Law Chapter 6 Question Preview (ID: 24023)


Law Chapter 6. TEACHERS: click here for quick copy question ID numbers.

If a contract does not state time .....
a) the court will automatically assume a 30 day time frame
b) the court will automatically assume a 60 day time frame
c) the court will decide what is a reasonable time frame
d)

Contracts can be discharged by
a) performance
b) agreement
c) both performance and agreement
d)

What do you call it when one party of a contract fails to perform his/her duties as spelled out by the contract
a) breach of contract
b) performance
c) non-performance
d)

what do you call it when one party has in good faith completed the major portions of a contract and only minor details are left unfinished?
a) performance
b) non performance
c) impossibility of performance
d) satisfactory performance

Are substitutes allowed by law
a) yes
b) no
c)
d)

What is another word for the transferring of duties
a) delegation
b) assignment
c) novation
d)

what is another word for the transferring of rights
a) delegation
b) assignment
c) Novation
d)

What is it called when a third party agrees to take an assignment and the first party agrees to work with this new party
a) assignment
b) delegation
c) Novation
d)

Which of the follow debts can be discharged in a bankruptcy
a) car loans
b) student loan debt
c) allimony
d) taxes

Contracts can be discharged by
a) involuntary means
b) voluntary means
c) both voluntary and involuntary means
d)

Which of the following is not an example of involuntary discharge
a) death
b) illness
c) destruction of subject matter
d) operation of law

the statute of limitations on bringing legal action is the same from state to state
a) true
b) false
c)
d)

when a contract is delegated the original contractual party is no longer liable
a) true
b) false
c)
d)

If a contractor delegates duties to a 3rd party and the 3rd party does something wrong,
a) the original contractual party remains liable to the first party
b) the first party would have to sue the 3rd party
c)
d)

Which is not a required component of fraud
a) the mere attempt to defraud an individual
b) intended to serve an unfair advantage
c) must be deliberate
d) results in an unlawful gain

When selling a diamond ring on craigs list the seller says that the ring is exceptional quality when it is actually a low clarity and cut. This is an example of
a) fraud
b) false representation of fact
c) mistake to value
d) mutual mistake

If you ignore a lie during a sales proposition and do not rely upon the lie in your decision to make the purchase then you can not sue .
a) true
b) false
c)
d)

If you are buying a car and do not properly research the true value of the car, you can still sue
a) true
b) false
c)
d)

If you threaten to hurt someone if they don't sign a contract this would be considered
a) physical duress
b) economic duress
c)
d)

If your boss asks you to sign a non-compete contract and you refuse and then the boss says that if you don't do it he will fire you. this is an example of
a) physical duress
b) economic duress
c)
d)

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