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WorksheetsBusiness Law Chapters 6&7 Wayground
Total questions: 24
Worksheet time: 12mins
Name
Class
Date
1.
An agreement between two or more parties that create an obligation
a)
Promise
b)
Understanding
c)
Contract
2.
The party who makes an offer to form a contract
a)
Oferee
b)
Offeror
c)
Negotiator
3.
the party to whom an offer is made
a)
Offeree
b)
Offeror
c)
Contractor
4.
an agreement to enter into a contract that is evidenced by words or conduct between the parties
a)
Contact
b)
Genuine Assent
c)
Proposal
5.
what a person demands and generally must receive in order to make his or her promise legally binding
a)
Obligation
b)
Consideration
c)
Promise
6.
The ability to understand the terms of a contract
a)
Negotiability
b)
Capacity
c)
Causation
7.
Withdrawing an offer before it is accepted
a)
Revocation
b)
Correction
c)
Nevermind
8.
Offeree’s response to an offer which modifies it
a)
Acceptance
b)
Correction
c)
Counteroffer
9.
Contractual proposal in writing by a merchant stating how long the offer is to stay open
a)
Firm offer
b)
Option
c)
Soft offer
10.
When a party to whom an offer has been made agrees to the proposal
a)
Rejection
b)
Acceptance
c)
Counteroffer
11.
The rule that requires that the terms in the acceptance must exactly match the terms contained in the offer
a)
Counteroffer Principle
b)
Mirror Image Rule
c)
Aceptance Rule
12.
When the offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act
a)
Bilateral Contract
b)
Unilateral Contract
13.
When the offeror promises something in return for the offeree’s performance and indicates that this performance is the way acceptance must be made
a)
Bilateral contract
b)
Unilateral contract
14.
agreement to enter into a contract that is evidenced by words or conduct between the parties
a)
Genuine Assent
b)
Duress
c)
Recission
15.
A contract in which the injured party can withdraw from is called this
a)
enforceable
b)
voidable
c)
unilateral
16.
backing out of a transaction by asking for the return of what you gave and offering to give back what you received
a)
termination
b)
abandonment
c)
recission
17.
acting toward the contract as though one intends to be bound by it
a)
modification
b)
ratification
c)
termination
18.
occurs when one party uses an improper threat or act to obtain an expression of agreement
a)
coercion
b)
duress
c)
consent
19.
Occurs when one party to a contract is in a position of trust and wrongfully dominates another party
a)
undue influence
b)
coercion
c)
breach of contract
20.
occurs when one party holds an incorrect belief about the facts related to a contract
a)
bilateral mistake
b)
unilateral mistake
c)
misrepresentation
21.
both parties to a contract have an incorrect belief about an important fact
a)
breach of contract
b)
mutual mistake
c)
unilateral mistake
22.
important facts that influence both parties' decisions about a contract
a)
material facts
b)
negotiable actions
c)
it depends
23.
party to a contract does not know that a statement that he made is untrue
a)
fraudulent misrepresentation
b)
innocent misrepresenation
c)
intentional misrepresentation
24.
party to a contract knows that a statement he or she made is untrue
a)
fraudulent misrepresentation
b)
honest mistake
c)
innocent misrepresentation
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