Business Law - Chapters 10&11

Contracts in which one person pays another o to commit a felony are unenforceable.

• True

• False

Charging interest on a loan of money at a rate higher than allowed by law is called

• Compounding a crime

• Loan kiting

• Usury

• Voidable interest

Oral agreements to sell a house are legally binding

• True

• False

Typically, illegal contracts are held by the courts to be _______

• Voidable

• valid

• Void

• upheld

A lottery has three elements (3 correct responses)

• prize

• Chance

• Consideration

• Restitution

Restitution is

• the enforcement of an agreement

• restoring of a party to their original position

• Paying Punitive damages

• fulfilling contract duties

Select the two contracts within the statute of frauds

• Sale of goods over $400

• Contracts to buy or sell real property

• Contracts to purchase an automobile

• Contracts that require more than 1 year to complete

Select two contracts within the statute of frauds

• Promises to stand good for the debts of another

• Contracts that involve minors

• Contracts that involve a promise of marriage in exchange for something of value

• Contracts tht involve more than one party or business

License required of professionals certifying they can perform adequately.

• Professional license

• Revenue License

• Competency License

• Board certified license

Contract that has been fully performed

• Executory Contract

• Completed Contract

• Quasi-Contract

• Executed Contract