Posted: December 20th, 2021

Business Law CRN 51884 Week 7 Assignment Quiz 2015 with 100% Correct Answers

Business Law CRN 51884)Assignment:Week 71.award:2.22 out of2.22 pointsWhen is a contract voidable?When the contract is entered into by a person adjudicated as a habitual drunkardWhen the contract is entered into by a minorWhen the contract is entered into by a person adjudicated insaneWhen the contract is entered into by an intoxicated person who understands his or her contractual obligations2.award:2.22 out of2.22 pointsA(n) _____ is best described as a statement made in court, under oath, or at some stage during a legal proceeding in which a party againstwhom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.recognizanceillusory promiseadmissionassignment3.award:2.22 out of2.22 pointsWhich of the following contracts falls within the statute of frauds?Contracts related to an interest in landContracts for lifetime employmentContracts whose terms could be performed within six monthsContracts for the sale of goods totaling not more than $1004.award:2.22 out of2.22 pointsA contract entered into by a person suffering from mental problems yet who still understands the nature of the contract and the obligations it imposes is considered _____.illegalvalidvoidvoidable5.award:2.22 out of2.22 points_____ is best described as a failure to provide pertinent information about a projected contract.SlanderNondisclosureDefalcationLibel6.award:2.22 out of2.22 pointsContracts that are required to be in writing by the statute of frauds include:mutual promises to marry.promises to sell crops annually.contracts between parties for profit sharing from the sale of real property.contracts of suretyship promises.7.award:2.22 out of2.22 pointsAn agreement can be rescinded on grounds of _____, when one of the parties to the contract has so much more bargaining power than theother that he or she dictates the terms of the agreement.defalcationfalse lightlibelunconscionability8.award:2.22 out of2.22 pointsThe legal principle of _____ means that both parties to a contract are equally responsible for an illegal agreement.pro hominemres ipsa loquiturin pari delictocaveat emptor9.award:2.22 out of2.22 pointsIn a contract made by a minor, the:minor has the right to disaffirm the contract before or within a reasonable time of reaching the age of majority.adult parties to the contract can disaffirm the contract.minor can choose to disaffirm only a portion of the contract.other party will have no recourse against the minor in any state if the consideration has been damaged or destroyed.10.award:2.22 out of2.22 pointsIn contract law, _____ refers to having an erroneous belief about the facts of a contract at the time the contract is concluded.mistake of factimplied-in-factfalse lightdefalcation11.award:2.22 out of2.22 pointsWhich of the following is true of the parol evidence rule?The rule is a unitary concept, which can be considered as a rule of evidence.The rule takes into account evidence of prior agreements and negotiations, as well as contemporaneous agreements and negotiations.The rule effectively applies to evidence of condition precedents.The purpose of the rule is to prevent evidence that substantially contradicts an agreement in its written form.2.award:2.22 out of2.22 points_____ occurs when a party gives a loan at an interest rate exceeding the legal maximum.DuressArsonLibelUsury13.award:2.22 out of2.22 pointsAgreements for a sale of goods in which the total price is $500 or more are required by the Uniform Commercial Code (UCC) to be recorded ina written contract. This writing need only state the:price of the goods.names of the buyer and seller.quantity to be sold.method of payment.14.award:2.32 out of2.32 pointsIn which of the following cases is parol evidence inadmissible?When a contract contains obvious typographical errorsWhen a contract contains ambiguous terms that significantly affect its interpretationWhen certain conditions make an otherwise valid contract voidWhen a contract is deemed integrated by the courts15.award:2.22 out of2.22 pointsA(n) _____ occurs when, after reaching the age of majority, a person states orally or in writing that he or she intends to be bound by thecontract entered into as a minor.juvenile adjudicationrecognizanceemancipationexpress ratification16.award:2.22 out of2.22 pointsNaomi sold her five-year-old car to the buyer claiming that she had bought the car three years ago. This is an example of:duress.mistake of law.fraudulent misrepresentation.mistake of fact.17.award:2.22 out of2.22 pointsUnder the _____, contracts that would normally fall under the statute of frauds and need a writing if negotiated by the principal must be inwriting even if negotiated by an agent.mirror image ruleparol evidence ruleequal dignity rulepreexisting duty rule18.award:2.22 out of2.22 pointsA(n) _____ results from a false statement about a fact material to an agreement that the person making it believed to be true.innocent misrepresentationnegligent misrepresentationintentional misrepresentationfraudulent misrepresentation19.award:2.22 out of2.22 pointsWhen one party is forced to enter into a contract by the wrongful threat of another, the contract is voidable by the innocent party due to _____.duressfalse lightnegligence per seduty to retreat20.award:2.22 out of2.22 pointsA contract is referred to as a(n) _____ when a court can void the illegal part of the contract and enforce the rest as long as they represent themain purpose of the original agreement.severable contractexecutory contractadhesion contractconstructive contract21.award:2.22 out of2.22 pointsA(n) _____ is best described as an agreement presented on a take-it-or-leave-it basis or as the only chance the presented party will have toenter into it.unilateral contractaleatory contractexecutory contractadhesion contract22.award:2.22 out of2.22 pointsSection 16 of the Restatement of Contracts provides that contracts of an intoxicated person are _____ if the other party had reason to knowthat intoxication rendered the person unable to understand the nature and consequences of the transaction.illegalvoidableenforceablevoid23.award:2.22 out of2.22 pointsIf a person has been adjudicated insane and has a guardian appointed, any contract the person attempts to enter into is:valid.void.unilateral.voidable.24.award:2.22 out of2.22 pointsRemoving 10,000 miles from the odometer on a pre-owned car before selling it is an example of:concealment.mistake of fact.negligent misrepresentation.trade libel.25.award:2.22 out of2.22 pointsBefore a contract can be voided for a mutual mistake, it must be proved that:a party to the contract made erroneous judgment about the value of an item.a basic assumption about the subject matter of the contract is present.there is no material effect on the agreement.both the parties to the contract consciously made false statements about a fact material to the agreement.26.award:2.22 