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Law Review Packet
Liquidated damages are (a) a token amount awarded by a court when rights have been violated but no actual injury has occurred, (b) agreed to by both parties as part of their contract in advance of
breach, (c) awarded to creditors whenever a business goes bankrupt and its assets are
liquidated, (d) none of the above.
Liquidated damages are (a) a token amount awarded by a court when rights have been violated but no actual injury has occurred, (b) agreed to by both parties as part of their contract in advance
of breach, (c) awarded to creditors whenever a business goes bankrupt and its assets are
liquidated, (d) none of the above.
When an offeror makes a valid offer to an offeree, he or she may revoke the offer (a) when the offeree accepts the offer, (b) up until the time the offer is accepted by the offeree, (c) whenever the offeror
feels like it, (d) upon reaching the age of majority.
When an offeror makes a valid offer to an offeree, he or she may revoke the offer (a) when the offeree accepts the offer, (b) up until the time the offer is accepted by the offeree, (c) whenever the offeror feels like it, (d) upon reaching the age of majority.
Statutes of limitations have been enacted because with passage of time (a) needed evidence may no
longer be available, (b) circumstances, and statues, of the
parties may change greatly, (c) judges and juries may have greater difficulty in determining the truth,
(d) all of the above.
Statutes of limitations have been enacted because with passage of time (a) needed evidence may no
longer be available, (b) circumstances, and statues, of the
parties may change greatly, (c) judges and juries may have greater difficulty in determining the truth,
(d) all of the above.
Generally the victim of a breach of contract is required to mitigate the
damages. This means that (a) looses must be reduced, if feasible, by any
reasonable and available means under the circumstances, (b) whenever
possible, the victim of a breach should make it an anticipatory breach, (c) the victim should never spend additional
time or money on the contract, (d) all of the above.
Generally the victim of a breach of contract is required to mitigate the damages. This means that
(a) loses must be reduced, if feasible, by any reasonable and available means under the
circumstances, (b) whenever possible, the victim of a breach should make it an anticipatory breach, (c) the
victim should never spend additional time or money on the contract, (d) all of the above.
This occurs when one party holds an incorrect beleif about the facts related to the a contract. (a) a breach of contract, (b) a unilaterial mistake, (c) a
bilaterial mistake, (d) a material fact.
This occurs when one party holds an incorrect beleif about the facts related to the a contract. (a) a breach of contract, (b) a unilaterial mistake, (c) a
bilaterial mistake, (d) a material fact.
Sometimes a party waives contractual rights even though a court would uphold then in a trial
because, (a) the potential damage award is low, (b) the cost of suing, including lost of time and
goodwill, are high, (c) the outcome of the lawsuit is uncertain, and the defendant may be judgment-
proof, (d) all of the above.
Sometimes a party waives contractual rights even though a court would uphold then in a trial
because, (a) the potential damage award is low, (b) the cost of suing, including lost of time and
goodwill, are high, (c) the outcome of the lawsuit is uncertain, and the defendant may be judgment-
proof, (d) all of the above.
If a contact is said to be substantially performed this means (a) the contact is written up, (b) both
parties would like to void the contact, (c) just about all of the duties have been performed within the contract, (d) the contract has been written but
not signed by both parties.
If a contact is said to be substantially performed this means (a) the contact is written up, (b) both parties would like to void the contact, (c) just about all of the duties have been performed within the contract, (d) the contract has been
written but not signed by both parties.
In most cases where there is a breach of contract, the following damages are awarded: (a) nominal,
(b) compensatory, (c) punitive, (d) liquidated.
In most cases where there is a breach of contract, the following damages are awarded: (a) nominal, (b) compensatory, (c) punitive, (d) liquidated.
Buyer makes a valid contract to purchase Lot #33 from the selection of 100 lots in a new subdivision owned by Seller. When Seller refuses to transfer the title to Lot #33, (a)
buyer must accept a substitute lot of the same or larger size in the subdivision, (b) buyer has
no remedy, (c) buyer can compel seller to transfer title to Lot #33 by getting a court
order for specific performance, (d) none of the above.
