*2. Is one of the essential elements of a valid contract: A) Parol Evidence B) Mutual Agreement C) Litigation

*5. _______ is a mandatory requirement to make a contract valid. A) Parol Evidence B) Competency of parties C) Litigation D) All of the Above

*14. Substantial performance occurs when a party to a contract executes all of the promised terms and conditions of the contract with the exception of: A) Substantial details that materially affect the intent of the agreement. B) Minor details that nonetheless materially affect the intent of the agreement. C) Mutually agreed upon omissions.

*25. When does ratification of an agency occur? A) Before the Fact B) After the Fact C) At the same time as the Fact

*27. An agency by ______ is created when circumstances make such an agency ________. A) Necessity, Necessary B) Necessity, Profitable C) Mandate, Advantageous

*28. The authority of an agent can be: A) Implied B) Apparent C) Express D) All of the options are correct

*30. An agency agreement brings about a relationship between a principal and a third party that results in a contract, while an employee who is not also an agent has: A) No such rights or powers B) Similar Powers C) Equal Powers

*34. Checks are always payable: A) Within one year. B) On Demand. C) Within 90 Days.

*35. The parties involved in a promissory note have particular names. The person who makes the promise is called the: A) Payee. B) Promise-maker C) Maker