Business Law CRN 51884 Week 7 Assignment Quiz 2015

Business Law CRN 51884)
Assignment:
Week 7

1.
award:
2.22 out of
2.22 points

When is a contract voidable?

When the contract is entered into by a person adjudicated as a habitual drunkard

When the contract is entered into by a minor

When the contract is entered into by a person adjudicated insane

When the contract is entered into by an intoxicated person who understands his or her contractual obligations

2.
award:
2.22 out of
2.22 points

A(n) _____ is best described as a statement made in court, under oath, or at some stage during a legal proceeding in which a party against
whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.

recognizance

illusory promise

admission

assignment

3.
award:
2.22 out of
2.22 points

Which of the following contracts falls within the statute of frauds?

Contracts related to an interest in land

Contracts for lifetime employment

Contracts whose terms could be performed within six months

Contracts for the sale of goods totaling not more than $100

4.
award:
2.22 out of
2.22 points

A contract entered into by a person suffering from mental problems yet who still understands the nature of the contract and the obligations it imposes is considered _____.

illegal

valid

void

voidable

5.
award:
2.22 out of
2.22 points

_____ is best described as a failure to provide pertinent information about a projected contract.

Slander

Nondisclosure

Defalcation

Libel

6.
award:
2.22 out of
2.22 points

Contracts that are required to be in writing by the statute of frauds include:

mutual promises to marry.

promises to sell crops annually.

contracts between parties for profit sharing from the sale of real property.

contracts of suretyship promises.

7.
award:
2.22 out of
2.22 points

An agreement can be rescinded on grounds of _____, when one of the parties to the contract has so much more bargaining power than the
other that he or she dictates the terms of the agreement.

defalcation

false light

libel

unconscionability

8.
award:
2.22 out of
2.22 points

The legal principle of _____ means that both parties to a contract are equally responsible for an illegal agreement.

pro hominem

res ipsa loquitur

in pari delicto

caveat emptor

9.
award:
2.22 out of
2.22 points

In a contract made by a minor, the:

minor has the right to disaffirm the contract before or within a reasonable time of reaching the age of majority.

adult parties to the contract can disaffirm the contract.

minor can choose to disaffirm only a portion of the contract.

other party will have no recourse against the minor in any state if the consideration has been damaged or destroyed.

10.
award:
2.22 out of
2.22 points

In contract law, _____ refers to having an erroneous belief about the facts of a contract at the time the contract is concluded.

mistake of fact

implied-in-fact

false light

defalcation

11.
award:
2.22 out of
2.22 points

Which of the following is true of the parol evidence rule?

The rule is a unitary concept, which can be considered as a rule of evidence.

The rule takes into account evidence of prior agreements and negotiations, as well as contemporaneous agreements and negotiations.

The rule effectively applies to evidence of condition precedents.

The purpose of the rule is to prevent evidence that substantially contradicts an agreement in its written form.

2.
award:
2.22 out of
2.22 points

_____ occurs when a party gives a loan at an interest rate exceeding the legal maximum.

Duress

Arson

Libel

Usury

13.
award:
2.22 out of
2.22 points

Agreements for a sale of goods in which the total price is $500 or more are required by the Uniform Commercial Code (UCC) to be recorded in
a written contract. This writing need only state the:

price of the goods.

names of the buyer and seller.

quantity to be sold.

method of payment.

14.
award:
2.32 out of
2.32 points

In which of the following cases is parol evidence inadmissible?

When a contract contains obvious typographical errors

When a contract contains ambiguous terms that significantly affect its interpretation

When certain conditions make an otherwise valid contract void

When a contract is deemed integrated by the courts

15.
award:
2.22 out of
2.22 points

A(n) _____ occurs when, after reaching the age of majority, a person states orally or in writing that he or she intends to be bound by the
contract entered into as a minor.

juvenile adjudication

recognizance

emancipation

express ratification

16.
award:
2.22 out of
2.22 points

Naomi sold her five-year-old car to the buyer claiming that she had bought the car three years ago. This is an example of:

duress.

mistake of law.

fraudulent misrepresentation.

mistake of fact.