Buyer makes a valid contract to purchase Lot #33 from the selection of 100 lots in a new subdivision owned by Seller. When Seller refuses to transfer the title to Lot #33, (a)
buyer must accept a substitute lot of the same or larger size in the subdivision, (b) buyer has
no remedy, (c) buyer can compel seller to transfer title to Lot #33 by getting a court order for specific performance, (d) none of
the above.
Agreements that are enforceable by the courts are (a) invalid contracts,
(b) void agreements, (c) valid contracts, (d) illegal.
Agreements that are enforceable by the courts are (a) invalid contracts,
(b) void agreements, (c) valid contracts, (d) illegal.
When a party in a contract is said to have defaulted on the contact, he or she has (a) performed all of
the duties within the contract, (b) used novation to pass contractual duties to another party, (c) failed to perform the duties within the contract, (d) all of
the above.
When a party in a contract is said to have defaulted on the contact, he or she has (a) performed all of
the duties within the contract, (b) used novation to pass contractual duties to another party, (c) failed to perform the duties within the contract, (d) all
of the above.
The following is an example of a valid consideration (a) grandparents promise to will
$10,000 to each of their grandchildren, (b) The Dagwoods promise to pay the local
police officer on night duty $100 to cruise past their home in his squad car occasionally while they are away on vacation, (c) Hitch promised to pay Cook an additional $500
when Cook said he could not finish installing a fence around Hitch’s farm for only $2,500 as originally agreed, (d) none of the above.
The following is an example of a valid consideration (a) grandparents promise to will
$10,000 to each of their grandchildren, (b) The Dagwoods promise to pay the local
police officer on night duty $100 to cruise past their home in his squad car occasionally while they are away on vacation, (c) Hitch promised to pay Cook an additional $500
when Cook said he could not finish installing a fence around Hitch’s farm for only $2,500 as originally agreed, (d) none of the above.
Consideration is not necessary for which of the following: (a) a promise of a gift to the
Boy Scouts of America, (b) an order to pay a check (commercial paper) that one has been defrauded into signing if an innocent person later acquires it honestly and for value, (c) an offer, in writing, by a merchant to sell specific goods for up to 3 months, (d) all of the above.
Consideration is not necessary for which of the following: (a) a promise of a gift to the
Boy Scouts of America, (b) an order to pay a check (commercial paper) that one has been defrauded into signing if an innocent person later acquires it honestly and for value, (c) an offer, in writing, by a merchant to sell specific
goods for up to 3 months, (d) all of the above.
A contract (a) is a legally binding agreement, (b) is an agreement enforceable by law, (c) results from
an exchange of acts or promises (d) all of the above.
A contract (a) is a legally binding agreement, (b) is an agreement enforceable by law, (c) results from
an exchange of acts or promises (d) all of the above.
Which of the following is generally held to be an offer? (a) an invitation to attend a baseball game
with a friend, (b) a newspaper advertisement for a sale on shoes, (c) the promise of a gift from
anyone, (d) the promise of a friend to buy your stereo for $100.
Which of the following is generally held to be an offer? (a) an invitation to attend a baseball game
with a friend, (b) a newspaper advertisement for a sale on shoes, (c) the promise of a gift from
anyone, (d) the promise of a friend to buy your stereo for $100.
Any change in the terms of an offer by the offeree generally results in (a) a void agreement, (b) a
counteroffer, (c) an unenforceable, (d) an illegal agreement.
Any change in the terms of an offer by the offeree generally results in (a) a void agreement, (b) a
counteroffer, (c) an unenforceable, (d) an illegal agreement.
The statute of frauds does not apply to a contract (a) for the sale of personal services to be
completed within a year, at the price of $3,000, (b) for the sale of goods (personal property) to be
delivered within a year, (c) for the loan of $3,000, (d) for any of the above.
The statute of frauds does not apply to a contract (a) for the sale of personal services to be
completed within a year, at the price of $3,000, (b) for the sale of goods (personal property) to be
delivered within a year, (c) for the loan of $3,000, (d) for any of the above.
