performance
4) If a gift is given in expectation of marriage, the person giving the ring has the right to take it back.
A
False
B
True
5) Lacking genuine assent, a contract typically is voidable
A
true
B
false
6) Proposing a counteroffer during negotiations:
A
is illegal
B
continues with the original contract terms
C
creates a new contract with new terms
D
is always enforceable
7) A contract for goods and services that are not necessaries can be disaffirmed by a person lacking contractual capacity...
A
any time after attaining capacity
B
within a reasonable time after ratification
C
any time after ratification
D
within a reasonable time after attaining capacity
8) When one party used an improper threat or act to obtain an expression of the agreement is known as _________.
A
terroristic tendencies
B
duress
C
undue influence
D
interest
9) All contracts require payments or exchanges of value, this is known as _____________.
A
collateral
B
capacity
C
consideration
D
compensatory
10) The ability for someone to fully understand that contract is being made and that there are consequences is contractual ___________.
A
coinage
B
consideration
C
collateral
D
capacity
11) Legal obligations created by a contract are called contractual ____________.
A
duties
B
retaliations
C
responses
D
laws
12) Laws that set a time limit for injured parties to seek remedies is known as _________ of limitations.
A
statutes
B
road blocks
C
imposements
D
inhibitors
13) A trust created Accepting less than what you are owed to end a contractual agreement is known as ___ and ___ (place space between both words).after the death of someone is called a(n)
A
focus and content
B
navigator and mood
C
accord and satisfaction
D
sentra and joy
14) Legal contracts must have a(n) established ____ date.
A
any of these will work
B
end
C
beginning
D
due
15) If you stand to gain or suffer from the sale or destruction of property you have ____.
A
lawfulness
B
capacity
C
interest
D
jurisdiction
*select an answer for all questions
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