BUS 311 Week 2 Quiz Chapter 014

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BUS 311 Week 2 Quiz Chapter 014

  1. Contracts may be terminated by alteration.

BT: Knowledge

PO: 1

True False

  1. A contract may provide for its termination after a certain period of time.

BT: Knowledge

PO: 2

True False

  1. A contract termination should be provided when a contract is fulfilled.

BT: Knowledge

PO: 3

True False

  1. A tender of performance is an offer to perform and is considered evidence of willingness to fulfill the terms of a contract.

BT: Knowledge

PO: 3

True False

  1. In a case of impossibility of performance, the contract is considered unenforceable and the parties are discharged.

BT: Knowledge

PO: 4

True False

  1. A personal-service contract that does not call for a special skill possessed by the deceased does not excuse performance.

BT: Comprehension

PO: 4

True False

  1. A deliberate change of an important element in a written contract that affects the obligations of the parties is known as a material alteration.

BT: Comprehension

PO: 5

True False

  1. Laws and regulations that increase the cost of performing a contract absolve the parties from their contractual obligations.

BT: Knowledge

PO: 6

True False

  1. A breach of contract results when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.

BT: Knowledge

PO: 7

True False

  1. A party who announces the intention to break a contract is said to have created an expected breach.

BT: Knowledge

PO: 7

True False

  1. When a party breaches a contract, the injured party has the duty to mitigate the amount of damages.

BT: Knowledge

PO: 7

True False

  1. The Federal Trade Commission gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his or her home as a security deposit.

BT: Knowledge

PO: 8

True False

  1. A court order of specific performance prohibits a party from performing a certain act.

BT: Knowledge

PO: 9

True False

  1. A restraining order or injunction is a court order that directs a party to perform as he/she agreed to do.

BT: Knowledge

PO: 9

True False

  1. All of the following are ways of terminating a contract EXCEPT:

A. termination by performance.

B. termination by agreement.

C. termination by impossibility of performance.

D. termination at will.

  1. The legal term used in a case where a contract has largely been completed, and only small details remain unfinished, is:

A. substantially performed.

B. mostly performed.

C. performed by tender.

D. performed by mutual agreement.

  1. If a tender of goods or the performance of an act is refused, the person making the offer:

A. is subject to suit.

B. is relieved of the obligation to perform.

C. must repeat the offer before witnesses.

D. must necessarily petition a court for compensation.

  1. If a tender of payment is refused by the creditor:

A. the debt is irrecoverable.

B. penalties can be charged beyond the date on which the offer of payment was made.

C. the debt is not canceled.

D. interest can be charged beyond the date the offer of payment was made.

  1. All of the following requirements must be met for a tender of money or performance to be valid EXCEPT:

A. the tender must be made as specified in the contract.

B. the mention of money in a contract implies payment by check.

C. when tender of payment is made, it must be for the exact amount.

D. if the contract calls for the delivery of specific goods, only the tender of these particular goods will satisfy the contract.

  1. If a contract calls for the delivery of specific goods, the contract will be satisfied with the tender of:

A. only those particular goods.

B. any substitute goods of the same value.

C. alternate goods of less value.

D. substitute goods of greater value.

  1. In the case of contracts that are impossible to perform, the contract is:

A. void and the parties are discharged.

B. valid and must be performed.

C. unenforceable but must be performed.

D. referred to a court for performance.

  1. According to UCC 2-615:

A. firm offers will be kept open for a reasonable period if the agreement does not mention a time, but that period cannot exceed three months.

B. in a contract for the sale of goods, one or more terms may be missing but the court can find a contract, nonetheless, where the parties have intended to make a contract.

C. the measure of compensatory damages would be the difference between the contract price and the market price of the goods at the time and place the goods were to be delivered.

D. if the loss of goods is only partial, the buyer may demand the right to inspect the damaged goods in order to decide whether to reject or accept them in their damaged state and claim an allowance for the damages.