When an contact is said to be executed, the contact is (a) fully performed, (d) not yet started, (c) still in
negotiations, (d) written up, but not signed.
When an contact is said to be executed, the contact is (a) fully performed, (b) not yet started, (c) still
in negotiations, (d) written up, but not signed.
Whether or not the statute of frauds applies, it is usually prudent to reduce important
agreements to writing signed by both parties, if (a) a substantial sum of money is involved,
(b) considerable time is required for performance, (c) much detail is involved and
should be spelled out in advance of performance, (d) any one or more of the
above.
Whether or not the statute of frauds applies, it is usually prudent to reduce important
agreements to writing signed by both parties, if (a) a substantial sum of money is involved,
(b) considerable time is required for performance, (c) much detail is involved and
should be spelled out in advance of performance, (d) any one or more of the
above.
An oral agreement to sell a parcel of real property is legally enforceable if the buyer has (a) made partial or full
payment, (b) occupied or taken possession of the real property, (c) made substantial improvements to the real property, (d) done all three
of the above.
An oral agreement to sell a parcel of real property is legally enforceable if the buyer has (a) made partial or full
payment, (b) occupied or taken possession of the real property, (c) made substantial improvements to
the real property, (d) done all three of the above.
In interpreting a written contract, courts will follow the rule that (a) if there are three or
more inconsistent provisions, the contract is void and a new one must be drafted, (b)
handwritten provisions prevail over contradictory typewritten provisions, and
typewritten prevail over contradictory printed ones, (c) oral testimony in court under oath,
supported by two or more witnesses, supersedes the entire written contract, (d) all
of the above.
In interpreting a written contract, courts will follow the rule that (a) if there are three or
more inconsistent provisions, the contract is void and a new one must be drafted, (b) handwritten provisions prevail over
contradictory typewritten provisions, and typewritten prevail over contradictory printed ones, (c) oral testimony in court
under oath, supported by two or more witnesses, supersedes the entire written
contract, (d) all of the above.
The use of improper act or threat to obtain unfair advantage when
entering into a contact is known as (a) coercion is known (b) contractual obligation, (c) duress, (d) none of the
above.
The use of improper act or threat to obtain unfair advantage when
entering into a contact is known as (a) coercion is known (b) contractual
obligation, (c) duress, (d) none of the above.
Among the significant advantages of the statute of frauds is (are) the fact(s) that the (a)
resulting contract is likely to be more carefully though out and prepared, (b) statue compels people to act before they think, (c)
statute creates job for manufactures of paper, ink, and various duplicating devices and
machines, (d) all of the above.
Among the significant advantages of the statute of frauds is (are) the fact(s) that the (a)
resulting contract is likely to be more carefully though out and prepared, (b) statue compels people to act before they
think, (c) statute creates job for manufactures of paper, ink, and various duplicating devices
and machines, (d) all of the above.
Agreements that violate the law or public policy are void. Which of the following
agreements do not violate the law or public policy? (a) agreements that require
committing a crime or tort, (b) agreements that require restitution, (c) agreements that injure public service, (d) agreements that
involve illegal gabling, wages, and lotteries.
Agreements that violate the law or public policy are void. Which of the following
agreements do not violate the law or public policy? (a) agreements that require
committing a crime or tort, (b) agreements that require restitution, (c) agreements that
injure public service, (d) agreements that involve illegal gabling, wages, and lotteries.
A contract is not made with the required assent (a) when either party refuses to put the agreement into writing, (b) when the contract is made in order to comply with a recently enacted statute, (c) when the offeror or the offeree acts under duress, (d) in
all of the above.
A contract is not made with the required assent (a) when either party refuses to put the agreement into writing, (b) when the contract is made in order to comply with a recently enacted statute, (c) when the offeror or the offeree acts under duress, (d)
in all of the above.
Gambling involves an agreement which has the following element(s): (a) payment to participate, (b) a prize for one or more
winners, (c) a chance to win, based on luck rather than skill, (d) all of the above.
Gambling involves an agreement which has the following element(s): (a) payment to participate, (b) a prize for one of more
winners, (c) a change to win, based on luck rather than skill, (d) all of the above.
