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. 
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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. 
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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. 
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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. 
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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. 
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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 
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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 
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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. 
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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. 
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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. 
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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. 
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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. 
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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. 
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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. 
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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. 
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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. 
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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 
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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. 
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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. 
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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 
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    • Posted: 7 years ago
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    Answers 1
    • Business Law
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