Unit 2 Contract Review Q 66-80 Question Preview (ID: 20748)


Unit 2 Review Q 66-80. TEACHERS: click here for quick copy question ID numbers.

An offer can be terminated by the offeror by
a) a counter offer
b) revocation
c) both of these
d) none of these

To create a valid offer, the offeror must communicate an intention to create a legal obligation to the offeree with
a) definite and complete terms
b) a down payment
c) a witness present
d) none of these

Lending money at a rate higher than the state's maximum rate is
a) usury
b) illegal rate of interest
c) restitution
d) illusory

Five competing oil and gas companies agree to divide the markets between themselves each agreeing not to open gas stations in the other's markets. This agreement is an example of
a) price fixing
b) divisible contracts
c) bid rigging
d) allocation of markets

The Uniform Commercial Code governs the sale of
a) goods
b) services
c) real estate
d) goods and real estate

When the court finds a contract illegal for unconscionability, it can
a) enforce the legal part and refuse to enforce the illegal part
b) refuse to enforce the contract
c) modify the terms of the contract to make it fair
d) all of these

Professionals such as physicians, teachers, lawyers, and pharmacists must have
a) a federal license
b) a competency license
c) a revenue license
d) all of these

Some agreements that delay or prevent justice might include
a) compounding a crime
b) bribing jurors
c) both
d) neither of these

When contracts contain very fine print, light typesetting or elements of fraud, duress, undue influence, or misrepresentation they are said to be
a) procedural unconscionability
b) substantive unconscionability
c) rare unconscionability
d) none of these

Some legalized forms of gambling might include
a) sports wagering
b) state lotteries
c) office pools
d) none of these

A contract made illegal by specific statute might involve
a) discrimination
b) usurious interest
c) both
d) neither

The ability to understand that a contract is being made and to understand its meaning is known as
a) contractual necessity
b) contractual capacity
c) contractual affirmance
d) none of these

Which of the following is an act of ratification?
a) returning the merchandise
b) giving a new promise to perform as agreed
c) making paying
d) both making payments and giving a new promise

Capacity in an organization is created when
a) an employee has the employer's authorization to bind the organization
b) the organization titles a person as such that others believe that the person has certain authority
c) both
d) neither

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