NEW
Font size
S
M
L
XL
WorksheetsBusiness Law - Chapter 10
Total questions: 38
Worksheet time: 19mins
Name
Class
Date
1.
Agreements to commit felonies are:
a)
Legal
b)
Illegal
2.
Charging more than the maximum interest rate is:
a)
Bid rigging
b)
Unconscionable
c)
Usury
d)
Compounding a crime
3.
What does it mean for a contract to be "within the Statute of Frauds"?
a)
It can be orally made
b)
It must be in writing
4.
Which of these is an agreement that restrains trade/competition?
a)
Price fixing
b)
Bid rigging
c)
Allocation of markets
d)
All of these
5.
In this type of contract, legal and illegal parts can NOT be separated:
a)
Divisible
b)
Indivisible
6.
If a contract does not need to be in writing, it is said to be:
a)
"Outside the Statute of Frauds"
b)
"Without the Statute of Frauds"
c)
"Within the Statute of Frauds"
d)
None of these
7.
This occurs when competitors divide markets among themselves:
a)
Allocation of markets
b)
Bid rigging
c)
Price fixing
d)
Usury
8.
This happens when someone refrains from informing on/prosecuting an alleged crime in exchange for money or something of value:
a)
Usury
b)
Bid rigging
c)
Compounding a crime
d)
Price fixing
9.
Under the Statute of Frauds, a contract for the sale of goods must be in writing if it is dealing with this amount:
a)
$1000+
b)
$500+
c)
$10+
d)
$5000+
10.
How many types of executory contracts are "within the Statute of Frauds"?
a)
4
b)
5
c)
6
d)
10
11.
What sport does pari-mutuel betting deal with?
a)
Horse racing
b)
Wrestling
c)
College basketball
d)
Professional football
12.
Which of these is an example of a legal, regulated form of gambling?
a)
Casinos
b)
State-run lotteries
c)
Pull-tab betting
d)
All of these
13.
A contract that is so unfair that parties under ordinary circumstances would not accept it is said to be:
a)
Conscionable
b)
Unconscionable
c)
Usurious
d)
Antitrust
14.
Which of these is the set of laws that governs the sale of goods?
a)
USC
b)
FCC
c)
UCC
d)
FBI
15.
These are words spoken prior to the execution of the final writing or at the time of signing a contract:
a)
Parol evidence
b)
Final words
c)
Blue-sky laws
d)
Excusable ignorance
16.
Land and buildings attached to land are considered what kind of property?
a)
Personal
b)
Real
17.
When competing firms agree to charge the same price for a product and service it is called:
a)
Allocation of markets
b)
Price fixing
c)
Bid rigging
d)
Usury
18.
A term that is understood to be included in the contract as a matter of reasonableness is said to be:
a)
Understood
b)
Acceptable
c)
Implied
d)
Usurious
19.
These laws were put in place to preserve competition:
a)
Antitrust laws
b)
Blue-sky laws
20.
These laws were put in place to prohibit the sale of useless stock:
a)
Antitrust laws
b)
Blue-sky laws
21.
In this type of contract, legal and illegal parts CAN be separated:
a)
Indivisible
b)
Divisible
22.
When competitors who bid on jobs agree that one bidder will have the lowest bid for a particular job:
a)
Bid rigging
b)
Allocation of markets
c)
Price fixing
d)
Usury
23.
Which of these is an agreement that delays or prevents justice?
a)
Paying a non-expert witness to testify
b)
Bribing jurors
c)
Compounding a crime
d)
All of these
24.
This is one of the most common forms of gambling; it is a bet on the uncertain outcome of an event:
a)
Wager
b)
Pull-tab betting
c)
Pari-mutuel betting
d)
Bingo games
25.
How many elements of a lottery are there?
a)
3
b)
4
c)
5
d)
6
26.
Which element of a lottery is this describing? "Something of value for 1+ winners"
a)
Prize
b)
Chance
c)
Consideration
27.
Which element of a lottery is this describing? "Winner is determined solely by luck"
a)
Prize
b)
Chance
c)
Consideration
28.
Which element of a lottery is this describing? "Payment is required to pay"
a)
Prize
b)
Chance
c)
Consideration
29.
This type of promise must be in writing to be enforceable:
a)
Collateral
b)
Primary
30.
This type of promise does not have to be in writing to be enforceable:
a)
Collateral
b)
Primary
31.
This type of license is for those whose purpose is only to raise revenue rather than protect the public:
a)
Competency license
b)
Revenue license
32.
This type of license is for those engaged in trades to make sure they can perform adequately:
a)
Competency license
b)
Revenue license
33.
The state of not knowing a contract is illegal:
a)
Unexcusable ignorance
b)
Excusable ignorance
c)
Excusable innocense
d)
Fraudulent misrepresentation
34.
When a third party is liable for an oral promise to pay another's debt if the main purpose of the promise serves the promisor's own interest:
a)
Parol evidence
b)
Heart-balm suit
c)
Main purpose rule
d)
Mirror image rule
35.
This is a lawsuit filed by the victim when a contract to marry is breached:
a)
Blue-sky law
b)
Antitrust law
c)
Quasi-contract
d)
Heart-balm suit
36.
Under the UCC requirements, which is an essential term?
a)
Quantity of goods
b)
Writing indicating that a contract has been created
c)
Both of these
37.
The purpose of this is to prevent unjust enrichment by enforcing restitution of some other obligation against one or another parties to the case:
a)
Quasi-contract
b)
Usurious interest rate
c)
Main purpose rule
d)
Compounding a crime
38.
Which of these is NOT an essential term under the Statute of Frauds requirements?
a)
Name of the parties
b)
Description of subject matter
c)
How old the property is
d)
Quantity and price
Reset
