Business Law Final Part IV Question Preview (ID: 41766)


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Failure to perform a duty under a contract is a legal wrong, and even though there is no actual injury, courts will award. Usually $1.
a) nominal damages
b) liquidated damages
c) consequential damages
d) compensatory damages

Laws that deny any remedy if the lawsuit is not brought within a certain time after a legal claim arises are called
a) statutes of limitations
b) statutes of frauds
c) the UCC
d) none of these

The remedy that places the victim in the same post-contract financial position is
a) compensatory damages
b) rescission and restitution
c) specific performance
d) none of these

If a gift is given in expectation of marriage, the person giving the ring has the right to take it back.
a) True
b) False
c)
d)

Lacking genuine assent, a contract typically is voidable
a) true
b) false
c)
d)

Proposing a counteroffer during negotiations:
a) creates a new contract with new terms
b) is illegal
c) is always enforceable
d) continues with the original contract terms

A contract for goods and services that are not necessaries can be disaffirmed by a person lacking contractual capacity...
a) within a reasonable time after attaining capacity
b) within a reasonable time after ratification
c) any time after ratification
d) any time after attaining capacity

When one party used an improper threat or act to obtain an expression of the agreement is known as _________.
a) undue influence
b) duress
c) terroristic tendencies
d) interest

All contracts require payments or exchanges of value, this is known as _____________.
a) consideration
b) capacity
c) collateral
d) compensatory

The ability for someone to fully understand that contract is being made and that there are consequences is contractual ___________.
a) capacity
b) consideration
c) collateral
d) coinage

Legal obligations created by a contract are called contractual ____________.
a) duties
b) laws
c) responses
d) retaliations

Laws that set a time limit for injured parties to seek remedies is known as _________ of limitations.
a) statutes
b) imposements
c) road blocks
d) inhibitors

A trust created Accepting less than what you are owed to end a contractual agreement is known as ___ and ___ (place space between both words).after the death of someone is called a(n)
a) accord and satisfaction
b) focus and content
c) sentra and joy
d) navigator and mood

Legal contracts must have a(n) established ____ date.
a) end
b) beginning
c) due
d) any of these will work

If you stand to gain or suffer from the sale or destruction of property you have ____.
a) interest
b) capacity
c) lawfulness
d) jurisdiction

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