Business Law 2.01 - Elements And Characteristics Of A Contract - Part 1 Question Preview (ID: 16251)


Contracts Part 1. TEACHERS: click here for quick copy question ID numbers.

Curt and Carrie sign a real estate contract to purchase a historic home. In the body of the contract, a change is handwritten in. What law requires the contract to be in writing?
a) Statute of Frauds
b) Statute of Limitations
c)
d)

After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated?
a) Refusal
b) Rejection
c)
d)

A detective caught a suspect who intentionally set fire to a pharmacy. He was not allowed to accept a gift from the proprietor due to:
a) promise to obey the law
b) existing duty
c)
d)

Marco and Angelica are purchasing their first home. What law requires that their contract be in writing?
a) Parole Evidence
b) Statute of Frauds
c)
d)

Molly agrees to buy a set of glassware after talking to the salesman over the phone. What type of contract is this?
a) Oral
b) Written
c)
d)

Molly agrees to buy a set of glassware after talking to the salesman over the phone. What type of contract is this?
a) Oral
b) Written
c)
d)

Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Jill?
a) Offeree
b) Offeror
c)
d)

Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. Who is Mark?
a) Offeree
b) Offeror
c)
d)

Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?
a) Offeror
b) Offeree
c)
d)

Which is a type of unilateral mistake?
a) Destruction of subject matter
b) Signing a contract without reading it
c)
d)

A 40-story building is completed on time but has a slightly different tile floor in one room than required by the contract. How was the contract discharged?
a) Complete
b) Substantial
c)
d)

Carter Construction is building the new civic arena. The construction is expected to take over two years to complete. The contract must be in writing according to which law?
a) Commercial Building Code
b) Statute of Frauds
c)
d)

A contract to charge a set price with competitors violates which element?
a) Legality
b) Consideration
c)
d)

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