Business Law Ch 10 Part I Question Preview (ID: 23554)


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Some promises are not legally binding.
a) true
b) false
c)
d)

If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act.
a) true
b) false
c)
d)

The intention to enter into a con¬tract is judged by outward, objective facts as interpreted by a reasonable person.
a) true
b) false
c)
d)

The only requirement of a valid contract is that it be voluntarily entered into.
a) false
b) true
c)
d)

Every contract involves at least three parties.
a) false
b) true
c)
d)

Every contract involves at least three parties.
a) false
b) true
c)
d)

A unilateral contract is formed when the one receiving the offer com¬pletes the re¬quested act or performance.
a) true
b) false
c)
d)

No offer may be revoked before it is accepted.
a) false
b) true
c)
d)

Informal contracts are usually based on their sub¬stance rather than their form.
a) true
b) false
c)
d)

An executed contract is one that has been fully performed.
a) true
b) false
c)
d)

A quasi contract is a fictional contract.
a) true
b) false
c)
d)

A void contract is enforceable if it is in writing.
a) false
b) true
c)
d)

The doctrine of quasi contract can be used only when there is an actual con-tract that covers the matter in controversy.
a) false
b) true
c)
d)

A reasonable, lawful, and effective meaning will normally be given to all of a contract’s terms.
a) true
b) false
c)
d)

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