WorksheetsUnit 2 Business Law Contract Law
Total questions: 70
Worksheet time: 36mins
Name
Class
Date
1.
An agreement to commit a crime is a contract.
a)
True
b)
False
2.
Angry speech is considered an offer.
a)
True
b)
False
3.
A proposal to do something is a(n)
a)
offer
b)
contract
c)
arrangement
d)
promise
4.
A(n) __________________ contract is formed by a mutual exchange of legally binding promises.
a)
bilateral
b)
express
c)
implied
d)
executed
5.
The ____________________ requires that the acceptance exactly match the terms contained in the offer.
a)
unilateral rule
b)
bilateral rule
c)
matching offer rule
d)
mirror image rule
6.
An offer that is not accepted may be terminated by the rejection of the
a)
Offeror
b)
acceptor
c)
offeree
d)
rejecter
7.
The Uniform Commercial Code makes firm offers binding for the time stated in the offer itself, but limits the length of time to
a)
30 days
b)
3 months
c)
6 months
d)
3 weeks
8.
A(n) __________________ occurs when a party to whom an offer has been made agrees to the proposal.
a)
alteration
b)
rejection
c)
acceptance
d)
acknowledgement
9.
A(n) _____________ occurs when the terms of an original offer are changed.
a)
counteroffer
b)
contract
c)
executive decision
d)
offer
10.
An option is a binding contract.
a)
True
b)
False
11.
An accepted contract is rendered ______________ if duress is legally proven.
a)
Voidable
b)
legal
c)
invalid
d)
illegal
12.
The threat to engage in illegal conduct in order to gain agreement to a contract is always considered
a)
unusual persuasion
b)
improper threat
c)
duress
d)
undue influence
13.
_____________ has occurred when a misrepresentation and or misstatement were made recklessly or intentionally and injury has resulted.
a)
a unilateral mistake
b)
a mutual mistake
c)
innocent misrepresentation
d)
fraud
14.
A(n) ________________________ occurs when both parties hold an incorrect belief about an important fact.
a)
fraudulent misrepresentation
b)
bilateral mistake
c)
innocent misrepresentation
d)
mutual mistake
15.
Duress can occur when the threat to ________________ is really made for a purpose unrelated to the suit.
a)
do bodily harm
b)
break the contract
c)
refuse assent
d)
sue
16.
____________________ is a key element in undue influence.
a)
Unfair persuasion
b)
Fraud
c)
Duress
d)
Threats and alternatives
17.
It is presumed that all persons know
a)
the facts
b)
the correct technical terminology
c)
the law
d)
the truth
18.
A mistake from failure to read a contract prior to signing is considered a ________________ mistake.
a)
fraudulent
b)
bilateral
c)
mutual
d)
unilateral
19.
Material facts are unimportant facts that influence the decisions of the parties involved.
a)
True
b)
False
20.
Innocent misrepresentation occurs when a statement is made by one party to a contract, who didn't know the statement was untrue, to another party.
a)
True
b)
False
21.
A person to whom a debt is owed is called the
a)
Bank
b)
Loaner
c)
Debtor
d)
Creditor
22.
Forbearance is an agreement
a)
not to do something
b)
to do something
c)
to do something illegal
d)
that requires a contract
23.
________________________ is the implied duty both parties to a contract have in contracts containing termination, output, or requirement clauses.
a)
Ernest intent
b)
Direct Dealing
c)
Fair Dealing
d)
Fair Intent
24.
A(n) ____________________ contract is a contract in which the consideration is so grossly inadequate that it shocks the court.
a)
unfair
b)
unconscionable
c)
illegal
d)
distorted
25.
A liquidated debt is one in which the parties agree
a)
that past performance and debt have occurred.
b)
that immediate performance and debt have occurred.
c)
that adequate consideration has been paid and no debt exists.
d)
on the amount of the debt and that it exists.
26.
_______________________ is the doctrine by which promises are enforced.
a)
Fair dealing
b)
Indirect estoppel
c)
Charitable dealing
d)
Promissory estoppel
27.
At what point can a person who lacks contractual capacity disaffirm a contract?
a)
after three months time and review of contracts
b)
at any time until capacity is gained or regained, or after reasonable period of review
c)
persons who lack capacity may not disaffirm a contract
d)
after the contracting party's attorney has reviewed the contract
28.
_____________________ is the severing of the parent-child relationship.
a)
Disavowal
b)
Emancipation
c)
Ratification
d)
Disaffirmance
29.
_________________ is the state of mental impairment from drugs and or alcohol.
a)
Intoxication
b)
Nirvana
c)
Immobility
d)
Crackheadedness
30.
_____________________ is the ability to understand a contract that is being made and its consequences.
a)
Legal Capacity
b)
Scope of Authority
c)
Scope of Capacity
d)
Contractual Capacity
31.
In most states the age of majority to contract is
a)
21
b)
18
c)
19, 20, 21
d)
18, 19, 21
32.
Minors usually are held liable for their
a)
Torts
b)
disaffirmances
c)
incapacitations
d)
contracts
33.
Goods and services needed to sustain life are called
a)
live services
b)
sustainable goods
c)
necessaries
d)
some answer coach lewis just made up
34.
