16) All of the following are ways of terminating a contract EXCEPT:

A.

A) ratification.

B.

B) agreement.

C.

C) impossibility of performance.

D.

D) performance.

11) A third party will have ________ and duties under a contract if the purpose of the contract is to benefit the third party.

A.

A) rights

B.

B) commercial losses

C.

C) court costs

D.

D) fines

7) Parol evidence:

A.

A) refers to supplementary evidence or conditions that a party wants to add to an existing written contract.

B.

B) states that any spoken or written words that are in conflict with what the written contract states should be introduced as evidence in a court of law.

C.

C) specifies that certain kinds of agreements must be in writing to be enforceable.

D.

D) does not prohibit a person from legally entering into oral contracts for certain kinds of agreements.

1. 5) The element of proper form requires that certain contracts must be:

   A.

   A) witnessed by several witnesses.

   B.

   B) in writing.

   C.

   C) court-ordered.

   D.

   D) profitable to all parties.

   4) The requirements for a license usually include paying an annual fee and passing an examinationwritten, oral, or bothto ensure ________.

   	A.	A) revenue
   	B.	B) competence
   	C.	C) reliance
   	D.	D) disaffirmance