Cascadia community college bus201 quiz chapter 13,14,15,16,20

Asked by bizgrad
Dated: 17th Feb'17 08:49 AM
Bounty offered: $37.00

1.

Harry had agreed to hire 17-year-old Nathan as a production worker in his factory. However, before Nathan could start working for Harry, the
law in the country made it illegal to employ minors in production units. In this scenario, the parties to the contract are discharged from their
duties on the grounds of _____.

novation

material breach

alteration of the contract

objective impossibility

2.

In which of the following situations do the parties to a contract lack contractual capacity?

When the parties to the contract are from different races

When one of the parties to the contract is intoxicated

When one of the parties to the contract is physically impaired

When the parties to the contract are from different countries

3.

Which of the following statements is true of Sabbath laws?

These laws require parties to enter into contracts only on Sundays for certain business activities.

These laws limit the performance of charity work to Sundays.

These laws limit the types of business activities in which parties can legally engage on Saturdays.

These laws do not apply to contracts for obtaining necessities and anything related to health or survival.

4.

Which of the following falls under Article 2 of the Uniform Commercial Code (UCC)?

Contract for an arbitration agreement

Contract for a joint venture

Contract between an employer and employee

Contract for the sale of a good

5.

_____ are best described as damages parties to a contract specify in advance in order to prevent a difficult court battle if there is a particular
kind of breach.

Nominal damages

Liquidated damages

Special damages

Punitive damages

6.

Jason agrees to buy Sara's car for $10,000. However, Sara tells Jason that she will only sell the car to him if he pays $12,000.
In this scenario, Sara makes a(n):

counteroffer.

addendum.

reverse bid.

collective bargain.

7.

Which of the following is true of the mailbox rule?

It applies to offers accepted or rejected through instantaneous communication, such as over the phone, in person,
or by telex.

It provides that the acceptance of an offer is valid when the offeree places it in the mailbox.

It provides that a revocation of an offer is valid as soon as the offeror places it in the mailbox.

It prohibits the formation or drafting of contracts over e-mails.

8.

_____ is best described as what a person will receive in return for performing a contract obligation.

Recognizance

Commission

Capitalization

Consideration

9.

When is a contract voidable?

When the contract is entered into by a person adjudicated insane

When the contract is entered into by an intoxicated person who understands his or her contractual obligations

When the contract is entered into by a person adjudicated as a habitual drunkard

When the contract is entered into by a minor

10.

Section 16 of the Restatement of Contracts provides that contracts of an intoxicated person are _____ if the other party had reason to know
that intoxication rendered the person unable to understand the nature and consequences of the transaction.

enforceable

void

illegal

voidable

11.

Which of the following can be considered an offer?

An auction without reserve

An expression of possible interest in an exchange

A request for bids

An invitation to negotiate

12.

Which of the following occurs when a party to a contract unjustifiably fails to substantially perform his obligations under the contract?

Material breach

Substantial performance

Anticipatory repudiation

Objective impossibility

13.

A(n) _____ is defined as a promise or set of promises for the breach of which the law gives a remedy or the performance of
which the law in some way recognizes a duty.

contract

statute

agreement

affidavit

14.

A debt is unliquidated when:

the parties dispute over the existence or amount of the debt.

the debtor is made to pay more than he or she owes.

it is provided by the creditor without charging an interest.

it cannot be recovered due to the debtor's bankruptcy.

15.

If a party to a contract asks for an additional amount of money and agrees to do more work than the contract requires, the result is that the
promise:

to do the extra work is valid consideration.

to do the extra work is an illusory promise.

becomes a part of the party's preexisting duty.

becomes an option contract.

Cascadia community college bus201 quiz chapter 13,14,15,16,20
Answered by bizgrad
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