BL Chapter 6-10 Review - contracts

A gambling agreement on the uncertain outcome of an event is termed a wager.

• True

• False

Generally, a contract "within the Statue of Frauds" does not have to be in writing to be enforceable.

• True

• False

A court will award money to prevent the unjust enrichment of one party or another to a quasi-contract.

• True

• False

Five competing major oil- and gas-producing companies agree to divide the United States markets between themselves, each agreeing not to open gas stations in the others' markets. This agreement is an example of

• price fixing

• bid rigging

• allocation of markets

• divisible contracts

Lending money at a rate higher than a state's maximum rate is

• usury

• loan sharking

• adhesion

• none of the above

Assent means.......

• The expression of approval or agreement

• Your perspective of a contract

• peoples actions towards a contract

• proposing an idea

Voidable means.....

• transaction or action that is valid but may be annulled by one of the parties

• A contract that has no legal effect

• Complete Agreements between to parties

• legally and officially acceptable

A party gives back what they put into the contract

• ratification

• voidable

• rescission

• validity

Duress only occurs when there is a relationship of trust between the parties

• true

• false

• facts help influence parties in making decisions about a contract

• material

• voidable

• valid

• legal