Business Law

Question 1 of 20
5.0 Points
The intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party amounts to:
A. fraud. 
B. duress. 
C. mistake. 
D. misrepresentation. 
Reset Selection

Question 2 of 20
5.0 Points
An injured party who can successfully prove fraud may have the remedy to:
A. claim specific performance. 
B. extend the contract. 
C. accept the contract. 
D. bring suit for damages. 
Reset Selection

Question 3 of 20
5.0 Points
Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person. If this power is improperly used to his or her personal advantage, then it amounts to:
A. mistake. 
B. misrepresentation. 
C. undue influence. 
D. duress. 
Reset Selection

Question 4 of 20
5.0 Points
Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person. Such relationships are found in all of the following, EXCEPT that of a(n):
A. employer and an employee. 
B. physician or nurse and a patient. 
C. attorney and a client. 
D. client and vendor. 
Reset Selection

Question 5 of 20
5.0 Points
While courts have long been reluctant to uphold unconscionable contracts, more recently, however, the UCC has made such contracts even less likely to be:
A. enforced. 
B. reduced into writing. 
C. agreed. 
D. notified. 
Reset Selection

Question 6 of 20
5.0 Points
According to the __________, uncertainty with respect to specific terms does not necessarily invalidate a contract.
A. Uniform Civil Code 
B. Uniform Commercial Code 
C. United States Commercial Code 
D. Uniform Contract Code 
Reset Selection

Question 7 of 20
5.0 Points
The offer and acceptance by the conduct of the parties is called as a(n) __________ contract.
A. express 
B. implied 
C. conduct 
D. social 
Reset Selection

Question 8 of 20
5.0 Points
A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):
A. offer. 
B. acceptance. 
C. request for proposal. 
D. invitation to acceptance. 
Reset Selection

Question 9 of 20
5.0 Points
Advertising is generally regarded as a(n):
A. invitation to trade. 
B. firm offer. 
C. commitment to sell. 
D. executory contract. 
Reset Selection

Question 10 of 20
5.0 Points
The general rule regarding the effective date and time an acceptance becomes binding is:
A. when the parties intend. 
B. three days after receipt of the acceptance. 
C. three days after acceptance is sent. 
D. upon receipt by the offeree. 
Reset Selection

Question 11 of 20
5.0 Points
A legally enforceable contract:
A. must not violate the law. 
B. can be void. 
C. may contain a malafide intention. 
D. need not be valid. 
Reset Selection

Question 12 of 20
5.0 Points
Jack promised to pay his nineteen year-old nephew $300 on his twenty-second birthday if he refrained from smoking cigarettes until he graduated from Western State College. This contract is legal and illustrates the promise of:
A. pledge or subscription. 
B. forbearance as consideration. 
C. general release. 
D. implied contract. 
Reset Selection

Question 13 of 20
5.0 Points
The three essential characteristics of valid consideration are:
A. accuracy, brevity, and clarity. 
B. fulfillment of social, moral and ethical obligations. 
C. legality, adequacy, and the possibility of performance. 
D. intention, practices, and policies. 
Reset Selection

Question 14 of 20
5.0 Points
The element of consideration in a contract refers to the:
A. competence of the parties. 
B. purpose of the contract. 
C. parties' exchange of promises. 
D. form of the contract. 
Reset Selection

Question 15 of 20
5.0 Points
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:
A. consideration. 
B. competence. 
C. legality of purpose. 
D. offer and acceptance. 
Reset Selection

Question 16 of 20
5.0 Points
Certain contracts, such as those involving the sale of personal property for $500 or more:
A. must be orally accepted to be enforceable. 
B. must be written to be enforceable. 
C. need not be signed to be enforceable. 
D. must be divisible in nature. 
Reset Selection

Question 17 of 20
5.0 Points
A contract in which some future act or obligation remains to be performed under its terms is known as a(n) __________ contract.
A. executed 
B. statutory 
C. contingent 
D. executory 
Reset Selection

Question 18 of 20
5.0 Points
With respect to pledges and subscriptions, courts have generally held that these promises are:
A. unenforceable. 
B. enforceable. 
C. enforceable only in cases involving amounts greater than $500. 
D. unenforceable if it is not made for a reasonable period of time. 
Reset Selection

Question 19 of 20
5.0 Points
The Uniform Commercial Code dispenses with the requirement for consideration in contracts that involve:
A. a merchant's firm written offer of the irrevocable contract. 
B. an oral discharge of a claim for an alleged breach of contract. 
C. modifications on future contracts. 
D. modifications to executed contracts. 
Reset Selection

Question 20 of 20
5.0 Points
Courts may justify the enforcement of some contracts, even though there is no consideration, by stating that there was __________ consideration.
A. monetary 
B. moral 
C. pecuniary 
D. fiscal 
Reset Selection
    • 9 years ago
    • 5

    Purchase the answer to view it