Ability to understand that a contract is being made and the consequences thereof is known
as (a) contractual capacity, (b) contractual knowledge, (c) expertise, (d) none of the
above.
Ability to understand that a contract is being made and the consequences thereof is known as (a) contractual capacity, (b) contractual
knowledge, (c) expertise, (d) none of the above.
Which of the following does not permit the victim to disaffirm (avoid) a contract? (a)
fraud, (b) duress, (c) personal opinion of non-experts as to the value of the consideration,
(d) undue influence.
Which of the following does not permit the victim to disaffirm (avoid) a contract? (a) fraud, (b) duress, (c) personal opinion of
non-experts as to the value of the consideration, (d) undue influence.
In sales bargaining, the seller’s silence is generally not a blameworthy basis for a reasonable alert buyer to claim fraud.
However, the buyer could claim fraud if the seller is silent because (a) she is naturally taciturn, or inclined to silence, (b) talking
would make the buyer shop somewhere else, (c) the silence serves to conceal a serious defect in the product not known to, nor
readily discoverable by the buyer, (d) none of the above.
In sales bargaining, the seller’s silence is generally not a blameworthy basis for a reasonable alert buyer to claim fraud.
However, the buyer could claim fraud if the seller is silent because (a) she is naturally taciturn, or inclined to silence, (b) talking
would make the buyer shop somewhere else, (c) the silence serves to conceal a serious defect in the product not known to, nor
readily discoverable by the buyer, (d) none of the above.
Consent not clouded by fraud, duress, undue influence or mistake. (a) total assent, (b) like
assent, (c) genuine assent, (d) none of the above.
Consent not clouded by fraud, duress, undue influence or mistake. (a) total assent, (b) like
assent, (c) genuine assent, (d) none of the above.
Which of following should be understood as a statement of personal opinion rather than fact? (a) “This is a ¾ horsepower motor, (b) “Add our products to your line and you will have customers clamoring to buy”, (c) “the table, chairs, and cabinet are solid rosewood and
designed by Pierre Classique”, (d) all of the statements are facts.
Which of following should be understood as a statement of personal opinion rather than fact? (a) “This is a ¾ horsepower motor, (b) “Add our products to your line and you will have customers clamoring to buy”, (c) “the table,
chairs, and cabinet are solid rosewood and designed by Pierre Classique”, (d) all of the
statements are facts.
The victim of fraud in a contract may (a) disaffirm the entire contract, (b) recover any
money or thing of value given to the wrongdoer., (c) sue in tort for punitive
damages because fraud is an intentional tort, (d) all of the above.
The victim of fraud is a contract may (a) disaffirm the entire contract, (b) recover any
money or thing of value given to the wrongdoer., (c) sue in tort for punitive
damages because fraud is an intentional tort, (d) all of the above.
These are important facts that influence both parties' decisions about the contract. (a)
material facts, (b) immaterial facts, (c) moot facts, (d) facts of assent.
These are important facts that influence both parties' decisions about the contract. (a)
material facts, (b) immaterial facts, (c) moot facts, (d) facts of assent.
Generally when a minor enters a into a contract with an adult, the minor (a) has the
option of disaffirming the contract or enforcing it, (b) must honor the contract until
reaching adulthood, (c) is bound by the contact if it is advantageous to him or her, (d)
all of the above.
Generally when a minor enters a into a contract with an adult, the minor (a) has the
option of disaffirming the contract or enforcing it, (b) must honor the contract until
reaching adulthood, (c) is bound by the contact if it is advantageous to him or her, (d)
all of the above.
At this age, generally, a person is considered to have the capacity to contact (a) upon reaching his or her 16th birthday in most
states, (b) when his or her parents decide, (c) upon reaching the age of majority, (d) none of
the above.
At this age, generally, a person is considered to have the capacity to contact (a) upon reaching his or her 16th birthday in most
states, (b) when his or her parents decide, (c) upon reaching the age of majority, (d) none
of the above.
In some states, lotteries are legal and even conducted by government agencies.
