Chapter 23 and 24 Quiz

The act of agreeing to an offer and becoming bound to the terms of a contract

• Acceptance

• Contract

• Offer

A legally enforceable agreement between two or more people to exchange something of value

• Contract

• Acceptance

• Offer

The violation of a law, duty, or other form of obligation

• breach

• fraud

• ratified

A specific proposal by one person to another to make a deal or contract

• offer

• competent

• acceptance

Something of value offered or received that must be present in every valid contract

• consideration

• competent

• offer

Any deception, lie, or dishonest statement made to cheat someone or induce him or her to agree to a contract

• fraud

• breach

• ratify

refund; paid back money you have already paid

• restitution

• rescission

• damages

A guarantee or promise made by a seller or manufacturer concerning the quality or performance of goods offered for sale

• warranty

• puffing

• disclaimer

Required by federal law to include repair or replacement at no cost

• full warranties

• limited warranties

• implied warranty

An unwritten guarantee that the good or service is fit for the purpose for which it was sold

• implied warranty

• express warranty

• full warranty