17.
award:
2.22 out of
2.22 points

Under the _____, contracts that would normally fall under the statute of frauds and need a writing if negotiated by the principal must be in
writing even if negotiated by an agent.

mirror image rule

parol evidence rule

equal dignity rule

preexisting duty rule

18.
award:
2.22 out of
2.22 points

A(n) _____ results from a false statement about a fact material to an agreement that the person making it believed to be true.

innocent misrepresentation

negligent misrepresentation

intentional misrepresentation

fraudulent misrepresentation

19.
award:
2.22 out of
2.22 points

When one party is forced to enter into a contract by the wrongful threat of another, the contract is voidable by the innocent party due to _____.

duress

false light

negligence per se

duty to retreat

20.
award:
2.22 out of
2.22 points

A contract is referred to as a(n) _____ when a court can void the illegal part of the contract and enforce the rest as long as they represent the
main purpose of the original agreement.

severable contract

executory contract

adhesion contract

constructive contract

21.
award:
2.22 out of
2.22 points

A(n) _____ is best described as an agreement presented on a take-it-or-leave-it basis or as the only chance the presented party will have to
enter into it.

unilateral contract

aleatory contract

executory contract

adhesion contract

22.
award:
2.22 out of
2.22 points

Section 16 of the Restatement of Contracts provides that contracts of an intoxicated person are _____ if the other party had reason to know
that intoxication rendered the person unable to understand the nature and consequences of the transaction.

illegal

voidable

enforceable

void

23.
award:
2.22 out of
2.22 points

If a person has been adjudicated insane and has a guardian appointed, any contract the person attempts to enter into is:

valid.

void.

unilateral.

voidable.

24.
award:
2.22 out of
2.22 points

Removing 10,000 miles from the odometer on a pre-owned car before selling it is an example of:

concealment.

mistake of fact.

negligent misrepresentation.

trade libel.

25.
award:
2.22 out of
2.22 points

Before a contract can be voided for a mutual mistake, it must be proved that:

a party to the contract made erroneous judgment about the value of an item.

a basic assumption about the subject matter of the contract is present.

there is no material effect on the agreement.

both the parties to the contract consciously made false statements about a fact material to the agreement.

26.
award:
2.22 out of
2.22 points

A _____ is an agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property.

coverture arrangement

nondisclosure agreement

cartel arrangement

prenuptial agreement

27.
award:
2.22 out of
2.22 points

_____ is best described as those special relationships in which one person takes advantage of a dominant position in a relationship to unfairly
persuade the other and interfere with that person’s ability to make his or her own decision.

Undue influence

Defalcation

Duress

Unconscionability

28.
award:
2.22 out of
2.22 points

When does an innocent misrepresentation occur?

When a person makes a false statement due to mistake of law

When a person makes a false statement due to lack of scienter

When a person makes a false statement under the influence of alcohol or drugs

When a person makes a false statement with intentions to mislead

29.
award:
2.22 out of
2.22 points

When an entire contract is conditioned on something else’s occurring first, that first event is known as a(n) _____.

constructive action

condition precedent

adhesion clause

undue influence

30.
award:
2.22 out of
2.22 points

Which of the following elements of a contract refers to the mental ability of a person to understand his or her rights and obligations under a
contract and comply with the terms?

Fair consideration

Legal capacity

Agreement

Recognizance

31.
award:
2.22 out of
2.22 points

Under the statute of frauds, which of the following statements is true of the one-year rule for contracts?

The possibility that a contract’s terms could be performed within one year does not remove the contract from the statute’s
written requirements.

The test for compliance with the one-year rule considers the likelihood of completing the contract in one year rather than the possibility.

If a contract can possibly be performed within a year, but such performance is highly unlikely, then the contract needs to be in
writing to be enforceable.

Under the statute, the one-year period begins the day after the contract is created, not when it is scheduled to begin.

32.
award:
2.22 out of
2.22 points

Which of the following is a primary purpose of statute of frauds?