Nevertheless, they are ethically suspect because, (a) in effect they are a tax on poor participants who could make better use of their lottery wagers to buy necessaries, (b) they are immoral and even illegal in some
states, (c) the prizes are too low, (d) all of the above.
In some states, lotteries are legal and even conducted by government agencies.
Nevertheless, they are ethically suspect because, (a) in effect they are a tax on poor participants who could make better use of their lottery wagers to buy necessaries, (b)
they are immoral and even illegal in some states, (c) the prizes are too low, (d) all of the
above.
Delores operates a part-time catering business when includes eight contracts with customers in her city. Delores then wins the lottery and gives her business to her cousin to complete
these contracts for her. Each of her customers agrees to this situation. In legal terms, a ________ has occurred. (a) recission, (b)
mitigation, (c) novation, (d) breach.
Delores operates a part-time catering business when includes eight contracts with customers in her city. Delores then wins the lottery and gives her business to her cousin to complete
these contracts for her. Each of her customers agrees to this situation. In legal terms, a ________ has occurred. (a) recission, (b)
mitigation, (c) novation, (d) breach.
These are usually known as “take it or leave it contacts”, because the offeree usually does not have the ability to negotiate the contact, and therefore must either take it or leave it.
(a) Kelly’s contacts, (b) contracts of adhesion, (c) contacts to buy real property, (d) all of the
above.
These are usually known as “take it or leave it contacts”, because the offeree usually does not have the ability to negotiate the contact, and therefore must either take it or leave it.
(a) Kelly’s contacts, (b) contracts of adhesion, (c) contacts to buy real property,
(d) all of the above.
With reference to ratification of a contact after reaching majority, a minor (a) must
ratify or disaffirm the entire contact, (b) may ratify selected parts of the contact which are
fair to the minor, (c) has no choice but to ratify, (d) none of the above.
With reference to ratification of a contact after reaching majority, a minor (a) must
ratify or disaffirm the entire contact, (b) may ratify selected parts of the contact which are fair to the minor, (c) has no choice but to
ratify, (d) none of the above.
Change in contractual terms without the consent of the other party is (a) alteration, (b) delegation of duties, (c) novation, (d) none of
the above.
Change in contractual terms without the consent of the other party is (a) alteration,
(b) delegation of duties, (c) novation, (d) none of the above.
Replacement of one contract with another is (a) breach of contract, (b) discharge of contract, (c) substitution, (d) novation.
Replacement of one contract with another is (a) breach of contract, (b) discharge of contract, (c) substitution, (d) novation.
Severing of the parent child relationship is known as (a) freedom, (b) emancipation, (c)
majority, (d) none of the above.
Severing of the parent child relationship is known as (a) freedom, (b) emancipation, (c)
majority, (d) none of the above.
Jose operates a nursery where he contracts with businesses to provide fresh flowers on a regular basis for their offices and restaurants.
Most of his clients have signed a one-year contract. Due to a recent fall, however, Jose notifies his clients in advance that he will not
be able to perform his contractual duties. This advance notification is an example of
a(n): (a) recission, (b) anticipatory breach, (c) novation, (d) specific performance.
Jose operates a nursery where he contracts with businesses to provide fresh flowers on a regular basis for their offices and restaurants.
Most of his clients have signed a one-year contract. Due to a recent fall, however, Jose notifies his clients in advance that he will not
be able to perform his contractual duties. This advance notification is an example of
a(n): (a) recission, (b) anticipatory breach, (c) novation, (d) specific performance.
When the parties to a contract agree beforehand on an amount to be awarded to the
injured party should a breach occur, the amount is known as: (a) liquidated damages,
(b) consequential damages, (c) nominal damages, (d) mitigated damages.
When the parties to a contract agree beforehand on an amount to be awarded to the
injured party should a breach occur, the amount is known as: (a) liquidated damages,
(b) consequential damages, (c) nominal damages, (d) mitigated damages.
Transactions by which a party transfers contractual right to another is known as
(a) remedy, (b) mitigation, (c) allocation, (d) assignment.
Transactions by which a party transfers contractual right to another is known as (a) remedy, (b) mitigation, (c) allocation, (d)
assignment.
