Have an account?
Skip to Content
Build your own quiz
Suggestions for you
40 questions
Show Answers
See Preview
- 1. Multiple Choice
Parties who may, because of their status, have the right to disaffirm a contract include
minors
the intoxicated
the mentally incapacitated
All of these.
- 2. Multiple Choice
Acting toward a contract as though one intends to be bound by it is called
contractual capacity
Ratification
disaffirmance
none of these
- 3. Multiple Choice
When a court decrees a minor emancipated, it is referred to as
Formal emancipation
informal emancipation
adult designatory
all of these
- 4. Multiple Choice
Which of the following would most likely not be classified as a necessary?
an apartment
clothes
Cosmetics
food
- 5. Multiple Choice
In most states minors can get back everything they put into a contractual bargain even if
they are unable to return exactly what was received under the contract.
the goods have been used or damaged.
the goods have been lost, consumed, or destroyed
All of these
- 6. Multiple Choice
Contracts of a minor that cannot be disaffirmed include
court-approved contracts
enlistment in the armed services
educational loans
All of these.
- 7. Multiple Choice
In many states, a minor who lies about her or his age may be held liable for the tort of
false identity
False representation
improper identification
maturity misrepresentation
- 8. Multiple Choice
The severance of the child-parent relationship is referred to as
disaffirmance
Emancipation
ratification
none of these
- 9. Multiple Choice
Employees acting outside of their ____________________ do not have the power to bind the employer
power range
Scope of authority
both and b.
none of these
- 10. Multiple Choice
Generally, a person lacking contractual capacity can disaffirm a contract for non-necessaries
any time while still under the incapacity
within a reasonable time after attaining capacity
Both a and b.
none of these
- 11. Multiple Choice
Which of the following is not evidence of informal emancipation
a minor marries
a minor gives birth
A minor buys a car
a minor moves out of the family home
- 12. Multiple Choice
Which of the following are rights given to those who lack capacity?
right to disaffirm contracts for necessaries
right to pay the contract price for necessaries
Right to disaffirm contracts for non-necessaries
none of these
- 13. Multiple Choice
Although Julie is a minor and generally lacks capacity, she cannot disaffirm some contracts for non-necessaries. Which of the following cannot be disaffirmed?
court-approved contracts
certain life insurance contracts
depository contracts with banks
All of the above cannot be disaffirmed
- 14. Multiple Choice
The ability to understand the ____________________ of a contract is required for contractual capacity.
exact wording
laws controlling the making
Consequences
consideration
- 15. Multiple Choice
When a person reaches the age of majority, which of the following does not occur?
the person's parents' duty to support him or her ends
he or she becomes formally emancipated
He or she must start paying taxes
both a and b
- 16. Multiple Choice
Acting toward a contract as though one intends to be bound by it is considered
scope of authority
contractual capacity
Ratification
affirmance
- 17. Multiple Choice
All contracts by a party held to be permanently insane by a court are
valid but must be ratified by the party's guardian.
voidable
Void
reviewed by a court
- 18. Multiple Choice
Contracts made by a party who was temporarily insane are
void
Voidable
valid
reviewed by a court for validity
- 19. Multiple Choice
Which of the following is an act of ratification
returning the merchandise
after entering majority giving a new promise to perform as agreed
making payments after entering majority
Both b and c
- 20. Multiple Choice
Contracts made by a person that a court has ruled to be in a permanent state of alcoholism are
valid
voidable
Void
vacated
- 21. Multiple Choice
A lottery involves
A prize, chance, and consideration
entry fee, skill, and a prize
down payment, risk, and a guaranteed award
none of these
- 22. Multiple Choice
Which of the following would not be an agreement that would restrain trade unreasonably
allocation of markets
bid rigging
price fixing
Franchising
- 23. Multiple Choice
As an incentive to stop illegal acts, restitution is available
To a party if they rescind before the illegal act occurs
for the illegal part of every divisible contract
for performed illegal acts that do not involve violence
all of these
- 24. Multiple Choice
Courts may enforce all or part of an illegal agreement and may grant relief to one of the parties when
the contract is divisible into legal and illegal parts
the parties are not equally blameworthy
the law was designed to protect one of the parties.
All of these.
- 25. Multiple Choice
When the court finds a contract illegal for unconscionability, it can
enforce the legal part and refuse to enforce the illegal part.
refuse to enforce the contract.
modify the terms of the contract to make it fair.
All of these.
- 26. Multiple Choice
The practice of competing firms agreeing to and charging customers the same price is known as
price rigging.
usury
Price fixing.
divisible contracts.
- 27. Multiple Choice
Five competing major oil- and gas-producing companies agree to divide the United States markets between themselves, each agreeing not to open gas stations in the others' markets. This agreement is an example of
price fixing
bid rigging
Allocation of markets
divisible contracts
- 28. Multiple Choice
Lending money at a rate higher than a state's maximum rate is
Usury
loan sharking.
adhesion
none of the above.
- 29. Multiple Choice
George and Mandy paid $25 to obtain their marriage license. What type of license did they purchase?
Revenue
competency
both a and b
none of the above
- 30. Multiple Choice
Which of the following contracts would be within the Statute of Frauds?
contracts to buy and sell goods for a price of $300 or less
Promises to pay the debt of another person if they cannot
contracts requiring less than a year to complete
all of the above are within the Statute of Frauds
- 31. Multiple Choice
Courts will enforce an oral contract for the purchase of real property if the buyer has
occupied or possessed the land.
made substantial improvements to the land.
made partial or full payment.
Done any of the above.
- 32. Multiple Choice
A contract that contains a typewritten term that conflicts with a term handwritten into the same contract will be
Interpreted according to the handwritten portion.
interpreted according to typed portion.
considered illegal and unenforceable.
voided and a new contract written.
- 33. Multiple Choice
Under the Statute of Frauds in most states the writing must
contain all the essential terms as defined by the Statute of Frauds of the state.
show the existence of a contract.
Both a and b.
none of the above.
- 34. Multiple Choice
When a contract is so grossly unfair that parties under ordinary circumstances would not accept it, the contract is said to be
illegal.
Unconscionable.
divisible.
none of the above.
- 35. Multiple Choice
Which of the following is a contract without the Statute of Frauds?
a promise to pay for your sister's debt if she cannot
An agreement to type your roommate's term paper for $50
a contract to do the next two year's income taxes for a client
a contract to buy a home sound system valued at $4,000
- 36. Multiple Choice
The law found in most jurisdictions in which certain agreements are not enforceable unless written and signed by the party against whom the contract is to be enforced is usually called the
Statute of Frauds.
antitrust statute.
statute of limitations.
none of the above.
- 37. Multiple Choice
Jean enters into a contract in which she will perform nail care services in Monique's beauty shop for a monthly fee payable to Monique plus 3 percent of Jean's retail business. By definition which of the following is not an essential term to the contract?
Quality of performance
price
names of parties
signatures
- 38. Multiple Choice
Which of the following is meant to prevent unjust enrichment by enforcing restitution or some other obligation against one or another of the parties to a case?
adhesion contract
Quasi-contract
executory contract
executed contract
- 39. Multiple Choice
Under the UCC, in which of the following cases is a writing not required?
In all of the above cases no writing is required
where ordered goods are specially manufactured and cannot be resold
when goods have been ordered and paid for and the seller has accepted payment
when the goods have been received and accepted by the buyer
- 40. Multiple Choice
Agreements that delay or prevent justice are
Void
valid
voidable
venerable
- Answer choicesTagsAnswer choicesTags