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Business Law Final Exam |Questions with Answers Verified 100% Correct
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Business Law Final Exam |Questions with Answers Verified 100% Correct
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Business Law Final Exam |Questions withAnswers Verified 100% Correct
4 elements of a contract - ✔✔agreement, consideration, contractual capacity, and legality
Joe buys a car for 15,000. If he disaffirms the contract after a wreck and is at fault since he is a
minor he can get the _____ _____. If he is at fault because he is drag racing and the car is
totaled and worth $500, he will only get _____. - ✔✔whole value, $500
What is the legal term, for a person who agrees to pay a debt if the primary debtor does not? -
✔✔Guarantor
T/F: Void means that there is no contract. - ✔✔True
T/F: Voidable means that one of the parties is able to get out of the contract - ✔✔True
T/F: A contract to commit a tort of crime is illegal - ✔✔True
How long is a covenant not to compete enforceable? - ✔✔2 years, same type of business,
and 75 miles
T/F: illegal contracts are void and the courts will leave the parties where they are - ✔✔True
T/F: Raffles agrees to sell wickelhouse a shipload of cotton on the ship pearless from
wicklehouse. Raffles thought the ship was coming in December. Wickelhouse thought it was
coming in March. Either of the parties may get out of the agreement; Neither - ✔✔True,
False
,A contract when both sides made mistakes, a mistake when either party can NOT get out of -
✔✔Bilateral
A contract when one party makes the mistake; only the person that did NOT make the mistake
can get out of it - ✔✔Unilateral
T/F: Fraud on behalf of one party allows the other party to rescind the contract - ✔✔True
The breach of a contract usually calls for a _____ _____ since a contract is an economic
transaction - ✔✔monetary remedy
Fiduciary relationship has special _____ and _____ - ✔✔trust and confidence
6 types of contracts that must be in writing to be enforceable - ✔✔marriage, year (over 1
year), land exculpatory (peron's last will or testament), goods over $500, surety (a guarantor
agreement)
If you have something specially manufactured for you, you have to pay for it without an _____ -
✔✔agreement
T/F: If the only copy of a contract is on a flash drive is it enforceable - ✔✔True
T/F: Handwritten terms on a contract usually take precedence over conflicting typed terms -
✔✔True
Prevents someone from introducing evidence in courts of oral agreements that conflict with the
valid written contract they already have. - ✔✔Parole evidence rule
, T/F: Transfer of a life insurance policy alters the risks and duties of the insurance company and
is not allowed. - ✔✔True
You may not delegate duties to someone who is not as qualified, experienced, or as capable as
you are to perform your duties under a contract. - ✔✔Delegation and duties
T/F: an assignment of all rights is an assignment of rights and a delegation of duties under a
contract - ✔✔True
because they are an outside party they cannot enforce a contract - ✔✔beneficiaries
______ beneficiary cannot be sure to enforce a contract - ✔✔incidental
the occurrence of an event before initiation of contractual duties. - ✔✔condition precedent
His employment license says that he has to get his license. The occurrence of an event by a
specified time after the initiation contractual duties. - ✔✔condition subsequence
_____ performance is the same as no performance at all. (treated the same) EX: you hire me to
build your house and all I do is lay the foundation - ✔✔inferior
1) 90% of your contractual duties is _____ performance
2) 100% is _____ performance - ✔✔1) substantial 2) complete
Legal term for sublease - ✔✔novation
damages wanting to compensate - ✔✔compensatory
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