1) A contract where the promises have been performed is said to be "executory."

Group of answer choices

True

False

2)A usurious contract is illegal and void because it includes an amount of interest greater than that allowed by law.

Group of answer choices

True

False

3)A promise to perform an act that the promisor is already obligated to perform is known as "Past Consideration" and is not sufficient to form a contract.

Group of answer choices

True

False

4)Jack owes Sam $200. He does not have the money, so he agrees to sell his laptop to Carol for $200 and asks Carol to give the money directly to Sam. This is an example of which type of contract?

Group of answer choices

Third Party Creditor Beneficiary Contract

Third Party Donee Beneficiary Contract

Assignment

Delegation

5)In an "assignment" situation, there is a transfer of the promisee's rights under an existing contract.

Group of answer choices

True

False

6)A formal contract is one that is governed by a statute.

Group of answer choices

True

False

7)A contract that is inferred by the conduct or actions of the parties, as opposed to specific words, is known as an Express Contract.

Group of answer choices

True

False

8)A contract that contains all six required elements is said to be "void."

Group of answer choices

True

False

9)Sarah offers to sell a box of chocolates to Larry for $50. Larry says he will buy the chocolate for $25. Larry has made a _____________________.

Group of answer choices

acceptance

counter-offer

consideration

None of the above.

10)A covenant is an unconditional, absolute promise to perform.

Group of answer choices

True

False