Personal Finance Quiz #2

A contract is a legally enforceable agreement between two or more people, spelling out your rights and responsibilities.

• true
• false
• I DON'T KNOW

A credit application asks you to agree to certain conditions after opening a certain account.

• true
• false
• I DON'T KNOW

To be legally enforceable, the contract mustn't have a lawful purpose.

• true
• false
• I DON'T KNOW

All products contain implied warranties.

• true
• false
• I DON'T KNOW

Not every state has a statute of frauds.

• true
• false
• I DON'T KNOW

A contract is a legally enforceable agreement between two or more people

• true
• false
• I DON'T KNOW

In a legally binding contract, consideration can not be an item of value, money, a promise, or performed service

• true
• false
• I DON'T KNOW

A legally binding contract contains 5 contract elements.

• true
• false
• I DON'T KNOW

Capacity refers to a person's ability to understand a contract.

• true
• false
• I DON'T KNOW

Paper records are more time and cost effective than electronic records.

• true
• false
• I DON'T KNOW