Free Printable Chapters 8/9/10 Review

Worksheets

Chapters 8/9/10 Review

Total questions: 50

Worksheet time: 38mins

Name

Class

Date

A person to whom a debt is owed is called the

Bank

Loaner

Debtor

Creditor

Forbearance is an agreement

not to do something

to do something

to do something illegal

that requires a contract

________________________ is the implied duty both parties to a contract have in contracts containing termination, output, or requirement clauses.

Ernest intent

Direct Dealing

Fair Dealing

Fair Intent

A(n) ____________________ contract is a contract in which the consideration is so grossly inadequate that it shocks the court.

unfair

unconscionable

illegal

distorted

A liquidated debt is one in which the parties agree

that past performance and debt have occurred.

that immediate performance and debt have occurred.

that adequate consideration has been paid and no debt exists.

on the amount of the debt and that it exists.

__________________ is a token amount of money given as consideration.

Normal consideration

Nominal consideration

Undue consideration

Legal consideration

_______________________ is the doctrine by which promises are enforced.

Fair dealing

Indirect estoppel

Charitable dealing

Promissory estoppel

At what point can a person who lacks contractual capacity disaffirm a contract?

after three months time and review of contracts

at any time until capacity is gained or regained, or after reasonable period of review

persons who lack capacity may not disaffirm a contract

after the contracting party's attorney has reviewed the contract

_____________________ is the severing of the parent-child relationship.

Disavowal

Emancipation

Ratification

Disaffirmance

10.

_________________ is the state of mental impairment from drugs and or alcohol.

Intoxication

Nirvana

Immobility

Crackheadedness

11.

_____________________ is the ability to understand a contract that is being made and its consequences.

Legal Capacity

Scope of Authority

Scope of Capacity

Contractual Capacity

12.

In most states the age of majority to contract is (a)

Choose from the below words

19, 20, 21

18, 19, 21

13.

Minors usually are held liable for their

Torts

disaffirmances

incapacitations

contracts

14.

Goods and services needed to sustain life are called

live services

sustainable goods

necessaries

some answer coach lewis just made up

15.

To refrain from informing on or prosecuting an alleged crime in exchange for money or other valuable consideration is

usury

bribery

conspiracy

compounding a crime

16.

Lending money at a higher rate than a state's maximum rate is

Overcharging

interest gouging

an unfair business practice

usury

17.

A(n) (a) is signed by an employee who agrees not to work for three years in the same industry as his or her employer after the employment is terminated.

18.

Price _____________________ occurs when two companies agree to charge customers the same price.

4 lines

19.

Antitrust laws were created to preserve

competition

company integrity

comparable interests

competency

20.

Words spoken prior to the execution of a the final writing or at the signing of a contract are considered to be

restrained evidence

excited evidence

parol evidence

an oral agreement

21.

Which of the following is NOT a valid reason for a contract to be considered voidable?

Duress

Mutual mistake

Lack of capacity

Legal purpose

22.

A contract entered into by a person declared mentally incompetent by a court is considered:

Valid

Void

Enforceable

Voidable

23.

What is the legal term for the act of accepting and giving legal force to an obligation that was previously unenforceable?

4 lines

24.

when one or more parties do not follow the agreed terms of a contract without having a legitimate reason

(a)

Choose from the below words

break contract

tear up contract

breach of contract

build contract

25.

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

4 lines

26.

Refraining from doing what one has a right to do

forbearance

consideration

legal value

donee

27.

when one or more parties do not follow the agreed terms of a contract without having a legitimate reason

4 lines

28.

A detective caught a suspect who intentionally set fire to a pharmacy. The detective was not allowed to accept a gift from the proprietor due to:

past consideration

existing duty

a promise to make a gift

a promise to obey the law.

29.

What is the purpose of a non-disclosure agreement (NDA) in a business setting?

To outline the terms of employment

To prevent the sharing of proprietary information

To define the business structure

To establish a partnership

30.

Carol gives up her legal right to sue Janice. What term describes this situation?

Benefit

Counteroffer

Detriment

Forbearance

31.

Which of the following is a valid reason for contract termination?

Change of mind

Mutual agreement

Lack of interest

Personal dislike

32.

Agreeing to give false testimony

violates which element?

Capacity

Consideration

Legality

Offer

33.

What is the consequence of a breach of contract?

Formation of a new contract

Legal remedies

Automatic termination

No consequence

34.

A threat against a person’s business would violate which element?

Capacity

Consideration

Genuine agreement

Legality

35.

Robert offered a reward for anyone who returns his lost wallet. What type of contract is this?

Bilateral

implied

unilateral

void

36.

Fred has worked for his employer for 12 years. His mother was diagnosed with cancer. Fred requested time off to care for his mother. His employer refused. Which act is this company violating?

Wage and Hour Act

Americans with Disability Act

Age Discrimination in Employment Act

Family Medical Leave Act

37.

Jim purchases a rare antique piece for $5,000. The contract was signed by both parties. in this scenario, who is Jim?

donee

donor

offeree

offeror

38.

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

Oral

Unenforceable

Valid

Written

39.

What is the consequence of a breach of contract?

Formation of a new contract

Legal remedies

Automatic termination

No consequence

40.

John proposes to sell his car to Jan for $500. What element of a contract did John propose?

Acceptance

Offer

Rejection

Revocation

41.

What is considered a breach of contract?

Failing to perform any term of a contract, written or oral, without a legitimate legal excuse.

Deciding not to enter into a contract.

Negotiating contract terms.

Changing the terms of a contract with mutual agreement.

42.

What is a contract?

A formal agreement between family members only.

A legally binding agreement between two or more parties.

A verbal promise with no legal implications.

A written document that is not legally enforceable.

43.

An expressed contract

must be oral and written

stated in words and may be either oral or written

can only be stated in words

can only be written

44.

What is a unilateral contract?

A contract where only one party makes a promise

A contract where both parties make promises

A contract that is void

A contract that is implied

45.

A valid contract must contain at least four of the six elements of a contract.

True

False

46.

Consideration is the legal ability to enter a contract.

True

False

47.

A business owned by only one person

Partnership

Franchise

Corporation

Sole Proprietorship

48.

Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.

true

false

49.

Two major elements which defines a contract .......

Offer and acceptance

Agreement and enforceable by law

Consideration and offer

50.

Which of the following is NOT a type of business ownership?

Sole proprietorship

Partnership

Corporation

Monopoly

100 %

Chapters 8/9/10 Review

Total questions: 50

Worksheet time: 38mins

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