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Business Law Exam 3 Questions With Complete Solutions
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Business Law Exam 3 Questions With Complete Solutions
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Business Law Exam 3 Questions With Complete SolutionsA contract entered into under undue influence is unavoidable.
Correct Answers False
A contract may be defined as an agreement: Correct Answers
formed by two or more parties to perform or refrain from
performing some act now or in the future.
A critical requirement for enforcement of a contract under the
doctrine of substantial performance is: Correct Answers Good
Faith
A major goal of the United Nations Convention on the Use of
Electronic Communications in International Contracts was to:
Correct Answers improve commercial certainty by determining
an Internet user's location for legal purposes.
A means of settling a disputed claim whereby a debtor offers to
pay a lesser amount than the creditor purports to be owed is
known as: Correct Answers an accord and satisfaction.
A quasi contract can be defined as: Correct Answers a fictional
contract.
A quasi contract is not an actual contract. Correct Answers
trUe
A-One Construction Company enters into a contract with Ben to
remodel Carol's Home Store, using products from Delta
, Building Supplies. Eats Cafe is next to Carol's Home Store. The
remodeling is a gift from Ben to Carol. Carol is:
an assignee. Correct Answers an intended beneficiary.
All states have Correct Answers not accepted UETA
Amelia had a good job, but got a better offer. She gave notice,
and her boss begged her not to leave, telling her she would have
a job "for life" if she stayed. She did. Is this contract enforceable
under the Statute of Frauds? Correct Answers Yes, because it
can be performed in less than one year.
An intended third party beneficiary cannot enforce a contract
against the original parties: Correct Answers until the rights of
the third party have vested.
Ben and Ivy enter into a contract under which Ben agrees to
cater Ivy's wedding in exchange for a cash down payment. The
contract expressly prohibits any transfer of rights. A contract
right may be transferred, however, if the transfer involves:
Correct Answers A right to receive payment
Berkie's bicycle is damaged in an accident caused by Imogene.
Berkie agrees not to sue Imogene if she will pay for the damage.
If she fails to pay, Berkie can bring an action for breach of
contract. This is: Correct Answers a covenant not to sue.
Best Construction, Inc., contracts to build a store for Cheesy
Pizza Company, with Cheesy's payment due on June 1. On June
1, Cheesy's bank is closed due to a state banking holiday, and
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