ChefSeaLionPerson322
QUESTION 13 What happens when a party with the right to avoid a…
QUESTION 13
What happens when a party with the right to avoid a contract chooses to NOT avoid it?
a.
The contract becomes void.
b.
The contract is ratified.
c.
The contract is rejected.
d.
The contract becomes a quasi-contract.
4 points
QUESTION 14
A neighbor says to you that he will agree to keep his violent dog in the house or otherwise restrained as required by local ordinances, provided that you give him $1,000. The neighbor’s promise
a.
is not legally sufficient consideration because past consideration is not valid consideration for a future contract.
b.
is not legally sufficient consideration because it is a promise to perform a preexisting duty.
c.
is legally sufficient consideration because it is a promise to take action in the future.
d.
is legally sufficient consideration because it is a promise to refrain from some action in the future.
4 points
QUESTION 15
Cory, a real estate agent, sells her friend Doug’s house without charging a commission. Later, to thank Cory for selling the house, Doug promises to give her $1,000. This promise is
a.
not enforceable because the house was already sold.
b.
not enforceable because promises to pay money between friends are void.
c.
enforceable but only to the extent of the commission.
d.
enforceable because selling the house was a foreseeable circumstance.
4 points
QUESTION 16
What is another name used for the doctrine of promissory estoppel?
a.
Detrimental Reliance
b.
Quantum Meruit
c.
Quasi-contract
d.
Unjust Enrichment
4 points
QUESTION 17
What condition must be met for an offer to be legally accepted?
a.
Acceptance must be communicated in words, either written or oral.
b.
It must be accompanied by completion of the bargained-for act.
c.
The offer must be accepted within 24 hours of communication.
d.
It may only be accepted by the intended offeree or the offeree’s agent.
4 points
QUESTION 18
Which of the following types of contracts is NOT required to be in writing under the requirements of the Statute of Frauds?
a.
contracts for the sales of land
b.
contracts that by their terms cannot be performed within one year
c.
contracts for the sale of goods priced at less than $500.
d.
collateral promises to pay the debt of another person
4 points
QUESTION 19
Tyler entered into a contract with Leah for the purchase of $1,000 of supplies for her business. Which of the following is NOT a legally sufficient form of writing that the contract can take?
a.
an order, invoice, check, or confirmation.
b.
a communication on paper, sent by fax, or sent by email
c.
a written contract, a written memorandum, or an electronic record.
d.
several separate and unrelated documents written over time.
4 points
QUESTION 20
Fay is mentally incompetent and has been so adjudged by a court. Any contract Fay enters into is?
a.
?voidable if Fay has a lucid interval at the time of contracting.
b.
?voidable if Fay lacks the capacity to comprehend the consequences.
c.
void and unenforceable.
d.
?voidable if the other party does not realize that Fay is incompetent.
