1 1 1. Intentional concealment is also known as: r deliberate nondisclosure of material facts. r\" intentional disclosure of material facts. f" intentional nondisclosure of material facts. It... calculated disclosure of material facts. 1 2 1. Substantial performance occurs when a party to a contract executes all of the promised terms and conditions of the contract with the exception of: r\" minor details that do not materially affect the intent of the agreement. It" minor details that nonetheless materially affect the intent of the agreement. If" substantial details that materially affect the intent of the agreement. It" mutually agreed upon omissions. 1 3 1. A proposal that is both offered by the offeror and accepted by the offeree is a contract. It" invalid r" valid r" quasi r\" void 1 4 1. A contract in which all of the terms of the agreement have been fully performed by both parties is: I!" an executed contract. It\" an executory contract. If" a divisible contract. 1"\" an invalid agreement. 1 5 1. If the mistake in the contract is made by only one party, then it is considered a(n): r unilateral mistake. I!" mutual mistake. I!" conditional mistake. I!" corporate mistake. 1 6 1. Which act states that a borrower may cancel a contract for any type of personal loan within three days of entering into the contract? It" Truth in Lending Act r Commission Trade Act If" Equal Credit Reporting Act It\" Fair Credit Reporting Act 17 1. An entire contract is also known as a(n): f" indivisible contract. If" specialty contract. If" executed contract. If. divisible contract. 18 1. If agreement of either party is obtained by fraud, misrepresentation, mistake, undue influence, or duress, or if the contract is one of adhesion, or is unconscionable, a(n): If" valid contract results. voidable contract results. It... If" executed contract results. It... void contract results. 1 9 1. If a third party enters a contract as the result of a , the party whose rights or duties are assumed is completely relieved of any obligations. If" delegation If\" personal-service contract If\" bankruptcy If" novation 20 1. Agreements that lack consideration are generally: If" enforceable. If\" unlawful. It" valid. If" not enforceable. 21 1. If an agreement imposes a legal obligation, a(n) contract results. If" illegal If" moral r\" unenforceable If" enforceable 22 1. A contracting party intending to authenticate a written agreement may use any symbol as their: revocation. signature. seal. '3'}'1'1 acceptance. 23 1. A competent party with the ability to make a valid contract is known as having: If" contractual capacity. contractual ability. 1"\" It\" age of majority. r' undue influence. 24 1. A party to a contract will not be obligated by an assignment made by the other party without his or her knowledge until: r stamped. Ir" notified. r rejected. r" agreed to. 25 1. Examples of contracts that might be made on a Sunday or on a legal holiday and ratified on a weekday are the following types of contracts: f" usurious agreements. If" unlicensed transactions. If" payment of a note. It\" gambling and wagering agreements. 26 1. Offers are terminated for the following reason(s): It" revocation. It" rejection. If" All of the options are correct. r-I lapse of time. 27 1. Examples of gambling that may be illegal in some states include all of the following EXCEPT: r\" betting on a Native American reservation. It" office pools. It" online gambling. r. None of the options are correct. 28 1. Agreements to defraud creditors and other persons are: It" legal and enforceable. r\" valid. If\" void and unenforceable. r. legal but not enforceable. 29 1. When unforeseen circumstances make it impossible to fulfill the terms of a contract, it is known as: r\" impossibility of performance. Ir" impossibility of purpose. r termination. r frustration of purpose. 30 1. Misrepresentation is a misstatement of a that results in inducing another to enter into an agreement to his or her injury. It" All of the options are correct. It" misrepresentation r lie '1... material fact