This is when a court decrees (orders) a party to do exactly what they agreed to do; used to remedy a breach of contract
(a) novation, (b) legal tender, (c) specific performance, (d) wavier.
This is when a court decrees (orders) a party to do exactly what they agreed to do; used to
remedy a breach of contract (a) novation, (b) legal tender, (c) specific performance, (d)
wavier.
The fulfillment of contractual promises as agreed is known as (a) a waiver, (b) a
novation, (c) a breach (d) performance.
The fulfillment of contractual promises as agreed is known as (a) a waiver, (b) a
novation, (c) a breach (d) performance.
• When two or more companies agree that one bidder will have the lowest bid, this is called (a) an allocation of market, (b) resale maintenance, (c) a monopoly, (d) bid rigging.
If an employee agrees not to compete with his or her employer
after the employment terminates, this is called: (a) a monopoly, (b) a prohibited act, (c) the Blue Sky
Laws, (d) a non-compete contact.
If an employee agrees not to compete with his or her employer
after the employment terminates, this is called: (a) a monopoly, (b) a prohibited act, (c) the Blue Sky
Laws, (d) a non-compete contact.
Persons engaged in trades, such as barbers, plumbers, and electrical wiring
installer typically must obtain a(n) _________ license. (a) revenue, (b) incompetency, (c) competency, (d)
workman’s.
Persons engaged in trades, such as barbers, plumbers, and electrical wiring installer
typically must obtain a(n) _________ license. (a) revenue, (b) incompetency, (c)
competency, (d) workman’s.
Parole statements can be admitted to prove which of the following? (a)
fraud, (b) illegality, (c) a conflicting agreement existed before signing, (d)
both A and B.
Parole statements can be admitted to prove which of the following? (a)
fraud, (b) illegality, (c) a conflicting agreement existed before signing,
(d) both A and B.
A contract is said to be within the Statute of Frauds if it is required to be in: (a) a language the contracting parties can
understand, (b) legal terms, (c) writing, (d) a court room.
A contract is said to be within the Statute of Frauds if it is required to be in: (a) a language the contracting parties can
understand, (b) legal terms, (c) writing, (d) a court room.
Which of the following would almost always be considered a(n) necessary? (a) food, (b) college tuition, (c) car, (d) cell phone.
Which of the following would almost always be considered a(n) necessary? (a) food, (b) college tuition, (c) car, (d) cell phone.
Which of the following cannot be disaffirmed by a minor? (a) banking
contracts, (b) enlisting in the military, (c) contacts for necessaries,
(d) all of the above.
Which of the following cannot be disaffirmed by a minor? (a) banking
contracts, (b) enlisting in the military, (c) contacts for necessaries,
(d) all of the above.
When can a minor disaffirm a contract? (a) before reaching
majority, (b) within a reasonable time of reaching majority, (c) after
ratification, (d) either a or b.
When can a minor disaffirm a contract? (a) before reaching
majority, (b) within a reasonable time of reaching majority, (c) after
ratification, (d) either a or b.
Contractual capacity is dependent upon the ability to understand the
__________ of a contract. (a) considerations, (b) consequences,
(c) wording, (d) benefits.
Contractual capacity is dependent upon the ability to understand the
__________ of a contract. (a) considerations, (b) consequences,
(c) wording, (d) benefits.
True or False.
Only the original parties to a contract (offeror and offeree) can
have legally enforceable rights under the contract. True or False
Only the original parties to a contract (offeror and offeree) can
have legally enforceable rights under the contract. True or False
A major breach of contract gives the other party the right to cancel the
contact. True or False
A major breach of contract gives the other party the right to cancel the
contact. True or False
Courts sometimes compel parties to perform as contractually agreed.
True or False
Courts sometimes compel parties to perform as contractually agreed.
