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BUS-L201 Module 3 Exam - Contract Law Questions With Complete Solutions
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BUS-L201 Module 3 Exam - Contract Law Questions With Complete Solutions
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BUS-L201 Module 3 Exam - Contract Law Questions WithComplete Solutions
_______ differs from concealment in that there is a failure to
volunteer information. Correct Answers Nondisclosure
_______ is a ground for lack of capacity only when it is so
extreme that the person is unable to understand the nature of the
business at hand. Correct Answers Intoxication
_______ is a wrongful coercion that induces a person to enter or
modify a contract. Correct Answers Duress
_______ means that a person pursues some course of action
because of his/her faith in an assertion made to him/her. Correct
Answers Reliance
__________ estoppel can be applied in the case of the absence
of a binding consideration. Correct Answers Promissory
__________ evidence can be used to contradict the written
terms of a partially integrated contract. Correct Answers Parol
__________ is what distinguishes enforceable agreements from
gratuitous promises. Correct Answers Consideration
__________ protects reliance on a promise from one party to
another. Correct Answers Promissory estoppel
A __________ beneficiary of a contract can recover under that
contract. Correct Answers donee
,A __________ is sufficient to form the basis of authenticity of a
written contract. Correct Answers signature
A bargain is considered to be void if, at the time of formation of
the bargain, _______ Correct Answers a court had already
adjudicated one or more of the parties mentally incompetent.
A claim of undue influence is generally not made among
strangers. (T/F) Correct Answers T
A clause in a contract that prevents an employee from working
for an employer's competitor after the employment relationship
terminates for a specified time and in a specified geographic
area is referred to as a(n): Correct Answers Noncompete clause
A contract in which one party to the agreement agrees to buy all
of the other party's production of a particular commodity is
called a(n) __________ contract. Correct Answers output
A contract is said to be _______ if the legal part can be
separated from the illegal part. Correct Answers divisible
A contract where formation was induced by duress is an
example of a contract that is: Correct Answers voidable.
A delegator can be discharged from his/her obligation to
perform his/her duty to the original promisee by a contract of:
Correct Answers novation.
,A fully "integrated" contract under the parol evidence rule is one
that: Correct Answers is intended by the parties to be the
complete and final statement of their agreement.
A merger clause is also known as an: Correct Answers
integration clause.
A newspaper advertisement for Cashmere Closet states "This
Saturday 9 a.m., 1 Red Cashmere Scarf, worth $299.95... $10.00
First Come First Served." Which of the following statements is
false? Correct Answers The ad lacks intent to constitute an
offer.
A party not equally in the wrong of an illegal agreement will
generally be _______ Correct Answers allowed to recover
what she has parted with.
A person who commits fraud may be liable for punitive damages
under the tort of _______ Correct Answers deceit.
A person who is claiming damages based on a contract claim
cannot recover damages for anything that he does after learning
of the illegality of the contract. (T/F) Correct Answers T
A reaffirmation promise has to be made prior to the date of the
discharge and gives the debtor the right to revoke his promise
within 30 days after it becomes enforceable. This is the
requirement of: Correct Answers promises to pay debts barred
by bankruptcy discharge.
, A third party is categorized as a donee beneficiary when:
Correct Answers the promisee's primary purpose in contracting
is to make a gift of the agreed-on performance to the third party.
A third party who is unable to establish that the contract was
made with the intent to benefit her is called a(n): Correct
Answers incidental beneficiary.
A(n) _______ is something which is essential for the minor's
continued existence and general welfare and has not been
provided by the minor's parents or guardian. Correct Answers
necessary
A(n) __________ contract creates no obligation and is not
enforceable by any party. Correct Answers voidable contract
A(n) __________ is a proposal by one person to another that is
intended to create legal relations on acceptance by the person to
whom it is made. Correct Answers offer
Aaron promises to sell his boat to Matt, and Matt promises to
buy it from Aaron. What type of contract is this? Correct
Answers A bilateral contract
Abel enters into an oral contract to work for Carr for an
indefinite period of time at a rate of $50,000 per year. Is this
agreement exempt from the statute of frauds? Correct Answers
Yes, because the agreement is for an indefinite period of time.
According to contract law, a(n) _______ is a belief about a fact
that is not in accord with the truth. Correct Answers mistake
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