Question 12

An intoxicated person can never enter a legally binding agreement, because being intoxicated compromises one's decision making abilities.

Group of answer choices

True

False

Question 13

What element(s) are required for a party to assent (i.e. agree) to enter a legally enforceable contract? Choose the best answer.

Group of answer choices

Parties must enter of their own free will

Parties must enter with adequate knowledge of the terms

Parties must have the mental capacity to appreciate the relationship

All of the Above

Question 14

When a promisor receives some benefit for his/her promise, and the promisee gives up something in return, is the best way to define the contract element of:

Group of answer choices

Offer

Acceptance

Consideration

None of the Above

Question 15

The Uniform Commercial Code has several exceptions to the consideration requirement. No consideration is needed to revive a debt discharged in bankruptcy, and none is called for under the Convention on Contracts for the International Sale of Goods.

Group of answer choices

True

False

Question 16

Laws may require certain persons to have licenses in order to practice a trade or profession. Whether an unlicensed person is barred from recovering a fee for service depends on the language of the statute and the purpose of the requirement: if it is a mere revenue-raising or registration statute, recovery will often be allowed. If the practitioner is required to prove competency, no recovery is possible for an unlicensed person.

Group of answer choices

True

False