Question 1

"A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. . . " is the definition of:

Group of answer choices

Statute of Frauds

Contract

Consideration

Acceptance

Question 2

Capitalism and contract law have developed together, because having choices in society means that people decide and agree to do things with and to each other, and those agreements bind the parties; the agreements must be enforceable.

Group of answer choices

True

False

Question 3

The sale of business services, in the amount of $500 or more, is governed by Article 2 of the Uniform Commercial Code.

Group of answer choices

True

False

Question 4

"The manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it" best defines:

Group of answer choices

Offer

Acceptance

Agreement

Contract

Question 5

The general rule in business law is that a company's advertising is considered an offer. For example, if you see a sign in Starbucks window that says "Buy our new Coffee...only $5", Starbucks is making a legal offer to sell you that coffee. When you buy, you've accepted their order.

Group of answer choices

True

False