GMGT 3300 TEST QUESTIONS AND CORRECT ANSWERS 100% VERIFIED
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Module
GMGT 3300
Institution
GMGT 3300
GMGT 3300 TEST QUESTIONS AND CORRECT ANSWERS 100% VERIFIED
What makes a contract void? - Answer-1. Missing elements
2. Mistake of subject matter or identity
3. Not my deed claims
What makes a contract voidable? - Answer-1. Misrepresentation
2. Undue influence
3. Duress
4. Diminished capaci...
GMGT 3300 TEST QUESTIONS AND
CORRECT ANSWERS 100%
VERIFIED
What makes a contract void? - Answer-1. Missing elements
2. Mistake of subject matter or identity
3. Not my deed claims
What makes a contract voidable? - Answer-1. Misrepresentation
2. Undue influence
3. Duress
4. Diminished capacity
What makes a contract unenforcable? - Answer-1. Statute of frauds
2. Illegality
Results of a void contract - Answer-1. No legal effect, treated as though the contract
was never formed
2. No transfer of title, even to innocent third-parties
Results of a voidable contract - Answer-1. Contract is valid until it is deemed void by a
judge
2. Title may pass to an innocent third-party before the contract is deemed voidable
Three methods to discharge a contract - Answer-1. Discharge by performance
2. Discharge by agreement
3. Discharge by frustration
What are negotiable instruments - Answer-allow transfer of funds between parties
without physical cash
What are examples of negotiable instruments? - Answer-1. Promissory notes
2. Cheques
Criteria for negotiable instruments - Answer-1. Written promise
2. Obligation for monetary payment
3. Fixed sum stated clearly on instrument
4. Unconditional promise
5. Payable at a specific time
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