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Business Law Final | 50 Questions | With Complete Solutions
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Business Law Final | 50 Questions | With Complete Solutions
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Business Law Final | 50 Questions | With Complete SolutionsA contract is always enforceable even if one party is aware that
the other party made a mistake of fact. Correct Answers False
A contract that one party retains the exclusive right to cancel at
any time is unenforceable. Correct Answers True
A contract written exclusively by one party and presented to the
other party on a take-it-or-leave-it basis is an adhesion contract
Correct Answers True
A covenant not to sue is against public policy. Correct Answers
False
A forum-selection clause indicates the place for the resolution of
a dispute arising under a contract. Correct Answers True
A unilateral contract is formed when the one receiving the offer
completes the requested act or performance. Correct Answers
True
All contracts between adults and minors are void. Correct
Answers False
An acceptance subject to new conditions implicitly rejects the
offer. Correct Answers True
An advertisement-"this property is for sale"-is an offer. Correct
Answers False
, An executed contract is one that has been fully performed.
Correct Answers True
An expression of opinion-"your customers will like this"-is an
offer. Correct Answers False
An implied contract is not an actual contract. Correct Answers
False
Betty pledges to donate $1,000 to the Children's Hospital. On
the basis of the pledge, the hospital orders additional equipment.
Betty reneges on the pledge. The hospital sues Betty. If the court
enforces the pledge, it will be Correct Answers under the
doctrine of promissory estoppel.
Bret is convicted of arson for burning down his warehouse to
collect the insurance. On an application for insurance from
Cover-All Insurance Company on a new building, in answer to a
question about prior convictions, Bret does not disclose his
conviction. This makes the contract Correct Answers voidable
by Cover-All because the omission is material to its decision to
issue coverage.
Cherry is injured in an accident caused by Bronco. Bronco
agrees to pay Cherry $2,500 if she agrees to release him from
further liability. Cherry agrees. If Cherry's damages ultimately
exceed $2,500, she can Correct Answers not collect the balance
from Bronco.
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