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2.01 Understand Elements And Characteristics Of Contract Law
Test Description: Have fun learning new terms!
Instructions: Answer all questions to get your test result.
1) Unqualified willingness by the offeree to go along with the offer
A
Offer
B
ACCEPTANCE
C
Consideration
2) Proposal by one party to another with intent to create a legal binding agreement
A
CAPACITY
B
Consideration
C
OFFER
3) Offer made to this person
A
Offeree
B
Offeror
4) Makes the offer
A
REFEREE
B
Offeree
C
Offeror
5) Taking back of an offer by offeror
A
Revocation
B
Rejection
C
Death
D
Counteroffer
6) Rejection is defined as...
A
Insanity
B
Death
C
Refusal by the offeree
7) Counteroffer is defined as...
A
If the offeror puts a time limit on the offer and it has passed
B
Any change in the terms of the offer
C
Offeror is declared insane
8) If the offeror puts a time limit on the offer and it has passed
A
Revocation
B
Expiration of Time
C
Death
9) The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
A
Acceptance
B
Firm Offer
C
Option
10) Acceptance
A
Bilateral Acceptance
B
Mirror Image Rule
C
Unqualified willingness by the offeree to go along with the offer
11) Offer is accepted by offeree through communication of the promise to the offeror
A
Unilateral Acceptance
B
Silence as Acceptance
C
Bilateral Acceptance
12) Silence as Acceptance is defined as..
A
Does not represent acceptance
B
Offeror promises something in return for offeree’s performance and indicates that performance represents acceptance
C
Most offers are bilateral
13) A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
A
Undue Influence
B
Duress
C
Genuine Agreement (Assent)
14) Undue Influence is defined as..
A
Overcoming a person’s free will by use of force or by threat of force or bodily harm
B
Unfair and improper persuasive pressure within a relationship of trust
C
An error on the part of one of the parties
15) Unilateral Mistake
A
Innocent statement of supposed fact that turns out to be false
B
An error on the part of one of the parties
C
Both parties are mistaken about an important fact
16) ______________- is Innocent Misrepresentation
A
Innocent statement of supposed fact that turns out to be false
B
Untrue statement of fact
C
Party to a contract deliberately makes an untrue statement of fact
17) Untrue statement of fact
A
Fraudulent Misrepresentation
B
Proving Fraudulent Misrepresentation
18) Legal ability to enter into a contract
A
Illusory Promises
B
CONSIDERATION
C
Capacity
19) ___________________ is Illusory Promises
A
Lacking the ability to understand the consequences of his or her contractual acts
B
severing of the parent-child relationship
C
Clause or wording that allows party to escape from legal obligation
20) Illegal Contracts
A
Void contract
B
Legality
C
Statute of Frauds
*select an answer for all questions
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