It attempts to ease contractual negotiations by requiring that certain contracts be made orally.

It sets the maximum time within which all types of civil actions may be brought on fraudulent cases.

It addresses the issue of illegal and fraudulent contracts.

It prevents parties from entering into contracts with which they do not agree.

33.
award:
2.22 out of
2.22 points

In employment contracts, what is the purpose of covenants not to compete?

It restricts an employee from quitting her current job for a designated period of time.

It makes it legal for competitors of a business to involve in corporate espionage.

It restrains an employee from competing with her boss for a designated period of time after she quits her current job.

It restricts an employee from competing against his or her coworkers in the workplace.

34.
award:
2.22 out of
2.22 points

Which of the following statements is true of mistakes in contract law?

Mistakes in contract law do not result from untrue statements.

A unilateral mistake generally voids a contract.

Mistaken beliefs about the subjective value of an item affect the validity of a contract.

In a mutual mistake, neither party can choose to rescind the contract.

35.
award:
2.22 out of
2.22 points

Without legal assent, a contract:

is deemed void.

is still valid.

may be valid but unenforceable.

may be voidable.

36.
award:
2.22 out of
2.22 points

A(n) _____ occurs when a party outside a primary agreement promises to fulfill one of the original party’s obligations if the original party fails to
fulfill it.

collateral promise

recognizance

primary obligation

illusory promise

37.
award:
2.22 out of
2.22 points

Which of the following statements is true of merger clauses?

They are universally considered to be conclusive proof of a contract by all courts.

They seek to blend other agreements either into the final agreement or into something explicitly identified as being outside the final agreement.

They are used by parties to a contract to signal that the written contract is not the final statement of their agreement.

They increase the amount of guesswork courts must do in determining what is the final statement of the agreement.

38.
award:
2.22 out of
2.22 points

When is a contract deemed void?

When the contract is entered into by a person suffering from mental deficiencies, but he or she has the ability to understand the
legal obligations under the contract

When a contract is entered into by a person who, under the influence of alcohol, exercises poor judgment

When the contract is entered into by a person under the age of majority

When the contract is entered into by an intoxicated person who has been adjudicated a habitual drunkard

39.
award:
2.22 out of
2.22 points

Which of the following refers to agreements in which parties pay consideration for the chance, or opportunity, to obtain an amount of money or
property?

Defalcation

Predatory lending

Usury

Gambling

40.
award:
2.22 out of
2.22 points

In a contract, _____ refers to a promise the courts will require the parties to obey.

legal capacity

legal assent

legal consideration

legal object

41.
award:
2.22 out of
2.22 points

Which of the following statements is true of Sabbath laws?

These laws limit the types of business activities in which parties can legally engage on Saturdays.

These laws limit the performance of charity work to Sundays.

These laws require parties to enter into contracts only on Sundays for certain business activities.

These laws do not apply to contracts for obtaining necessities and anything related to health or survival.

42.
award:
2.22 out of
2.22 points

How is undue influence different from duress?

While contracts resulting from undue influence are void, contracts resulting from duress are valid.

Duress is a much more visible and active interference with free will than is undue influence.

Undue influence does not involve a dominant-subservient relationship, whereas it is an essential element in duress.

While undue influence results in aleatory contracts, duress results in adhesion contracts.

43.
award:
2.22 out of
2.22 points

A(n) _____ occurs only when the party making a false statement, without the intentions to deceive, should have known the truth using the
skills and competence required of a person in his position or profession.

negligent misrepresentation

innocent misrepresentation

fraudulent misrepresentation

intentional misrepresentation

44.
award:
2.22 out of
2.22 points

Which of the following can be in the form of an oral contract to be enforceable?

A contract of suretyship

Mutual promises to marry

A prenuptial agreement

Contract for a sale of land

45.
award:
2.22 out of
2.22 points

The _____ makes oral evidence of an agreement inadmissible if it is made before or at the same time as a writing that the parties intend to be
the complete and final version of their agreement.

parol evidence rule

collateral agreement rule

mirror image rule

equal dignity rule

 

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