Business Law Quiz 5+6

which of the following references the requirement that a contract not be either illegal or against public policy?

legal object

Under the Uniform Commercial Code (UCC), contracts for the sale of goods totaling more than ________ must be in writing

$500

Sam offers Betty his bycicle for $75. which of the following is an example of an illusory promise on the part of betty?

"ill take it if I decide to do so"

Which of the following is not an element of fraudulent misrepresentation?

All of these are elements of fraudulent misrepresentation

Sam promises his uncle Bob that he will lose 10 pounds and exercise every day during the spring semester in exchange for having his tuition paid for the fall semester. the uncle agrees but after sam has lost the 10 pounds and exercised all semester, bob refuses to pay saying that no contract existed. Which of the following is true

Consideration was present, there was an enforceable contract, and bob has wrongfully refused to pay

All states except ______________ adhere to the admission exception to the statute of frauds

Louisiana and California

What have most states done with regard to unsolicited merchandise received from a sealer?

Most states have passed laws providing that unsolicited merchandise does not have to be returned and the recipient may keep it as a gift, with no contract being formed.

The effect of both __________________ and __________________ is that the victim can either rescind the contract or sue for damages

Negligent misrepresentation, fraudulent misrepresentation

_________ are best described as contractual obligations imposed by the courts in order to prevent one party from being ujustly enriched at the expense of another

Quasi-contracts

Which of the following is a definition for consideration

The bargained for exchange

Which of the following is true regarding distinguishing an offer from an invitation to negotiate?

Whether an offer in fact existed is a question of fact

the law of contracts is primarily _______________ law

common

When one party is forced to enter into a contract by the wrongful threat of another, the contract is voidable by the innocent party due to ____________

duress

Quasi-contracts are actual contracts

false

A(n) ___________________ occurs only when the party making the false statement, without the intentions to deceive, should have known the truth using the skills and competence required of a person in his position or profession

negligent misrepresentation

the person who makes an offer is called an _________

offeror

if the offer is for a unilateral contract, the offeree can accept only by ____________

providing the requested performance

Only the offeree to whom an offer is directed can accept the offer

true

today, courts hold that once an offeree begins performance on a unilateral contract, the offerormust ld the offer open for a reasonable time to allow the offeree to complete the performance.

true