business law 3

Question 1 of 20
5.0 Points
The intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party amounts to:

A. fraud.  
B. duress.  
C. mistake.  
D. misrepresentation.  

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Question 2 of 20
5.0 Points
An injured party who can successfully prove fraud may have the remedy to:

A. claim specific performance.  
B. extend the contract.  
C. accept the contract.  
D. bring suit for damages.  

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Question 3 of 20
5.0 Points
Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person. If this power is improperly used to his or her personal advantage, then it amounts to:

A. mistake.  
B. misrepresentation.  
C. undue influence.  
D. duress.  

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Question 4 of 20
5.0 Points
Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person. Such relationships are found in all of the following, EXCEPT that of a(n):

A. employer and an employee.  
B. physician or nurse and a patient.  
C. attorney and a client.  
D. client and vendor.  

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Question 5 of 20
5.0 Points
While courts have long been reluctant to uphold unconscionable contracts, more recently, however, the UCC has made such contracts even less likely to be:

A. enforced.  
B. reduced into writing.  
C. agreed.  
D. notified.  

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Question 6 of 20
5.0 Points
According to the __________, uncertainty with respect to specific terms does not necessarily invalidate a contract.

A. Uniform Civil Code  
B. Uniform Commercial Code  
C. United States Commercial Code  
D. Uniform Contract Code  

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Question 7 of 20
5.0 Points
The offer and acceptance by the conduct of the parties is called as a(n) __________ contract.

A. express  
B. implied  
C. conduct  
D. social  

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Question 8 of 20
5.0 Points
A call for a bid or estimate for materials to be furnished or work to be done is not considered a(n):

A. offer.  
B. acceptance.  
C. request for proposal.  
D. invitation to acceptance.  

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Question 9 of 20
5.0 Points
Advertising is generally regarded as a(n):

A. invitation to trade.  
B. firm offer.  
C. commitment to sell.  
D. executory contract.  

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Question 10 of 20
5.0 Points
The general rule regarding the effective date and time an acceptance becomes binding is:

A. when the parties intend.  
B. three days after receipt of the acceptance.  
C. three days after acceptance is sent.  
D. upon receipt by the offeree.  

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Question 11 of 20
5.0 Points
A legally enforceable contract:

A. must not violate the law.  
B. can be void.  
C. may contain a malafide intention.  
D. need not be valid.  

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Question 12 of 20
5.0 Points
Jack promised to pay his nineteen year-old nephew $300 on his twenty-second birthday if he refrained from smoking cigarettes until he graduated from Western State College. This contract is legal and illustrates the promise of:

A. pledge or subscription.  
B. forbearance as consideration.  
C. general release.  
D. implied contract.  

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Question 13 of 20
5.0 Points
The three essential characteristics of valid consideration are:

A. accuracy, brevity, and clarity.  
B. fulfillment of social, moral and ethical obligations.  
C. legality, adequacy, and the possibility of performance.  
D. intention, practices, and policies.  

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Question 14 of 20
5.0 Points
The element of consideration in a contract refers to the:

A. competence of the parties.  
B. purpose of the contract.  
C. parties’ exchange of promises.  
D. form of the contract.  

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Question 15 of 20
5.0 Points
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:

A. consideration.  
B. competence.  
C. legality of purpose.  
D. offer and acceptance.  

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Question 16 of 20
5.0 Points
Certain contracts, such as those involving the sale of personal property for $500 or more:

A. must be orally accepted to be enforceable.  
B. must be written to be enforceable.  
C. need not be signed to be enforceable.  
D. must be divisible in nature.  

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Question 17 of 20
5.0 Points
A contract in which some future act or obligation remains to be performed under its terms is known as a(n) __________ contract.

A. executed  
B. statutory  
C. contingent  
D. executory  

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Question 18 of 20
5.0 Points
With respect to pledges and subscriptions, courts have generally held that these promises are:

A. unenforceable.  
B. enforceable.  
C. enforceable only in cases involving amounts greater than $500.  
D. unenforceable if it is not made for a reasonable period of time.  

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Question 19 of 20
5.0 Points
The Uniform Commercial Code dispenses with the requirement for consideration in contracts that involve:

A. a merchant’s firm written offer of the irrevocable contract.  
B. an oral discharge of a claim for an alleged breach of contract.  
 
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