out of2.22 pointsA _____ is an agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property.coverture arrangementnondisclosure agreementcartel arrangementprenuptial agreement27.award:2.22 out of2.22 points_____ is best described as those special relationships in which one person takes advantage of a dominant position in a relationship to unfairlypersuade the other and interfere with that person’s ability to make his or her own decision.Undue influenceDefalcationDuressUnconscionability28.award:2.22 out of2.22 pointsWhen does an innocent misrepresentation occur?When a person makes a false statement due to mistake of lawWhen a person makes a false statement due to lack of scienterWhen a person makes a false statement under the influence of alcohol or drugsWhen a person makes a false statement with intentions to mislead29.award:2.22 out of2.22 pointsWhen an entire contract is conditioned on something else’s occurring first, that first event is known as a(n) _____.constructive actioncondition precedentadhesion clauseundue influence30.award:2.22 out of2.22 pointsWhich of the following elements of a contract refers to the mental ability of a person to understand his or her rights and obligations under acontract and comply with the terms?Fair considerationLegal capacityAgreementRecognizance31.award:2.22 out of2.22 pointsUnder the statute of frauds, which of the following statements is true of the one-year rule for contracts?The possibility that a contract’s terms could be performed within one year does not remove the contract from the statute’swritten requirements.The test for compliance with the one-year rule considers the likelihood of completing the contract in one year rather than the possibility.If a contract can possibly be performed within a year, but such performance is highly unlikely, then the contract needs to be inwriting to be enforceable.Under the statute, the one-year period begins the day after the contract is created, not when it is scheduled to begin.32.award:2.22 out of2.22 pointsWhich of the following is a primary purpose of statute of frauds?It attempts to ease contractual negotiations by requiring that certain contracts be made orally.It sets the maximum time within which all types of civil actions may be brought on fraudulent cases.It addresses the issue of illegal and fraudulent contracts.It prevents parties from entering into contracts with which they do not agree.33.award:2.22 out of2.22 pointsIn employment contracts, what is the purpose of covenants not to compete?It restricts an employee from quitting her current job for a designated period of time.It makes it legal for competitors of a business to involve in corporate espionage.It restrains an employee from competing with her boss for a designated period of time after she quits her current job.It restricts an employee from competing against his or her coworkers in the workplace.34.award:2.22 out of2.22 pointsWhich of the following statements is true of mistakes in contract law?Mistakes in contract law do not result from untrue statements.A unilateral mistake generally voids a contract.Mistaken beliefs about the subjective value of an item affect the validity of a contract.In a mutual mistake, neither party can choose to rescind the contract.35.award:2.22 out of2.22 pointsWithout legal assent, a contract:is deemed void.is still valid.may be valid but unenforceable.may be voidable.36.award:2.22 out of2.22 pointsA(n) _____ occurs when a party outside a primary agreement promises to fulfill one of the original party’s obligations if the original party fails tofulfill it.collateral promiserecognizanceprimary obligationillusory promise37.award:2.22 out of2.22 pointsWhich of the following statements is true of merger clauses?They are universally considered to be conclusive proof of a contract by all courts.They seek to blend other agreements either into the final agreement or into something explicitly identified as being outside the final agreement.They are used by parties to a contract to signal that the written contract is not the final statement of their agreement.They increase the amount of guesswork courts must do in determining what is the final statement of the agreement.38.award:2.22 out of2.22 pointsWhen is a contract deemed void?When the contract is entered into by a person suffering from mental deficiencies, but he or she has the ability to understand thelegal obligations under the contractWhen a contract is entered into by a person who, under the influence of alcohol, exercises poor judgmentWhen the contract is entered into by a person under the age of majorityWhen the contract is entered into by an intoxicated person who has been adjudicated a habitual drunkard39.award:2.22 out of2.22 pointsWhich of the following refers to agreements in which parties pay consideration for the chance, or opportunity, to obtain an amount of money orproperty?DefalcationPredatory lendingUsuryGambling40.award:2.22 out of2.22 pointsIn a contract, _____ refers to a promise the courts will require the parties to obey.legal capacitylegal assentlegal considerationlegal object41.award:2.22 out of2.22 pointsWhich of the following statements is true of Sabbath laws?These laws limit the types of business activities in which parties can legally engage on Saturdays.These laws limit the performance of charity work to Sundays.These laws require parties to enter into contracts only on Sundays for certain business activities.These laws do not apply to contracts for obtaining necessities and anything related to health or survival.42.award:2.22 out of2.22 pointsHow is undue influence different from duress?While contracts resulting from undue influence are void, contracts resulting from duress are valid.Duress is a much more visible and active interference with free will than is undue influence.Undue influence does not involve a dominant-subservient relationship, whereas it is an essential element in duress.While undue influence results in aleatory contracts, duress results in adhesion contracts.43.award:2.22 out of2.22 pointsA(n) _____ occurs only when the party making a false statement, without the intentions to deceive, should have known the truth using theskills and competence required of a person in his position or profession.negligent misrepresentationinnocent misrepresentationfraudulent misrepresentationintentional misrepresentation44.award:2.22 out of2.22 pointsWhich of the following can be in the form of an oral contract to be enforceable?A contract of suretyshipMutual promises to marryA prenuptial agreementContract for a sale of land45.award:2.22 out of2.22 pointsThe _____ makes oral evidence of an agreement inadmissible if it is made before or at the same time as a writing that the parties intend to bethe complete and final version of their agreement.parol evidence rulecollateral agreement rulemirror image ruleequal dignity rule

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