2024 Unit 2 Part 2 Test Contract Law

To refrain from informing on or prosecution an alleged crime in exchange for money or other valuable consideration.

• bid rigging
• competency license
• compounding a crime
• lottery
• parol evidence

Oral evidence

• bid rigging
• competency license
• compounding a crime
• lottery
• parol evidence

License required of professionals certifying they can perform adequately

• bid rigging
• competency license
• compounding a crime
• lottery
• parol evidence

A contract so grossly unfair that parties under normal conditions would not enter into it

• unconscionable
• price fixing
• quasi-contract
• revenue license
• Statute of Frauds

A fiction created by the law to allow the enforcement of a contract remedy where justice alone warrants such a remedy.

• quasi-contract
• price fixing
• revenue license
• Statute of Frauds
• unconscionable

Typically, illegal contracts are held by the courts to be ___________ and unenforceable

• valid
• voidable
• void

Any oral contract can be enforceable in court of law if there are enough reliable witnesses to testify to the contract's terms.

• True
• False

Ambiguous terms in a written contract will be constructed against the author.

• True
• False

Under the UCC and between parties who normally deal in goods identified in the contract, a party who receives a written and signed contract proposal from another has ___________ days to object to the terms or be bound to them.

• 10
• 15
• 30
• 60

What are the six essential elements in writing required by the most demanding Statutes of Frauds standards?

• names of parties, description, subject, prime, price, and quantity
• name of parties, a description of the subject matter, price, quantity, signature, and other essential terms
• parties, a description, price, quality , signature, and other essential terms
• all of these