BUSINESS LAW FINAL REIVEW QUESTION ONLY ANS NEED ...BUT Right Answer please ....... NO EXPLANIATION thanks

QUESTION 1 1. Which of the following is not a required element of a contract?

a. Legal capacity

b. A writing c. Consideration

d. Legality

QUESTION 2 1. Thomas, age 17, purchased a motion picture camera for $95.00. The agreement was a. void, because it involves a luxury item

b. voidable on the part of Thomas c. voidable on the part of the merchant only

d. binding upon both Thomas and the merchant

QUESTION 3 1. Which of the following represents the basic distinction between a bilateral contract and a unilateral contract

a. Only one promise is involved ifthe contract is unilateral but two promises if the contract is bilateral. b. Specific performance is available if the contract is unilateral whereas it is not if the contract is bilateral. c. The rights under a bilateral contract are assignable, whereas rights under a unilateral contract are not assignable. d. The Statue of Frauds applies to a bilateral contract but not to a unilateral contract.

QUESTION 4 1. A quasi-contract is imposed by law to prevent unjust enrichment of one party at the other party's expense. Such a contract is also referred to as

A. An unenforceable contract

B. A contract implied in law

C. A contract implied in fact

D. A bilateral contract

QUESTION 5 1. An agreement induced by misrepresentation of a material fact without intent to deceive is:

a. voidable at the option of either party

b. voidable at the option of the injured party

c. valid

d. void

QUESTION 6 1. Common law is derived from:

a. the federal and state constitution b. custom and precedent c. federal and state statutes d. ordinances

QUESTION 7 1. A contract contains several promises made by each of the parties, but one party must complete performance of all his/her promises before the other is to perform. This contract is

a. Entire. b. Divisible. c. Formal. d. Executed

QUESTION 8 1. The courts are vitally concerned with the adequacy of consideration and will set aside as agreement in which the consideration of one party is not equal to that of the other party.

True False

QUESTION 9 1. A creditor beneficiary is entitled to sue the promisor directly to enforce his or her promise True False QUESTION 10 1. A contract will be enforceable even if the party seeking to avoid performance alleges and proves

a. Fraud. b. Mutual mistake of material fact. c. Innocent misrepresentation. d. Executive hardship.