Chapter 11 Quiz (Bus. Law)
Valid but Voidable
A contract between a mentally incompetent person who has NOT been adjudicated incompetent and who has NO legal guardian is A) Valid and Binding B) Valid but Voidable C) Valid but Unenforceable D) Void
Void
A contract between a mentally incompetent person who has been adjudicated incompetent and who has a legal guardian is A) Valid and Binding B) Valid but Voidable C) Valid but Unenforceable D) Void
Promissory Estoppel
A legal remedy that might be used to enforce a promise where the promise is not otherwise legally binding, such as a promise to make a gift, where the plaintiff relied on the promise and would be harmed if it were not enforced, would be A) An Express Unilateral Contract B) An Implied in Fact Unilateral Contract C) (Quasi Contract) An Implied in Law Contract D) Promissory Estoppel
(Quasi Contract) An Implied in Law Contract
A legal remedy that might be used where an agreement is not otherwise legally binding, that is based on the theory that the plaintiff conferred a benefit on the defendant and the defendant would be unjustly enriched unless he has to pay the reasonable value of the benefit, would be A) (Quasi Contract) An Implied in Law Contract B) Promissory Estoppel C) An Implied in Fact Unilateral Contract D) An Express Bilateral Contract
An Express Bilateral Contract
A verbal promise that requests a return verbal promise would be classified as an offer to enter into A) An Express Unilateral Contract B) An Implied in Fact Unilateral Contract C) An Express Bilateral Contract D) An Implied in Law Contract
Contract to buy a car
UCC Article 2 would govern which of the following contracts? A) Contract to buy a car B) Contract to buy a patent C) Contract between the Yankees and one of its players D) Contract to buy a house
Consideration
Which element means as promise to make a gift is not a valid contract? A) Offer and Acceptance B) Consideration C) Legality D) Capacity
Written proof
Which of the following is NOT a required element to make a contract "Valid"? A)Offer and Acceptance B) Consideration C) Legal Objective D) Written proof E) Capacity
The contract was discharged in bankruptcy
Which of the following would make a contract "Valid but Unenforceable"? A) One party to the agreement did not provide consideration B) The agreement is between a minor and an adult C) The contract was discharged in bankruptcy D) All of the above
The agreement is between a minor and an adult
Which of the following would make a contract "Valid but Voidable"? A) One party to the agreement did not provide consideration B) The agreement is between a minor and an adult C) The contract was discharged in bankruptcy D) All of the above
