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WorksheetsCH 7 - Bus Law Contracts Ch Review
Total questions: 19
Worksheet time: 10mins
Name
Class
Date
1.
When the price of the items are not specified, use the
a)
Lowest market price
b)
The contract is null and void
c)
The highest market price
d)
The current market price
2.
A firm offer is binding,
a)
For not more than 3 months
b)
For a stated time
c)
All of these
d)
Even if nothing is paid
3.
There is not contract
a)
Without the exchange of money
b)
Without a piece of paper
c)
Without an offer and acceptance
d)
Without love
4.
Capacity to contract means the person
a)
Has genuine need for goods
b)
Has the money to enter into a contract
c)
Has the capacity to enter into a contract
d)
Has the ability to enter into a contract
5.
Is ordering a hamburger at the local drive -thru a contract?
a)
YES
b)
NO
6.
When terms of a contract are assumed to exist, the contract is know as ______________terms
a)
Implied
b)
Assumed
c)
Explored
d)
Created
7.
Can a merchant revoke a FIRM OFFER even if they have given nothing to keep the offer open?
a)
Yes
b)
No
c)
Maybe
d)
Certainly
8.
A valid offer must be communicated to the offeree and
a)
the terms must match
b)
must be in writing
c)
must be on legal paper
d)
must exchange money
9.
The test of the reasonable person is a __________test
a)
Subjective
b)
ACT
c)
Objective
d)
Object
10.
One of the following is NOT the way an offer may be terminated
a)
Reasonable Length of Time
b)
Rejection
c)
Revocation
d)
Responsive
11.
An offeror's attempt to word the offer so that silence appears to be acceptance, is a valid offer?
a)
YES
b)
NO
12.
You have the right to either accept or reject offers communicated to you.
a)
True
b)
False
13.
An invitation to the West Burlington Homecoming Dance is a contract.
a)
True
b)
False
14.
Kohl's flyer listing all the items on sale for the week is not a contract.
a)
True
b)
False
15.
If Bruce offers a contract to Cindee, can Vern accept?
a)
YES
b)
NO
16.
Every contract ends in either an acceptance or a rejection?
a)
YES
b)
NO
17.
When the terms of the contract must match exactly, this is know as
a)
unilateral contract
b)
matching offer contract
c)
mirror image rule
d)
minor image rule
18.
A contract that requires the offeree to perform an activity is known as a
a)
Bilateral Contract
b)
Mirror Image Rule
c)
Unilateral Contract
d)
Matching Offer Contract
19.
Which of the following is not an element to a contract
a)
Offer
b)
Guys
c)
Writing
d)
Considersation
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