Business Law Test #3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | all answers listed create duress
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| Which type of mistake gives both parties the right to rescind? | show 🗑
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| show | donative intent
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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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| show | both relationship of trust & persuasion
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| show | offeror is admitted to the hospital for tests
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| When economic threats occur, courts look at | show 🗑
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| To prevent a claim of undue influence, the stronger party in a relationship of trust should_________? | show 🗑
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| Which is NOT one of the three requirements of an offer? | show 🗑
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| legal value | show 🗑
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| show | Proposal that expresses willingness of the offeror to enter into a legally binding agreement.
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| show | Act that has already been performed and thus cannot be consideration for a promise in the present.
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| show | Party to whom an offer is made
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| counteroffer | show 🗑
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| promisee | show 🗑
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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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| show | 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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| show | Agreement that is legally effective and enforceable in court.
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| show | Affirmative response necessary to trransorm an offer into a contract.
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| consideration | show 🗑
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| option | show 🗑
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| composition of creditors | show 🗑
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| show | Approval of a voidable contract.
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| show | Conclusion of the legal existence of the partnership/contract
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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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| revocation | show 🗑
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| unilateral mistake | show 🗑
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| promissory estoppel | show 🗑
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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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| duress | show 🗑
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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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| mutual mistake | show 🗑
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| show | Signed writing by a merchant promising to leave an offer open
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| show | 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? | show 🗑
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| Rescission will be granted for unilateral mistake if | show 🗑
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| show | individual (s) unaware the statement was untrue
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| show | nominal consideration
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| Courts will grant those injured by innocent misrepresentation | show 🗑
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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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| unconscionable contract | show 🗑
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| show | Transaction by which a party transfers contractual rights to another.
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| substantive unconscionability | show 🗑
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| obligor | show 🗑
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| executed contract | show 🗑
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| quasi-contract | show 🗑
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| show | Accepting something of value for a promise not to inform on or prosecute a suspected criminal
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| show | Failure to perform a legal duty or agreement
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| collateral promise | show 🗑
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| usury | show 🗑
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| show | Termination of contractual obligations
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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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| Which item is a legal example of a transfer of contractual obligation by a company/individual? | show 🗑
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| Which item below is a true statement regarding delegating contractual duties? | show 🗑
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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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| The difference between an executed contract and an executory contract is? | show 🗑
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| Which item is NOT an obstruction of legal procedures? | show 🗑
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| show | 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 | show 🗑
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| Which of the following is NOT one of the 3 elements in the agreement to gamble? | show 🗑
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| Which of the following is NOT an exception to common law when enforcing illegal agreements? | show 🗑
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| The state of not knowing a contract is illegal | show 🗑
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| show | The subject matter of the contract is unique
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| Charging interest at a rate higher than allowed by law is called | show 🗑
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| show | all answers are correct
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| Which is an example of discharge of a contract based upon impossibility of performance? | show 🗑
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Created by:
stephparnell