  1. According to the doctrine of frustration of purpose:

A. complete performance is not achieved because of minor deviations from the agreed-upon performance.

B. the promisor is stopped from denying the existence of a contract where the promisee has detrimentally relied on that promise.

C. where both parties know the purpose of a contract and, through no fault of either party, the reason for the contract no longer exists, the contract is terminated.

D. in a contract for the sale of goods, one or more terms may be missing but the court can find a contract, nonetheless, where the parties have intended to make a contract.

  1. Death or the disabling illness of a party to a contract terminates the obligation of the party to perform if it can be shown that the contract:

A. is unreasonable.

B. calls for special skills or talents.

C. is for an amount greater than $500.

D. could not be performed within one year.

  1. A deliberate alteration made to a written contract that affects the rights of the parties results in:

A. ratification.

B. a modification.

C. a novation.

D. termination.

  1. A deliberate change of an important element in a written contract that affects the rights or obligations of the parties is known as a(n):

A. mitigation.

B. breach of contract.

C. material alteration.

D. injunction.

  1. If a law is passed after the parties enter into a contract that makes performance illegal, the contract is:

A. terminated by operation of law.

B. void from the beginning.

C. terminated by alteration.

D. unenforceable.

  1. If a law or regulation makes the performance of a contract illegal, the contract is:

A. unenforceable.

B. terminated by alteration.

C. void from the beginning.

D. terminated by operation of law.

  1. If laws and regulations increase the cost of performance:

A. the contract is terminated by operation of law.

B. they do not absolve the parties from their contractual obligations.

C. the contract is declared null and void from the beginning.

D. the parties are in breach of contract.

  1. A party who announces an intention to break a contract is said to create a(n):

A. anticipatory breach.

B. negligent breach.

C. deliberate breach.

D. breach resulting from a failure to perform an obligation.

  1. A written promise to pay a specified sum of money is a(n):

A. promissory estoppel.

B. promissory note.

C. equitable estoppel.

D. escrow agreement.

  1. If a party has completely failed to perform contractual obligations within the time specified:

A. the nonbreaching party is not required to pay under any circumstances.

B. the nonbreaching party may be required to pay for the work that has already been completed.

C. the contract is terminated.

D. the contract may be terminated only under certain conditions.

  1. The federal Consumer Credit Protection Act:

A. regulates the collection, dissemination, and use of consumer credit information.

B. gives the consumer a "cooling-off" period of five days and the right to cancel contracts for goods/services made in the consumer's home and to receive a full refund.

C. allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.

D. gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his/her home as a security deposit.

  1. The Federal Trade Commission:

A. gives the consumer a "cooling-off" period of three days and the right to cancel contracts for either goods or services made in the consumer's home and to receive a full refund.

B. gives a consumer the right to cancel a credit transaction within five days when the contract requires that the consumer pledge his/her home as a security deposit.

C. allows consumers to request and obtain a free credit report once every six months from each of the three nationwide consumer credit reporting companies.

D. regulates the collection, dissemination, and use of consumer credit information.

  1. At times, the parties to a contract include a statement right in their contract wherein damages are explicitly set in the event one of the parties breaches the agreement. Such a statement is called a(n):

A. loss payable clause.

B. exclusion clause.

C. integration clause.

D. liquidated damages clause.

  1. Courts will generally enforce liquidated damages clauses:

A. if the specified damages amount to a penalty.

B. provided the damages specified are closely related to the actual damages.

C. if the damages specified amount to a forfeiture.

D. provided exemplary damages are deemed an inadequate remedy.

  1. In some cases, the injured party may sue for _____, that is, a court order directing a person to perform as he/she agreed to do.

A. specific performance

B. liquidated damages

C. rescission

D. injunction

  1. A court order prohibiting the performance of a certain act is termed a(n):

A. gag order.

B. mitigation.

C. injunction.

D. specific performance.

  1. An injunction is also called a(n):

A. exaction.

B. restraining order.

C. gag order.

D. anticipatory breach.

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