1.How many legally essential elements must be satisfied to make a valid contract?

3.

6.

9.

12.

2.Offers are terminated for the following reason(s):

lapse of time.

revocation.

rejection.

all of the options are correct.

3.The unintentional misstatement or nondisclosure of a material fact that results in inducing another to enter into an agreement to his or her loss is known as:

misrepresentation.

duress.

mistake.

puffing.

4.The three essential characteristics of valid consideration are:

accuracy, brevity, and clarity.

fulfillment of social, moral and ethical obligations.

legality, adequacy, and the possibility of performance.

intention, practices, and policies.

5.Aform of property that comprises land and everything attached to the land, including minerals such as oil, iron ore, and others, is known as:

real property.

personal property.

public property.

transient property.

6.Anyone in possession of goods can create a bailment relationship and become a(n):

bailor.

bailee.

executor.

administrator.

7.A corporation usually has_________, which provide rules for the corporation.

bylaws

articles of incorporation

common laws

statutory laws

8.Which of the following organizational forms has in place a management team whose members share in the overall control of the business?

Charitable organization.

Sole proprietorship.

Religious organization.

Limited liability company.

9.Bankruptcy is governed by ________ law.

state

federal

who guides the bankruptcy process.

municipal

10.Concerted action allows __________ to share information about wages, benefits, and working conditions.

employees

employers

the state

the court

11.Intellectual property _____________ is the unauthorized use of intellectual property.

larceny

breach

battery

infringement