QUESTION 15 A contract to pay a contractor to do work, when the contractor is supposed to be licensed but does not have a license, is void. O True O False QUESTION 16 To means to cancel the contract by agreement of the parties and return the parties to the position that they were in before the contract was made. QUESTION 17 The statute of frauds applies only to O formal contracts O informal contracts. executed contracts. executory contracts. QUESTION 18 Choose ALL of the following that are true: (choose ALL that apply) With a delegation, the delegator remains liable for proper performance. The right to work for someone cannot be assigned without permission. O The assignee acquires the same rights as the assignor. An assignment usually requires no special form. QUESTION 19 If both parties agree to let one of the parties out of the contract and to substitute a new party to assume responsibility under the contract, this is called aQUESTION 20 A contract right that may NOT be assigned is the right to O an attorney's services. O collect money. O receive standard merchandise. O the damages awarded for a breach of contract. QUESTION 21 An agreement is illegal and void if it violates: (choose ALL that apply) O public policy. state usury statutes. O state licensing statutes. state criminal statutes QUESTION 22 The party to whom rights under a contract are transferred is called the obligor. True O False QUESTION 23 A provision excusing one party from liability for negligence is O a disaffirmatory clause. O a revocation clause. O an exculpatory clause. O forbearance.QUESTION 24 A term not included in a written contract is considered intentionally omitted. O True O False QUESTION 25 The person to who a contractual duty is owed is the obligor. O True O False QUESTION 26 Noncompete agreements are used for the sale of a business and in employment contracts. True O False QUESTION 27 Tender of performance can discharge a contract. True O False QUESTION 28 A lease for one year must be in writing. O True O FalseQUESTION 29 An example of a contract obligation that may be delegated to another person is a O singer's obligation to sing on a tv show. O surgeon's obligation to perform a throat operation. O painter's obligation to paint a portrait. O seller's obligation to deliver twenty tons of coal at a set price. QUESTION 30 Under the provisions of the statute of frauds, one example of a contract that does NOT have to be in writing to be enforceable is a(n) O agreement for the transfer of ownership of real property. O agreement for the sale of merchandise valued at $6,000. O agreement to rent an apartment for one year or less. O promise to pay the debts of another living person. QUESTION 31 An agreement to fix prices is (choose ALL that apply) O opposed to public policy. O void. O valid. O a violation of antitrust laws. QUESTION 32 Which of the following is NOT a way that a contract is discharged? O accord and satisfaction O statute of frauds O novation O full performanceQUESTION 33 Choose ALL of the following that are ways that a minor can ratify a contract: (Choose ALL that apply) O by disaffirmance. O implied from the minor's actions. O oral. O written. QUESTION 34 With a noncompete agreement, courts can either choose not to enforce the agreement if it is not a reasonable agreement, or they can use the blue pencil doctrine to make the agreement reasonable and then enforce it. O True O False QUESTION 35 The statute of frauds O states that written contracts can always be changed by oral evidence. O does not require any writing. O applies only to executed contracts. O requires certain contracts to be in writing. QUESTION 36 A minor may disaffirm or ratify a portion of an agreement. O True FalseQUESTION 37 A state legislature passed ac law making the sale of fireworks illegal. Before the law was passed, Johnson Company had entered into a contract to sell fireworks to a large city in the state for its July 4th celebration. The effect of this law on Johnson Company's contract is to: O discharge the contract by operation of law. O nonexistent. O postpone the performance of the contract until the following year. O to allow Johnson Company to sue for breach of contract. QUESTION 38 Contracts made by minors are void. O True O False QUESTION 39 Which statement is correct regarding the transfer of contractual rights? O The assignor acquires greater rights than the assignee has under the contract. O The assignee acquires only such rights as the assignor has under the contract. O The assignor acquires only such rights as the assignee has under the contract. O The assignee acquires greater rights than the assignor has under the contract. QUESTION 40 When a minor intentionally misrepresents their age, all states will handle the situation in the same way. O True O False QUESTION 41 performance means that 959% or more of the work under the contract was completed and can discharge the contract with a credit to the other party for the minor items not completed.QUESTION 42 Courts will allow recovery based on an illegal agreement when O the parties are not equally at fault. O both parties are in pari delicto. O there is not more than one illegal clause. O a tort is not involved. QUESTION 43 A contract of is a contract that contains clauses that are unfavorable and support the party that is in a superior bargaining position. QUESTION 44 The law allows minors to _ (the opposite of ratify) a contract when they do not want to go through with the contract. They must do this before they reach the age of majority or within a reasonable amount of time after reaching the age of majority. QUESTION 45 A prenuptial agreement must be in writing to be enforceable. O True O False QUESTION 46 The Uniform Commercial Code allows the discharge of a contract due to commercial impracticability caused by unforeseen circumstances. O True O FalseQUESTION 1 Choose ALL of the following that should be in a memorandum required to satisfy the statute of frauds: (choose ALL that apply) the consideration to be given by each party the date of the agreement O the names of the parties O the subject matter of the agreement QUESTION 2 If both parties are in pori delicto , neither party can successfully sue the other to seek enforcement of the agreement. True O False QUESTION 3 Charging a rate of interest higher than that allowed by law is usury. O True O False QUESTION 4 A contract is NOT assignable if O the obligor fails to notify the assignee. O None of these answer choices is correct. O the assignment is not in writing. O the assignment was made as security for a debt. QUESTION 5 Unconscionable agreements violate public policy and will not be enforced because they lack legality. O True O FalseQUESTION 6 Choose ALL of the following that are ways that a contract can be discharged: O Breach of contract O Operation of law O Agreement of parties O Performance QUESTION 7 The statute of frauds eliminates the other elements of a contract. O True O False QUESTION 8 Sonny, an emancipated minor, rented an apartment from Fitzgibbons at $300 a month. At the end of a year, Sonny moved out without paying the rent for the last two months he was living there. Since Sonny is a minor he is not responsible for the $600. O True O False QUESTION 9 A written contract or memorandum MUST be signed by O both parties. O the party bringing suit. O the party to be held liable. O either party.QUESTION 10 The key to determining whether a contract is enforceable under the one-year rule of the statute of frauds is the answer to the following question: O Is it likely that the parties will carry out the terms of the contract within one year of the date of the agreement? O Do the parties wish to carry out the terms of the contract within one year from the date that the contract will actually begin? O Is it reasonable to expect that the parties will carry out the terms of the contract within one year of the date of the agreement? O Is it possible to carry out the terms of the contract within one year of the date of the agreement? QUESTION 11 Choose ALL of the following that are ways in which a contract can be discharged by operation of law: (choose ALL that apply) material alteration of a written contract impossibility/ impracticability O bankruptcy U statute of limitations QUESTION 12 If a contract is required to be in writing, then an assignment of that contract must also be in writing. O True O False QUESTION 13 The things that a minor needs to maintain their standard of living are known as and the law requires minors to pay for these items if they are emancipated. QUESTION 14 An assignment transfers contract rights. A delegation transfers performance of duties, but the delegator remains liable for proper performance. True O False