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Worksheets8-2
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What kind of promise is not binding
a)
illusory
b)
fake
c)
liquidated
d)
fair dealing promise
2.
What part of a contract allows businesses to withdraw if their circumstances change?
a)
termination clause
b)
release
c)
output
d)
ilussory
3.
What type of contract requires a buyer to purchase all of a producers production
a)
output
b)
liquidation
c)
release
4.
What type of contract requires a seller to supply all of the needs of a buyer?
a)
requirements
b)
dispute contract
c)
illusory contract
5.
What type of debt occurs when parties agree to the existence and the amount of debt
a)
liquidation
b)
release
c)
nominal
d)
unconscionable
6.
What type of agreement exists if two parties compromise on the amount of debt
a)
accord and satisfaction
b)
nominal
c)
legal value
7.
What is a settlement made by parties when the liability is unliquidated
a)
release
b)
compensation
c)
gift
d)
nominal
8.
What is a group of creditors who agree to accept less than what they are entitled to from a debtor
a)
composition
b)
termination
c)
consideration
9.
What is a person to whom a debt is owed
a)
creditor
b)
debtor
c)
creditee
10.
What implied duty do both parties have under contracts containing termination, output, or requirement clauses
a)
fair dealing
b)
benefit
c)
forbearance
d)
accord
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