Unit 2 Contracts Test Review 21-40: Question Preview (ID: 20739)

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In the case of fraud, what remedies are available to the injured party?
a) rescission only
b) rescission, compensatory damages, and punitive damages
c) rescission and punitive damages
d) none of these

An untrue statement is not material if
a) the statement would case a reasonable person to contract
b) the defendant knew this plaintiff would rely on the statement
c) the defendant knew the statement was false
d) the statement was an honest opinion

When both parties have an incorrect belief about material facts relating to a contract, what occurs?
a) a unilateral mistake
b) mutual mistake
c) bilateral mistake
d) both mutual and bilateral mistake

Disclosure is required when a statement
a) omits important information about a material fact
b) is made false by subsequent events
c) both
d) neither

Key elements in undue influence are unfair persuasion and
a) relationship
b) ownership
c) none of these

A mistake from failure to read a contract before signing is called
a) a fraudulent mistake
b) a mutual mistake
c) a unilateral mistake
d) none of these

All economic activity is based upon an enforceable agreement between parties. This agreement is known a(n)
a) contract
b) offer
c) invitation
d) warranty

If an offeree alters the terms of the offeror's terms, which of the following results?
a) revocation
b) option
c) counteroffer
d) contract

The right to withdraw an offer before it is accepted is known as
a) revocation
b) a counteroffer
c) termination
d) consideration

Advertisements in newspapers, radio, television, and direct mailings are considered to be
a) valid offers
b) contracts
c) invitations
d) all of these

When the terms of acceptance must exactly match the terms contained in the offer, it is called
a) a unilateral contract
b) a bilateral contract
c) a matching offer contract
d) a mirror image rule

Offers that require the offeree to accept by communicating the requested promise to the offeror are
a) unilateral contracts
b) bilateral contracts
c) matching offer contracts
d) mirror image rules

When the price is not specified in contracts between merchants for the sale of goods,
a) the current market price is the basis
b) the highest market price is the basis
c) the lowest market price is the basis
d) the contract is null and void

Capacity to contract means that the person
a) has genuine need for the goods or services purchased
b) has ample room to store goods that are purchased
c) has the ability, according to law, to understand his or her actions and the effect of those actions
d) all of these

There is no contract
a) without the exchange of money
b) without both offer and acceptance on mutually agreed terms
c) both a and b
d) none of these

Social arrangements
a) are not legal agreements
b) are legal contracts
c) are subject to breach of contract
d) none of these

A firm offer is binding
a) for a stated time
b) for not more than three months
c) even when nothing is paid by the offeree
d) all of these

Which of the following is not one of the major requirements for a contract?
a) time
b) genuine assent
c) capacity
d) consideration

an unaccepted offer may be terminated by
a) a counteroffer
b) a reasonable length of time
c) the rejection of the offeree
d) all of these

If Rosa knowingly convinces Eric to sign a sales contract in which information in the contract is incorrect, what has occurred?
a) induced unilateral mistake
b) bilateral mistake
c) recognized unilateral mistake
d) silence

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