BUS 311 Week 2 Quiz Chapter 006

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BUS 311 Week 2 Quiz Chapter 006

  1. An enforceable contract can result from an agreement that imposes a legal obligation.

BT: Knowledge

PO: 2

True False

  1. To be legally enforceable, a contract must contain any three of the five elements - offer and acceptance, mutual agreement, consideration, competent parties, and legality of purpose.

BT: Knowledge

PO: 4

True False

  1. A contract may be extended and revised as needed to reflect the wishes of the parties.

BT: Knowledge

PO: 3

True False

  1. A contract must show mutual agreement, which is also referred to as "a meeting of the minds."

BT: Knowledge

PO: 4

True False

  1. A promise to give up something of value that a person has a legal right to keep or to agree to do something that he is not legally required to do is known as consideration.

BT: Knowledge

PO: 4

True False

  1. Competent parties can be of any age as long as they understand the terms of a contract.

BT: Knowledge

PO: 4

True False

  1. The element of proper form requires that a contract for the sale of goods over $100 or less should be in writing.

BT: Knowledge

PO: 4

True False

  1. A person who discusses the terms of a purchase with a salesperson, pays cash for it, and takes the item with him, is making an unenforceable written contract.

BT: Comprehension

PO: 5

True False

  1. It is usually advisable to make a contract in oral when the transaction is important and involves a large amount of money.

BT: Knowledge

PO: 5

True False

  1. A written contract can be a handwritten note.

BT: Knowledge

PO: 5

True False

  1. The law requires a particular form and language to be used in all contracts.

BT: Knowledge

PO: 5

True False

  1. A simple contract is defined as an informal contract made under seal.

BT: Knowledge

PO: 5

True False

  1. A contract that is not formal, whether it is written, oral or implied, is also known as a sealed contract.

BT: Knowledge

PO: 5

True False

  1. It is not required for a formal contract to be written under a contract seal.

BT: Knowledge

PO: 5

True False

  1. An entire or indivisible contract can contain only two parts, and each is required to be independent of the other.

BT: Knowledge

PO: 5

True False

  1. A divisible contract is made up of two or more parts, each part being independent of the others.

BT: Knowledge

PO: 5

True False

  1. An executory contract is one in which the terms of the agreement have not yet been fully performed.

BT: Knowledge

PO: 6

True False

  1. An executed contract is one in which all terms of the agreement have been fully performed by both parties.

BT: Knowledge

PO: 6

True False

  1. The Uniform Commercial Code (UCC) defines a contract under the provision:

A. UCC 1-201(10).

B. UCC 1-201(11).

C. UCC 1-201(12).

D. UCC 1-201(13).

  1. All contracts are agreements, but not all agreements are contracts. The PRIMARY reason is that:

A. certain agreements cannot be enforced by law.

B. certain agreements cannot be licensed under law.

C. agreements do not fall under any classification of contracts.

D. a terms of an agreement usually are different from those of a contract.

  1. If an agreement imposes a legal obligation, then it is:

A. enforceable.

B. unenforceable.

C. a negated concurrence.

D. a void contract.

  1. Contracts can be created for:

A. only one specific purpose.

B. one or two purposes.

C. only for agreements that involve monetary transactions.

D. any number of purposes.

  1. To be legally enforceable, a contract must contain the six elements as mentioned in the law. If one of these elements is missing, the court will usually:

A. enforce the contract.

B. refer the matter to the superior courts.

C. refuse to enforce the contract.

D. validate the contract.

  1. All but one of the following elements is required of an enforceable contract. The exception is:

A. offer and acceptance.

B. mutual agreement.

C. consideration.

D. malafide intention.

  1. A legally enforceable contract:

A. must not violate the law.

B. can be void.

C. may contain a malafide intention.

D. need not be valid.

  1. The element of consideration in a contract refers to the:

A. competence of the parties.

B. purpose of the contract.

C. parties' exchange of promises.

D. form of the contract.

  1. An offer is a proposal made by one party (offeror) to another (offeree) that indicates willingness to:

A. enter into a contract.

B. negotiate a service or exchange.

C. consider a service or exchange.

D. reject an offer.

  1. An indication made by the offeree that he or she agrees to be bound by the terms of the offer is known as:

A. an enforceable offer.

B. a mutual agreement.

C. free consent.

D. acceptance.

  1. If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:

A. consideration.

B. competence.

C. legality of purpose.

D. offer and acceptance.

  1. The parties to a contract must have a clear understanding of what they are undertaking; that is, the contract must show:

A. mutual agreement.

B. legality of purpose.

C. consideration.

D. competency of parties.

  1. Entering into a contract with persons of legal age and normal mentality are considered within the element of:

A. legality of purpose.

B. competency of parties.

C. mutual agreement.

D. proper form.

  1. Certain contracts, such as those involving the sale of personal property for $500 or more:

A. must be orally accepted to be enforceable.

B. must be written to be enforceable.

C. need not be signed to be enforceable.

D. must be divisible in nature.

  1. The element of proper form in a contract refers to the:

A. requirement of written form.

B. legal wording of the contract.

C. legal forms.

D. exchange of promises.

  1. A telephone conversation can result in a(n):

A. unenforceable oral contract.

B. statutory contract.

C. contingent contract.

D. enforceable oral contract.

  1. A written contract can also be known as:

A. a memorandum of understanding.

B. a memorandum of agreement.

C. articles of association.

D. memorandum of association.

  1. The meaning of an implied contract is drawn from the:

A. actions of the parties.

B. interpretations of a written contract.

C. interpretations of an oral contract.

D. actions of third parties.

  1. When a customer asks a merchant to deliver an article to his home with no mention of payment, the buyer implies that he or she will pay the market price of the article when it is delivered or when the bill is presented. This is an illustration of a(n):

A. simple contract.

B. consideration.

C. implied contract.

D. formal contract.

  1. The seal on a formal contract may consist of simply the word "Seal" or "L.S." The "L.S." stands for:

A. locus standi.

B. locus sigilli.

C. locus soliloquies.

D. locus signia.

  1. A written contract under seal is also known as a(n):

A. simple contract.

B. quasi contract.

C. specialty contract.

D. unenforceable contract.

  1. In divisible contracts, the law of sales provides that, "where the circumstances give either party to a contract for sale the right to make or demand delivery in lots, the price, if it can be apportioned, may be demanded for each lot." This is stated under the following provision of law:

A. UCC 2-305.

B. UCC 2-306.

C. UCC 2-307.

D. UCC 2-308.

  1. A contract in which some future act or obligation remains to be performed under its terms is known as a(n):

A. executed contract.

B. statutory contract.

C. contingent contract.

D. executory contract.

  1. A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.

A. void

B. valid

C. voidable

D. invalid

  1. An agreement that lacks one or more of the essential elements of a contract from the very beginning is a:

A. voidable and unenforceable contract.

B. void and unenforceable contract.

C. valid and enforceable contract.

D. void, but enforceable contract.

  1. An agreement that may be rejected by one of the parties for a legally acceptable reason is a(n):

A. implied contract.

B. void contract.

C. voidable contract.

D. valid contract.

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