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WorksheetsBusiness Law: Chapter 10 Legal Purpose & Proper Form
Total questions: 23
Worksheet time: 12mins
Name
Class
Date
1.
Agreements to commit felonies are not illegal
a)
True
b)
False
2.
In most states, lenders of money may not charge more than a specified maximum rate of interest.
a)
True
b)
False
3.
All states setting the same set rate of interest would be considered usurious and illegal.
a)
True
b)
False
4.
Small loan rates of interest typically exceed the usurious rates, yet they are legal.
a)
True
b)
False
5.
Compounding a crime means committing two or more distinct crimes against the victim, such as robbery, battery, and kidnapping.
a)
True
b)
False
6.
An oral agreement to sell a house is bound by the down payment of the buyer.
a)
True
b)
False
7.
Valid contracts may be oral, written, implied from conduct or some combination of these unless otherwise required by law.
a)
True
b)
False
8.
A contract is said to be within the Statute of Frauds if it is required to be in writing.
a)
True
b)
False
9.
An executory contract in violation of the Statute of Frauds is an illegal contract.
a)
True
b)
False
10.
A quasi-contract exists when some element of an enforceable contract has unjustly enriched one of the parties in excess of four times its worth.
a)
True
b)
False
11.
A lottery has three elements: prize, chance, and consideration.
a)
True
b)
False
12.
If you agreed to pay a non-expert witness to make sure that she testified for you at trial, this agreement would be unenforceable
a)
True
b)
False
13.
A contract made illegal by specific statute might involve
a)
discrimination
b)
usury
c)
both discrimination and usury
d)
none of these
14.
Illegal lotteries involve
a)
paying to play, luck, and a prize
b)
entry fee, skill, and a prize
c)
down payment, risk, and a guaranteed award
d)
none of these
15.
Some legalized forms of gambling might include
a)
sports wagering
b)
state lotteries
c)
office pools
d)
none of these
16.
Some agreements that delay or prevent justice might include
a)
compounding a crime
b)
bribing jurors
c)
compounding a crime and bribing jurors
d)
none of these
17.
Which of the following would not be an agreement that would restrain trade unreasonably?
a)
allocatio of markets
b)
bid rigging
c)
price fixing
d)
franchising
18.
As an incentive to stop illegal acts, restitution is available
a)
to a party if they rescind before the illegal act occurs
b)
for the legal part of every contract
c)
for unperformed illegal acts
d)
all of these
19.
Once a court has found that a contract or a term of a contract is unconscionable, it can
a)
refuse to enforce the contract
b)
enforce the legal part and refuse to enforce the illegal part
c)
modify all the terms to make it fair
d)
all of these
20.
Courts may enforce all or part of an illegal agreement and may grant relief to one of the parties when
a)
the contract is divisible into legal and illegal parts
b)
the parties are not equally blameworthy
c)
the agreement can be modified to make it fair
d)
all of these
21.
Professionals such as physicians, teachers, lawyers, and pharmacists must have
a)
a federal license
b)
a competency license
c)
a revenue license
d)
all of these
22.
The practice of competitors dividing markets between themselves is known as
a)
bid rigging
b)
agreements not to compete
c)
price fixing
d)
allocation of markets
23.
Parol statements can be admitted to prove which of the following?
a)
fraud
b)
illegality
c)
forgery
d)
all of the above
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