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Business Law Test #3

QuestionAnswer
Which of the following is a threat that can create duress? all answers listed create duress
Which type of mistake gives both parties the right to rescind? bilateral
Which of the following is not a requirement for promissory estoppel? donative intent
Which types of business contracts are generally enforceable even though there is some uncertainty as to amount of performance is legally required? output & requirement contracts (
Promissory estoppel applies to which of the following transactions? all of the answers listed apply
Which are elements of undue influence? both relationship of trust & persuasion
Which of the following does not describe an event that will terminate an offer? offeror is admitted to the hospital for tests
When economic threats occur, courts look at both the threat and the victim's practical alternatives
To prevent a claim of undue influence, the stronger party in a relationship of trust should_________? all answers listed are correct
Which is NOT one of the three requirements of an offer? offer is only social. (
legal value Change in the legal position of a party as a result of the contract.
offer Proposal that expresses willingness of the offeror to enter into a legally binding agreement.
past consideration Act that has already been performed and thus cannot be consideration for a promise in the present.
offeree Party to whom an offer is made
counteroffer Response by offeree, with new terms, which ends the original offer.
promisee Person to whom a promise is made.
gift Voluntary transfer of ownership of property without consideration.
genuine assent Consent or agreement not clouded by fraud, duress, undue influence or mistake.
fraudulent misrepresentation Deliberate false representation or concealment of a material fact, which is meant to and which does induce another to make an unfavorable contract.
contract Agreement that is legally effective and enforceable in court.
acceptance Affirmative response necessary to trransorm an offer into a contract.
consideration Promise or action of one person in exchange for the promise or the action of another person.
option Contract to leave an offer open for a period of time in exchange for other consideration.
composition of creditors Agreement by all creditors to accept something less than the total amount of their claims in full satisfaction of a debtor's obligations.
ratification Approval of a voidable contract.
termination Conclusion of the legal existence of the partnership/contract
mirror image rule Requirement that the terms in an acceptance exactly match the terms in the offer.
voidable Contract in which the injured party can withdraw from the transaction.
rescission To offer to give back what you received via a contract while demanding return of what you gave.
revocation Offeror's act that invalidates an offer
unilateral mistake Statement of a material fact which is false but which the speaker thought was true.
promissory estoppel Enforcement of a promise to avoid injustice, even though no consideration is given for it.
forbearance Refraining from doing what one has a right to do.
nominal consideration Token consideration, which bears no relation to the real value of the contract.
duress Use of an improper act or threat to obtain an expression of agreement.
undue influence Overpowering of another's free will by taking unfair advantage to induce the person to make an unfavorable contract.
bilateral contract Binding agreement created by an offer that is accepted by a promise of performance
mutual mistake Mistake about an important fact believed by both parties to a contract.
firm offer Signed writing by a merchant promising to leave an offer open
promisor Person who makes a promise.
Which of the following is NOT one of the six major requirements that must be satisfied before courts will treat transaction as contracts? intent
Rescission will be granted for unilateral mistake if the mistake is induced
Which statement below is NOT an element that must be proven for misrepresentation? individual (s) unaware the statement was untrue
If a contract required the payment of $10 for a property worth $100,000, the $10 would be nominal consideration
Courts will grant those injured by innocent misrepresentation rescission
Which of the following is NOT a step used in interpreting a contract using Specific Rules of Construction? Analyze signatures on the contracts to determine authenticity.
Which transaction is NOT within the Statute of Frauds? contract to pay $299 for purchase of a car within 20 days
Which of the following is a legal agreement? Agreement made with a licensed professional
assignor One who transfers contractual rights.
unconscionable contract Grossly unfair contract for the sale of goods.
assignment Transaction by which a party transfers contractual rights to another.
substantive unconscionability Element of unconscionability shown in the terms of the contract.
obligor Person who owes a duty under a contract.
executed contract contract that has been fully performed
quasi-contract Obligation that is enforced as if it were a contract in order to prevent unjust enrichment of one party.
compounding a crime Accepting something of value for a promise not to inform on or prosecute a suspected criminal
breach of contract Failure to perform a legal duty or agreement
collateral promise Promise to pay a debt but only if someone else fails to pay.
usury Charging interest on a loan beyond the legally permitted maximum rate.
discharge of contract Termination of contractual obligations
executory contract Contract that has not been fully peformed.
contract of adhesion Contract in which the more powerful party dictates all the important terms.
procedural unconscionability Gross unfairness in how a contract is created.
Which item is a legal example of a transfer of contractual obligation by a company/individual? Mortgage company selling your mortgage contract to another bank/mortgage company.
Which item below is a true statement regarding delegating contractual duties? all answers are correct
Many contracts contain legal and illegal portions and many times courts may enforce the legal portion. What type of contract is this? Divisible contract (
All of the following are essential terms required to create a valid offer except the name of the person preparing the contract
The difference between an executed contract and an executory contract is? An executory contract is in process of being performed and an executed contract is completed.
Which item is NOT an obstruction of legal procedures? paying an expert witness to testify
Which of the following is an exception to the Parol Evidence Rule? all answers listed are correct
A contract in which no separation is made for the legal and illegal parts of the contract indivisible
Which of the following is NOT one of the 3 elements in the agreement to gamble? must purchase
Which of the following is NOT an exception to common law when enforcing illegal agreements? one party breaches the illegal agreement
The state of not knowing a contract is illegal excusable ignorance
Specific performance will be granted if The subject matter of the contract is unique
Charging interest at a rate higher than allowed by law is called usury
How can contracts be discharged? all answers are correct
Which is an example of discharge of a contract based upon impossibility of performance? death or disability
Created by: stephparnell
 

 



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