BUS Law 1 Wilson Test 2 Multiple Choice

Which of the following constitutes a material breach? A. Inferior performance B. Substantial performance C. Anticipatory repudiation D. Recession without notification

A. Inferior performance

Rodney and Rowena enter into an oral contract whereby Rodney agrees to sell 480 packets of Wheezie Seeds to Rowena for $480.00. The parties later decide to modify the contract and add 50 more packets making the total contract $530.00. This modification: A. Needs to be in writing B. Must be oral, since the original contract is oral C. Can be oral D. Is unenforceable because the first contract is unenforceable

A. Needs to be in writing

Which of the following is true in an auction with reserve? A. The bidder is considered to be the offeror B. The seller has to accept the highest bid and cannot pull the item from sale C. The goods on sale cannot be withdrawn once they are offered for sale D. The auctioneer is allowed to set a minimum bid

A. The bidder is considered to be the offeror

Rodney agrees to sell his car to Rowena for $5,000. The exchange is to take place on December 1, 2015. The contract between Rodney and Rowena is: A. Unilateral, Executed and Valid B. Bilateral, Executed and Valid C. Bilateral, Executory and Express D. Bilateral, Executory and Implied

C. Bilateral, Executory and Express

Which of the following is necessary for a valid offer: A. A writing B. Reliance by the offeree C. Facts and circumstances that reasonably indicate the offeror's intent to contract D. A subjective intent by the offeror to enter into a contract

C. Facts and circumstances that reasonably indicate the offeror's intent to contract

Which of the following statements is true regarding a Quasi-Contract? A. It permits monetary damages to the defendant since no contract legally exists B. Agreement to a contract has been inferred between the parties from their contracts C. It is an equitable doctrine designed to prevent unjust enrichment D. It applies only if there is an enforceable contract between the parties

C. It is an equitable doctrine designed to prevent unjust enrichment

Black Bart took advantage of a confidential trusting relationship with Rodweenie when they entered into a contract. Now Rodweenie has a remedy based upon: A. Duress B. Unconscionability C.Undue Influence D. Fraud

C.Undue Influence

Damages that are agreed upon at the time a contract is entered into are called: A. Compensatory B. Consequential C. Express D. Liquidated

D. Liquidated

A valid assignment always requires: A. Consideration B. A writing C. Both of the above D. Neither of the above

D. Neither of the above

Which of the following is true for an auction without reserve? A. B. C. D.

The items to be sold cannot be withdrawn from sale

Which of the following is true about contracts? A. B. C. D.

To have an enforceable contract, there must be mutual assent between the parties