Business Law Test #3
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Which of the following is a threat that can create duress? | show 🗑
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Which type of mistake gives both parties the right to rescind? | show 🗑
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Which of the following is not a requirement for promissory estoppel? | show 🗑
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show | output & requirement contracts (
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Promissory estoppel applies to which of the following transactions? | show 🗑
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Which are elements of undue influence? | show 🗑
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Which of the following does not describe an event that will terminate an offer? | show 🗑
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When economic threats occur, courts look at | show 🗑
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show | all answers listed are correct
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show | offer is only social. (
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legal value | show 🗑
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offer | show 🗑
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past consideration | show 🗑
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show | Party to whom an offer is made
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counteroffer | show 🗑
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show | Person to whom a promise is made.
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show | Voluntary transfer of ownership of property without consideration.
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show | Consent or agreement not clouded by fraud, duress, undue influence or mistake.
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fraudulent misrepresentation | show 🗑
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contract | show 🗑
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acceptance | show 🗑
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consideration | show 🗑
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option | show 🗑
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show | 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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show | Approval of a voidable contract.
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termination | show 🗑
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show | Requirement that the terms in an acceptance exactly match the terms in the offer.
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show | Contract in which the injured party can withdraw from the transaction.
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show | To offer to give back what you received via a contract while demanding return of what you gave.
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show | Offeror's act that invalidates an offer
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unilateral mistake | show 🗑
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show | Enforcement of a promise to avoid injustice, even though no consideration is given for it.
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show | Refraining from doing what one has a right to do.
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show | Token consideration, which bears no relation to the real value of the contract.
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show | Use of an improper act or threat to obtain an expression of agreement.
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undue influence | show 🗑
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show | Binding agreement created by an offer that is accepted by a promise of performance
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show | Mistake about an important fact believed by both parties to a contract.
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firm offer | show 🗑
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show | Person who makes a promise.
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show | intent
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show | the mistake is induced
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show | individual (s) unaware the statement was untrue
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show | nominal consideration
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show | rescission
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show | Analyze signatures on the contracts to determine authenticity.
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Which transaction is NOT within the Statute of Frauds? | show 🗑
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Which of the following is a legal agreement? | show 🗑
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show | One who transfers contractual rights.
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show | Grossly unfair contract for the sale of goods.
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assignment | show 🗑
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show | Element of unconscionability shown in the terms of the contract.
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show | Person who owes a duty under a contract.
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show | contract that has been fully performed
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show | 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 | show 🗑
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breach of contract | show 🗑
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show | Promise to pay a debt but only if someone else fails to pay.
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usury | show 🗑
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discharge of contract | show 🗑
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executory contract | show 🗑
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contract of adhesion | show 🗑
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procedural unconscionability | show 🗑
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show | Mortgage company selling your mortgage contract to another bank/mortgage company.
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show | all answers are correct
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show | Divisible contract (
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All of the following are essential terms required to create a valid offer except | show 🗑
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show | An executory contract is in process of being performed and an executed contract is completed.
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show | paying an expert witness to testify
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Which of the following is an exception to the Parol Evidence Rule? | show 🗑
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show | indivisible
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show | must purchase
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show | one party breaches the illegal agreement
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The state of not knowing a contract is illegal | show 🗑
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Specific performance will be granted if | show 🗑
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Charging interest at a rate higher than allowed by law is called | show 🗑
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How can contracts be discharged? | show 🗑
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show | death or disability
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Created by:
stephparnell