True or False
Cancellation, a variation of recession, is a remedy not available for victims of
breach of any type of contact. True or False
Cancellation, a variation of recession, is a remedy not available for victims of
breach of any type of contact. True or False
One reason for the statue of limitations is to prevent harassment later on down the
road. True or False
One reason for the statue of limitations is to prevent harassment later on down the
road. True or False
Consideration is always necessary for a valid contract of binding promise. True
or False
Consideration is always necessary for a valid contract of binding promise. True
or False
One’s performance of an already existing obligation can serve as consideration for
a new promise by any other person. True or False
One’s performance of an already existing obligation can serve as consideration for
a new promise by any other person. True or False
Promissory estoppel is an exception to the rule that consideration is required to make a promise binding. True or False
Promissory estoppel is an exception to the rule that consideration is required to make a promise binding. True or False
Consideration given and received in a contract must be of equal value. True or
False
Consideration given and received in a contract must be of equalvalue. True or
False
If an advertisement is sent by mail, it is effective only if received. True or False
If an advertisement is sent by mail, it is effective only if received. True or False
The writing required to satisfy the statue of frauds need not be in any special
form. True or False
The writing required to satisfy the statue of frauds need not be in any special
form. True or False
Even when a writing is not required by the statue of frauds, it is often wise to put important contracts in writing. True or
False
Even when a writing is not required by the statue of frauds, it is often wise to put important contracts in writing. True or
False
For a valid, enforceable contact, the parties must always clearly express their
intentions in spoken or written words. True or False
For a valid, enforceable contact, the parties must always clearly express their
intentions in spoken or written words. True or False
The sale of real property of any value and of tangible personal property (goods) for $400 or more are both covered by the
statute of frauds. True or False
The sale of real property of any value and of tangible personal property (goods) for $400 or more are both covered by the
statute of frauds. True or False
A contact that is legally called a “simple contact” may in fact be a very long and
complex written document. True or False
A contact that is legally called a “simple contact” may in fact be a very long and
complex written document. True or False
Small loan rates of interest typically exceed the usury rates, yet are legal.
True or False
Small loan rates of interest typically exceed the usury rates, yet are legal.
True or False
Possession of a legally required competency license is a guarantee to the
public of competent service. True or False
Possession of a legally required competency license is a guarantee to the
public of competent service. True or False
To disaffirm a contract, a minor must return any consideration received if the minor still possesses it. True or False
To disaffirm a contract, a minor must return any consideration received if the minor still possesses it. True or False
If a loan contact fails to specify the exact rate of interest, no interest may be
charged. True or False
If a loan contact fails to specify the exact rate of interest, no interest may be
charged. True or False
Although minors can disaffirm their contract, they are usually liable for their torts and delinquent for criminal acts.
True or False
Although minors can disaffirm their contract, they are usually liable for their torts and delinquent for criminal acts.
True or False
Assignment transfers contractual rights to another person; novation transfers contractual duties to another person.
True or False
Assignment transfers contractual rights to another person; novation transfers contractual duties to another person.
True or False
An assignment of rights has to be supported by consideration. True or
False
An assignment of rights has to be supported by consideration. True or
False
Some contractual duties cannot be delegated to another party. True or
False
Some contractual duties cannot be delegated to another party. True or
False
Although checks are not legal tender, they are frequently given and
accepted by creditors, subject to prompt payment by the bank on
which they are drawn. True of False
Although checks are not legal tender, they are frequently given and
accepted by creditors, subject to prompt payment by the bank on
which they are drawn. True of False
If deviations by one party from the terms or specifications of a contract
are deliberate, substantial performance does not discharge the
contract. True of False
If deviations by one party from the terms or specifications of a contract
are deliberate, substantial performance does not discharge the
contract. True of False
Contracts are usually discharged by either complete or substantial
performance. True or False
Contracts are usually discharged by either complete or substantial
performance. True or False
Ambiguity in the terms of a written contract will be interpreted against the author of the contract. True or False
Ambiguity in the terms of a written contract will be interpreted against the author of the contract. True or False
Lending money at a rate higher that a state’s maximum rate is
called usury. True of False
Lending money at a rate higher that a state’s maximum rate is
called usury. True of False
The practice of competing firms agreeing to and charging customers
the same price is known as allocation of markets. True or False
The practice of competing firms agreeing to and charging customers
the same price is known as allocation of markets. True or False
The End!
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