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