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1. A sales contract must be evidenced by a writing if the sales price of goods is equal to or more than (Points : 2)

$100. $300. $500. $1,000.

Question 2.2. A minor's right to disaffirm a contract terminates automatically when the person reaches the age of majority. (Points : 2)

True False

Question 3.3. Mistakes in judgment as to value or quality will permit one to avoid a contract. (Points : 2)

True False

Question 4.4. The subject matter of a contract may relate to: (Points : 2)

the performance of personal services. the construction of a house. the transfer of ownership of property. all of the above.

Question 5.5. A party who speaks with a reckless disregard for the truth not knowing of the falsity of his or her words cannot be liable for fraud. (Points : 2)

True False

Question 6.6. An invitation to negotiate will typically be construed as having created a valid offer. (Points : 2)

True False

Question 7.7. A contract is essentially an agreement that creates an obligation. (Points : 2)

True False

Question 8.8. The principle behind the quasi contract is to prevent unjust enrichment. (Points : 2)

True False

Question 9.9. An apparently voluntary agreement may in fact not be voluntary if: (Points : 2)

undue influence is present. physical duress is present. economic duress is present. all of the above.

Question 10.10. A contract entered into under undue influence lacks genuine assent and is therefore voidable. (Points : 2)

True False

Question 11.11. Generally, advertisements, catalog prices, and circulars are offers that can be accepted. (Points : 2)

True False

Question 12.12. Coffee Brokers, Inc., offers to sell Java Roasters, Inc., fifty bags of coffee beans. Java rejects the offer. The offer is (Points : 2)

terminated. valid for a reasonable time to give Java a "second chance." valid for the period of time prescribed by a state statute. valid until Coffee Brokers revokes the offer.

Question 13.13. In interpreting an ambiguous contract, one part of the contract (Points : 2)

must be viewed in isolation. must be viewed as a condition. must be viewed in connection with the rest of the contract. must be viewed as indicating joint and several liability.

Question 14.14. A writing that satisfies the requirement of a writing under the statute of frauds could be evidenced by (Points : 2)

a note. a memorandum. a contract. all of the above

Question 15.15. Parol evidence may be admitted to show that a provision was omitted as the result of (Points : 2)

fraud. accident. mistake. all of the above

Question 16.16. An adult may disaffirm a contract entered into with a minor. (Points : 2)

True False

Question 17.17. Local Investment Company and Midstate Properties, Inc., contract for the sale of a retail mall. A mutual mistake of fact will make it possible for either party to rescind the contract (Points : 2)

if the mistake of fact is immaterial. if the mistake of fact is material. under any circumstances. under no circumstances.

Question 18.18. If an acceptance materially changes an offer, the acceptance may be held to implicitly reject the offer. (Points : 2)

True False

Question 19.19. The key time for determining whether a party lacked contractual capacity is: (Points : 2)

the time the contract was made. the time the value of the bargain becomes clear. the time set for performance of the contract. the time the plaintiff expresses dissatisfaction with the contract terms.

Question 20.20. Ira persuades Jake to buy his horse by telling Ira that the horse rides "like the wind." Ira's statement is (Points : 2)

duress. fraud. puffery. undue influence.

Question 21.21. The maximum amount of time that a minor has to disaffirm a contract is: (Points : 2)

one year from the date of the agreement. 30 days from learning of his or her right to disaffirm. the age of majority. a reasonable period of time after reaching the legal age.

Question 22.22. A merchant cannot revoke a firm offer to buy or sell goods if the merchant has (Points : 2)

promised to keep the offer open. declared in the presence of two or more reputable witnesses that the offer will be kept open. received consideration to keep the offer open. stated in a signed letter that the offer would not be revoked.

Question 23.23. If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be, that party can rescind the contract. (Points : 2)

True False

Question 24.24. A counteroffer terminates an offer. (Points : 2)

True False

Question 25.25. It is not necessary for an offer to be communicated by the offeror to the offeree to be effective. (Points : 2)

True False

Question 26.26. Agreement is usually evidenced by an offer and an acceptance. (Points : 2)

True False

Question 27.27. To have a contract you must have: (Points : 2)

an offer. an acceptance. both an offer and an acceptance. an agreement manifested by the written or spoken words of the parties.

Question 28.28. Fraud requires a misstatement of either a fact or opinion. (Points : 2)

True False

Question 29.29. A promise to pay a debt must be in writing if (Points : 2)

the debt is for more than $500. the debt is now due and payable. the promise is to pay the debt of another. the debt owed is the promisor's.

Question 30.30. A general contractor who knows that a subcontractor's bid is a mistake can still enforce the bid. (Points : 2)

True False