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BUS 250 practice test 2 || A+ Guaranteed.
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A contract in which both parties exchange promises is a(n): correct answers bilateral contract Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind about se...

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  • August 3, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • a contract in which both parties exchange promises

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  • BUS 250
  • BUS 250

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BUS 250 practice test 2 || A+ Guaranteed.
A contract in which both parties exchange promises is a(n): correct answers bilateral contract

Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After
mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind
about selling correct answers Elmer can revoke his offer at any time before acceptance, because
there is no consideration to keep the offer open

Jill contracts to purchase Kevin's automobile under the belief that she can sell it at a profit to
Linda, but after Jill has bought the car, she finds out that Linda isn't interested in buying it.
correct answers jill cannot void the contract

Barrett, who is a minor, enters into a contract with Elizabeth, who is an adult. Which of the
following is correct? correct answers Elizabeth may not disaffirm the contract

Which of the following is not generally required in order to have a valid contract? correct
answers fairness of the bargain

Pointing an unloaded gun at someone who believes it is loaded, and threatening to shoot,
constitutes an assault. correct answers true

In order for a plaintiff to win a case involving intentional infliction of emotional distress, she
must prove the defendant acted in an extreme and outrageous manner. correct answers true

Copy of If Tammie has been found guilty of extortion and was sentenced to two years in the
penitentiary, the crime she committed was a ____________. correct answers felony

The 5th Amendment protects persons against self-incrimination, double jeopardy, and being
charged with a capital offense except by grand jury indictment. correct answers True

Cole, who recently turned 21, has an extremely painful type of bone cancer. Dr. Feelgood legally
prescribed medicinal marijuana grown at Ole Miss to help relieve Cole's pain. Aunt Bea doesn't
like this and promises Cole that she will pay him $2500 if he will agree to quit smoking what she
calls "that demon weed." Can Cole's agreement to quit smoking the medicinal marijuana be
consideration? correct answers Yes

Two cars, driven by Fred and Barney, collide on a busy street in Oxford, Mississippi. At trial, the
jury determines that the accident was 90 percent Fred's fault and 10 percent Barney's fault.
Barney's losses total $100,000. The suit was filed in the Circuit Court of Lafayette County,
Mississippi. Barney will recover ________________. correct answers $90,000.00

The element of "bargained for exchange" is absent where a promise is given for an act that has
already been done correct answers True

,R&R, Inc. entered into a contract with Scott, an agent, under the terms of which Scott would
receive $20,000 if he stole trade secrets from the leading competitor of R&R. Scott performed
his end of the agreement by delivering the trade secrets. R&R now refuses to pay Scott for his
services. correct answers Scott will be unable to recover, because this is an illegal contract

Corporations suffer considerable loss as victims of criminal actions, but corporations cannot be
perpetrators of criminal actions. correct answers False

Death or insanity of either the offeror or the offeree ordinarily terminates the offer correct
answers True

A ___________ is any act or omission prohibited by public law in the interest of protection of
the public and made punishable by the government in a judicial proceeding brought by it,
whereby proof must be beyond a reasonable doubt. correct answers Crime

Carol says, "Pam, you're my best friend in the world. I just inherited a million bucks, and I want
you to have some of it. Come with me to the bank tomorrow, and I'll give you $10,000."
"Sweet!" Pam replies. Later that day, Carol has a change of heart. She is allowed to do so.
Examine the list of the elements of a contract, and cite the correct reason. correct answers Pam
did not give consideration

Consideration: each party to a contract must intentionally exchange a legal benefit or incur a
legal detriment as an inducement to the other party to make a return exchange

Laura has had a problem with vandalism at her business. She rigs up a spring gun at the front
door of her store, so that any after-hours intruder will be shot upon entry. Even though this has
eliminated the vandalism problem, Laura may not legally use this deadly force to protect her
business. correct answers True

If Millie is convicted of a third DUI in Mississippi four years after pleading guilty to her first
one, that third DUI conviction is a misdemeanor correct answers False

Which Amendment in the Bill of Rights protects people against being tried twice for the same
crime? correct answers 5th

Sarah is working hard on the mayoral campaign of Timothy. She thinks that just a few more
votes could win the election, so she promises to pay her friend Violet $50 to register and vote.
Violet does so, but Timothy loses the election, and Sarah now refuses to pay. correct answers
this agreement is valid and enforceable

Al runs a red light and hits Carol's car. She later sues, claiming the following losses:

$10,000—car repairs
$10,000—medical expenses
$10,000—lost wages (she could not work for two months after the accident)
$10,000—pain and suffering

, If the jury believes all of Carol's evidence and she wins her case, how much will she receive in
compensatory damages? correct answers $40,000.00

If Tammie has been found guilty of extortion and was sentenced to two years in the penitentiary,
the crime she committed was a ____________. correct answers Felony

On June 1, the Phi Delts made an offer of $300 to a beer distributor to have ten kegs delivered to
Lamar Park in the City of Oxford for a July 4th fund-raising event. On June 30, the city passed a
new law prohibiting consumption of alcohol in the city park. The Phi Delts' offer is terminated
on June 30 correct answers True

Casey, a prominent local attorney, was the subject of an article in the Daily Mississippian
concerning a trial in which she was involved as counsel. In that article, Casey was reported to
have been disbarred in another state ten years before. It is not true of Cary, but of her cousin,
Frances. Casey will win a suit for defamation against the DM: correct answers only if she can
prove that the paper acted with actual malice

A sports fan, injured by a hockey puck that flew into the stands during an NHL game, would be
subject to the defense of assumption of the risk in a suit to recover for her injuries. correct
answers True

A voidable contract is a contract in which: correct answers because of the manner in which the
contract was formed, the law permits one or more of the parties to void it.

A(n) ___________ contract is one in which the parties have manifested their agreement by oral
or written language, or both. correct answers express

An agreement for sale of an illegal substance will be enforced by the courts if all other elements
of the contract are present. correct answers False

David goes out with a group of friends to the Levee. Chris, an off-duty Oxford police officer,
recognizes David and strikes up a conversation. Chris wants to know why David isn't drinking a
beer, and David reminds Chris that he's under 21. Chris laughs and tells David to go ahead and
use his fake ID to buy a beer. After a couple of hours and continued prodding by Chris, David
finally gives in and uses the fake ID to buy a beer. Unbeknownst to David, Chris tips off an
undercover ABC officer when David walks up to the bar, and David is arrested for MIP and
possession of a fake ID. Which of the following best describes David's most likely defense?
correct answers Entrapment

A mental illness or defect of one of the parties to a contract does not automatically make a
contract void. correct answers True

Lee has been declared incompetent by the court and is under the care of his sister. Without his
sister knowing it, Lee rents the 30,000-seat civic center for his birthday party. Lee's contract to
rent the civic center is best described as: correct answers Void

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