Contracts Review

What is the refusal of an offer by an offeree?

• Revocation

• Counteroffer

• Insanity

• Rejection

Bob enters into an agreement to purchase Sue's car. On the way to the DMV to transfer the title, Sue has an accident in which her car is totaled. The offer is terminated based on which of the following:

• Revocation

• Destruction of subject matter

• Counteroffer

• Expiration of time

A written offer for goods that states the period of time during which the offer will stay open is

• A firm offer

• An option

• Rejection

• Earnest money

Julie is Tim's boss. Julie pressures Tim to sell her his car. In this example, genuine agreement is lacking because of:

• Innocent misrepresentation

• Duress

• Undue influence

• Unilateral mistake

Silence can be a valid method of acceptance

• True

• False

• Sometimes

When a party to a contract deliberately makes an untrue statement of fact, this is referred to as:

• Unilateral mistake

• Fraudulent misrepresentation

• Innocent misrepresentation

• Mirror Image Rule

At what age can a party legally enter into a contract in NC?

• 21

• 12

• 16

• 18

A mortgage company deferring your payments during a time of crisis (i.e. pandemic, medical emergency, etc.) could be an example of

• Forbearance

• Forgiveness

• Kindness

• Detriments

A contract can not be written providing consideration for an act that was completed in the past.

• True

• False

• Sometimes

Which of the following describes the act of charging too high of an interest rate?

• Usury

• Gambling

• Criminal

• Licensing