Business law ethics 214 Book: Dynamic Business Law (SmartBook) ( Kubasek, 4e) true/false questions 1. when there is a substitution of a party to a...
Business law ethics 214Book: Dynamic Business Law (SmartBook) ( Kubasek, 4e) true/false questions1.Â Â Â Â Â Â Â when there is a substitution of a party to a contract, it is called rescission.2.Â Â Â Â Â Â Â reasonable reliance on a promise is one of the requirements of promissory estoppel.3.Â Â Â Â Â Â Â assignments require special wording or forms to be valid.4.Â Â Â Â Â Â Â a promise to stop doing something in the future is not valid consideration.5.Â Â Â Â Â Â Â parents are responsible for the torts committed by their minor children in all states.6.Â Â Â Â Â Â Â parties can discharge their duty under a contract by tendering performance.7.Â Â Â Â Â Â Â assignment of a contract that is personal in nature is generally permitted.8.Â Â Â Â Â Â Â there is only one situation in which a third patricians rights to a contract.9.Â Â Â Â Â Â Â an offeror has no rights to revoke an offer before receiving a reply.10.Â Â Â Â if a minor enters into contract with an adult, both parties may disaffirm a contract based upon the minor's lack of majority.11.Â Â Â Â privity of contract is usually required in order for a party to be bound to a contract or have rights under a contract.12.Â Â Â Â someone who has been adjudicated insane has no capacity to enter into contracts, and any contract he attempts to enter into is void, even if he has an appointed guardian.13.Â Â Â Â there are two types of conditions that can be placed on contracts and affect a party's duty to perform the promise agreed to in the contract.14.Â Â Â Â completion of all of the terms of a contract is required for substantial performance.multiple choice questions1.Â Â Â Â when someone has some sort of mental or physical defect that prevents him or her from being able to enter into a legally binding contract, what term is used?a.Â Â Â Â terminal illnessb.Â Â Â Â immajorityc.Â Â Â Â chronic illnessd.Â Â Â Â capacitye.Â Â Â Â incapacity2.Â Â Â Â which of the following is true of consideration?a.Â Â Â Â consideration is valid only if it part of an equal exchangeb.Â Â Â Â consideration is not required in bilateral contractsc.Â Â Â Â consideration is never requiredd.Â Â Â Â consideration is required in all contractse.Â Â Â Â consideration is not required in unilateral contracts3.Â Â Â Â what is necessary for consideration to be valid?a.Â Â Â Â consideration must be the product of a bargained for exchangeb.Â Â Â Â consideration must be part of an equal exchange c.Â Â Â Â consideration must involve a mutual exchange of promisesd.Â Â Â Â consideration must be moneye.Â Â Â Â consideration must involve performance in exchange for a promises4.Â Â Â Â which of the following is an element of a legally binding contract?a.Â Â Â Â knowledgeb.Â Â Â Â capacityc.Â Â Â Â inquiryd.Â Â Â Â acknowledgemente.Â Â Â Â affirmance5.Â Â Â Â what standard do courts use to interpret a contract?a.Â Â Â Â a negligence standardb.Â Â Â Â a common law reasonableness standardc.Â Â Â Â an objective standardd.Â Â Â Â a subjective standarde.Â Â Â Â a subjective reasonableness standard6.Â Â Â Â why do parties who are not in privity of contract usually not have rights to a contract?a.Â Â Â Â because it would be against public policy to provide rights to a contract to those without privity.b.Â Â Â Â because privity of contract is necessary to ensure a contract is in compliance with the UCC.c.Â Â Â Â because of the state of frauds.d.Â Â Â Â because contracts are private agreements between parties who each agree to give or do something for the other party.e.Â Â Â Â because it would be too difficult to determine who has contractual rights if privity of contract is not required.7.Â Â Â Â when is an ad treated as an offer?a.Â Â Â Â an advertisement is only treated as an offer if the language of the advertisement says "THIS IS AN OFFER."b.Â Â Â Â an advertisement is treated as an offer if the ad specifies a limited quantity and provides a specific means by which the offer can be accepted.c.Â Â Â Â an advertisement is treated as an offer if the ad specifies a price that it is willing to sella product for.d.Â Â Â Â an advertisement is never treated as an offer.e.Â Â Â Â an advertisement is always treated as an offer.8.Â Â Â Â which of the following is true of intent to form a contract?a.Â Â Â Â intent is assessed by considering proof of an offer or offeror's internal thought process.b.Â Â Â Â intent is a required element of an offer or acceptance only if a contract is a contract for the sale of goods.c.Â Â Â Â intent is not a required element of an offer or acceptance to form a contract.d.Â Â Â Â intent is determined based on the specific motivations of the offeror or offeree, including hidden motivations.e.Â Â Â Â an offeror must show intent to be bound by the offeree's acceptance.9.Â Â Â Â regarding European courts, which statement is true?a.Â Â Â Â European courts are in total disagreement with the reluctance of American courts to interfere with a contract because the value of the item in question has changed since the agreement.b.Â Â Â Â European courts refuse to assume that parties accept the risk when they make a contract that the value might change later.c.Â Â Â Â European courts permit rescission of the contract for a mistake of value when the mistake involved more than 10 percent of the value at the time of the contract.d.Â Â Â Â European courts permit rescission of the contract for a mistake of value when the mistake involved more than 50 percent of the value at the time of the contract.e. Â European courts permit rescission of the contract for a mistake of value when the mistake involved more than 40 percent of the value at the time of the contract.
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Jan 02, 2020
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