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LOMA 311 Module 2 Practice Exam
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LOMA 311 Module 2 Practice Exam...
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LOMA 311 Module 2 Practice ExamThe Bayview Corporation, located in State A, entered into a contract with the
Decatur Company, located in State B. Bayview and Decatur began writing the
contract in State A, but completed it and signed it in State B. Neither party chose a
jurisdiction to govern the contract. State A and State B both adhere to the center of
gravity rule, which governs conflicts of law. This information shows that the
contract most likely will be governed by: - ANSWER whatever state has the
highest interest in the contract.
Contracts can be formal or informal, unilateral or bilateral. Geranium Corporation
and Meadow Leasing Company signed a deal in which Geranium agreed to rent
office space from Meadow for a monthly rate. The contract is enforceable since
Geranium and Meadow complied with the agreement's substance rather than its
form. Regarding the sorts of contracts, it is correct to remark that the contract
between Geranium and Meadow is both an informal contract and a bilateral
contract.
One sort of contract is the aleatory contract. By definition, an aleatory contract is
one in which one party offers something of value to another party in exchange for a
conditional promise.
Andy Howard has been pronounced mentally incompetent by a court, and his
mother, Madeline Howard, has been permitted by the court to care for him and
manage his property and affairs. Andy entered into a contract for things that were
not necessary without Ms. Howard's permission. Select the answer choice that
correctly identifies whether Andy Howard or Madeline Howard is the ward in this
case and whether the contract into which Andy engaged is legally binding.
ANSWER Ward: Andy Howard
Is the Contract Enforceable? No
Jeff Whitcomb told a neighbor, Kay Andre, that he had concert tickets to sell. Ms.
Andre stated that she would purchase concert tickets for $75.00. This information
shows that Ms. Andre made (an offer / counteroffer) to Mr. Whitcomb, and she is
the (offeror/offeree) in this case. - Respond to an offer/offeror.
, The statements below describe a typical contract offer. Choose the answer choice
that contains the proper statement. - ANSWER An offer to contract is terminated if
the offeree rejects it in whole or in part.
One general concept of contract law in the United States and many other
jurisdictions is that parties have the freedom to contract with whomever they
choose and on whatever legal conditions they like. ANSWER Freedom of contract
is a legal notion.
By definition, what a promisor wants for and receives in exchange for his
contractual promise is known as ANSWER consideration.
Moore Miliam, a 15-year-old United States resident, signed a contract for products
that are not considered necessities. Regarding the validity of his contract, it is true
to remark that the contract most likely is voidable by Moore at any time before he
achieves the age of majority and within a reasonable time after the attainment of
the age of majority.
The following assertions pertain to the contractual capability of insurance firms.
Three statements are true, while one is untrue. Choose the answer choice that
contains the FALSE statement. - ANSWER Life insurance firms have the authority
to enter into life insurance contracts, but not to enter into other sorts of contracts.
When Cindy Sack applied for a life insurance policy from Azalea Insurance
Company, she made a significant misstatement. Azalea published the policy with a
standard two-year contestability term. A year later, Azalea uncovered the material
misstatement. Regarding the legitimacy of this insurance contract, it is right to
remark that the contract most likely is voidable by Azalea, regardless of whether
the misrepresentation was done with the belief that it was truthful.
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