To refrain from informing on or prosecuting an alleged crime in exchange for money or other valuable consideration is
a)
usury
b)
bribery
c)
conspiracy
d)
compounding a crime
35.
Lending money at a higher rate than a state's maximum rate is
a)
Overcharging
b)
interest gouging
c)
an unfair business practice
d)
usury
36.
A(n) _________________ 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.
a)
blue-sky law
b)
prohibited act
c)
agreement not to compete
d)
monopoly
37.
Price _____________________ occurs when two companies agree to charge customers the same price.
a)
rigging
b)
fixing
c)
monopoly
d)
warring
38.
Antitrust laws were created to preserve
a)
competition
b)
company integrity
c)
comparable interests
d)
competency
39.
Words spoken prior to the execution of a the final writing or at the signing of a contract are considered to be
a)
restrained evidence
b)
excited evidence
c)
parole evidence
d)
an oral agreement
40.
A party to a contract may not transfer to another person his or her rights to the benefits of a contract by any means.
a)
True
b)
False
41.
A person who must perform an obligation under a contract or other legal device is called a(n)
a)
performer
b)
writer
c)
obligor
d)
creditor
42.
A remedy is the legal means by which a right is enforced or a right's violation is prevented or addressed.
a)
True
b)
False
43.
________________ is a material change in the terms of a written contract without the consent of the other party.
a)
Abhorrence
b)
Alliteration
c)
Alteration
d)
Acquiescence
44.
A(n) ________________ when a party intentionally and specifically gives up a contractual right.
a)
consequential clause
b)
escape clause
c)
mitigation clause
d)
waiver
45.
Discharge of a contract is defined as
a)
the cancellation of the obligations imposed by it.
b)
a breach of a contract by its signatories.
c)
a breach of contract.
d)
a failure of the signatories to complete the contract.
46.
A ready, willing, and able offer to perform contractual obligations is called a(n)
a)
anticipatory discharge
b)
performance remedy
c)
remedy
d)
tender
47.
In states with _______________ divorce laws, the court recognizes the right of either the wife or husband to terminate a marriage.
a)
no fault
b)
no impact
c)
comprehensive
d)
common-law
48.
A man and woman who live together outside of marriage are said to be
a)
illegally consorting
b)
cohabitating
c)
progressive
d)
living in sin
49.
Some state legal requirements that may need to be met prior to a couple's marriage include
a)
abiding by a waiting period, proving sexual identity, and taking a blood test.
b)
taking a blood test, proving mental fitness, and abiding by a waiting period.
c)
abiding by a waiting period, proving age and sexual identity.
d)
proving age, taking a blood test, and abiding by a waiting period.
50.
A void marriage is considered to be invalid from the outset.
a)
True
b)
False
51.
Child support is taxable and part of alimony.
a)
True
b)
False
52.
Which of the following would be considered grounds in a no-fault divorce?
a)
bigamy
b)
desertion
c)
cruelty
d)
irreconcilable differences
53.
The crime of being married to two persons at the same time is
a)
dual marriage
b)
double trouble
c)
bigamy
d)
bilateral marriage
54.
Child custody is
a)
always granted to the father.
b)
the care and control of a minor.
c)
always decided by the child.
d)
always granted to the mother.
55.
A legal contract resolving property and other claims that might result from a marriage before the marriage occurs is called
a)
a predivorce agreement
b)
a marriage and divorce agreement
c)
the marriage consortium
d)
a prenuptial agreement
56.
Annulments are only granted by religious intuitions and hold no power in the courts.
a)
True
b)
False
57.
Parental consent to marry is generally required for individuals under the age of
a)
19
b)
18
c)
25
d)
21
58.
A divorce is a court order that cancels a marriage
a)
at the request of one or both parties to the marriage, and based on problems that may or may not have occurred at any time during the marriage.
b)
only if all parties agree to the action.
c)
only if both people appear at court.
d)
Option 4
59.
elements of contract
a)
offer
b)
acceptance
c)
consideration
d)
intention of legal consequences
60.
Which of the following is TRUE about civil law?
a)
the plaintiff is the state
b)
the defendant goes to jail if held liable
c)
damages are often in the form of money
d)
all of these are true
61.
is a proposal to provide a good or service
a)
offer
b)
acceptance
c)
consideration
d)
intention of legal consequences
62.
Which of the following is a contract?
a)
Betty offers to give a book to Lou. Lou accepts.
b)
Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.
c)
Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.
d)
None of the above
63.
What is an example of a contract?
a)
Employment contract
b)
Sales contract
c)
Rental contract
d)
All of the above
64.
Contract= agreement+ (a)
65.
ALL serious agreements are contracts.
a)
True
b)
False
66.
elements of contract
a)
offer
b)
acceptance
c)
consideration
d)
intention of legal consequences
67.
ALL serious agreements are contracts.
a)
True
b)
False
68.
Which of the following is NOT an essential element of a contract?
a)
Offer
b)
Acceptance
c)
Mutual Agreement
d)
Advertisement
69.
What is a tort?
a)
a criminal act
b)
a set of laws
c)
a civil wrong
d)
none of these
70.
An agreement not enforceable by law is
a)
Valid Agreement
b)
Void Agreement
c)
Voidable Agreement
d)
Illegal Agreement
100 %
