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Business Law-Contracts Flashcards | StudBud
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Business Law-Contracts
Business Law-Contracts
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Business Law I B.Com BPS
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
the taking back of an offer by the offeror
counteroffer
revocation
expiration
rejection
2
A law that requires certain contracts to be in writing
accord and satisfaction
adhesion contract
statute of frogs
statute of frauds
3
A written contract must include all of these EXCEPT...
names of parties
right of transfer clause
date
price
4
A business promises to donate money to a charity
not an enforceable contract
enforceable contract even without consideration
unilateral contract
not a contract
5
A care-giver who had an elderly person change his or her will might be accused of...
duress
undue influence
breach of contract
delegation
6
A store that advertises TVs for $200 is...
making a bilateral contract
extending an "invitation to negotiate"
obligated contractually to honor the offer
guilty of fraud
7
A reward ad in the paper is an example of...
a unilateral contract
an invitation to negotiate
an oral contract
a bilateral contract
8
A customer hands $20 to a gas station clerk, then pumps gas. No words are spoken.
not a contract
written contract
implied contract
express contract
9
The act of destroying somebody's free will by force
breach of contract
undue influence
duress
fraud
10
If you pay cash for a bike, the bike is the benefit and the cash is the __________.
detriment
deterrent
delegate
difference
11
The terms stated in the acceptance of an offer must be exactly the same as in the offer
definite and certain
reasonable test
mirror image rule
genuine agreement
12
One who is no longer under the legal control of their parents is...
disaffirmed
a minor
ratified
none of these
13
Requires the original written agreement be used as evidence in court.
real world rules
reasonable evidence rule
best evidence rule
parol evidence rule
14
One party agrees to accept less than contracted amount to settle a dispute
capacity rules
accord and satisfaction
consideration
forbearance
15
The statute of frauds requires this to be in writing
sale of land
all service contracts
cosigning of a loan
sale of goods over $500
16
A court order that prevents a party from performing a specific act
assignment
remedy
injunction
damages
17
Charging more than the maximum legal interest rate is...
ratification
usury
adhesion
forbearance
18
A court may choose not to uphold a contract where one party is paying WAY too much
adhesion contract
unconscionable contract
statute of frauds
forbearance
19
A "take-it-or-leave-it" offer; contract bullying
usury
adhesion contract
accord and satisfaction
unconscionable contract
20
Which of these does not terminate an offer?
death/insanity
definiteness
revocation
counteroffer
21
Each party in a valid contract must be giving up something
adhesion
acceptance
consideration
benefit
22
Which is NOT one of the required elements of a contract?
capacity
consideration
legality
definiteness
23
One party in a contract CAN transfer ________, but can NEVER transfer ___________.
responsibility, duties
duties, responsibility
tender, duties
remedies, damages
24
Which is NOT a requirement of an offer?
communicated to the offer
made seriously
in writing
definite and certain
25
A _______ contract assures that both parties agree to terms and provides proof of the contract.
unilateral
written
implied
express
