Contracts must contain five basic elements to be enforceable by law: offer, acceptance, competent parties, consideration, and lawful purpose.
Question 1 Contracts must contain five basic elements to be enforceable by law: offer, acceptance, competent parties, consideration, and lawful purpose.
Question options:
True
False
Question 2 Partnerships require at least four or more people that agree to carry on a business.
Question options:
True
False
Question 3 The revocation of an offer means that the offeror has withdrawn the offer before it has been accepted.
Question options:
True
False
Question 4 A contract induced by fraud is a voidable contract.
Question options:
True
False
Question 5 A third-party beneficiary is one of the original parties to a contract.
Question options:
True
False
Question 6 The statute that requires certain types of contracts to be in writing is called:
Question options:
Statute of frauds
Adhesion contract
Due process statute
Restitution clause
Question 7
A realtor shows a house to a prospective buyer. When asked about the water ring on the ceiling, the realtor lies and says it was just some artwork the owners drew. This is an example of:
Question options:
Misrepresentation
Unilateral contract
Merger clause
Third party beneficiary
Question 8 A contract not in writing is:
Question options:
Oral
Unenforceable
Void
Incomplete
Question 9 The right of rescission restores the parties to the status quo existing before the contract was entered into.
Question options:
True
False
Question 10 In most states, the Uniform Commercial Code (UCC) governs most aspects of commercial transactions.
Question options:
True
False
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