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LOMA 311 Module 2 Practice Exam questions with verified answers
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LOMA 311 Module 2 Practice Exam questions with verified answers
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LOMA 311 Module 2 Practice Examquestions with verified answers
The }Bayview }Corporation, }which }is }located }in }State }A, }entered }into }a }contract }with }the }Decatur
}Company, }which }is }located }in }State }B. }Bayview }and }Decatur }began }writing }the }contract }in }State }A, }but
}they }finished }writing }the }contract }and }singed }it }in }State }B }Neither }part }selected }a }jurisdiction }to }govern
}the }contract. }Both }State }A }and }State }B }follow }the }conflict }of }law }rule }known }as }the }center }of }gravity }rule.
}This }information }indicates }that }the }contract }most }likely }will }be }governed }by: }- }correct
}answers✔✔whichever }state }has }the }greatest }interest }in }the }contract
Contracts }can }be }characterized }as }either }formal }or }informal }contracts }and }as }either }unilateral }or }bilateral
}contracts. }The }Geranium }Corporation }and }the }Meadow }Leasing }Company }entered }into }a }contract }in
}which }Geranium }agreed }to }rent }office }space }from }Meadow }with }rent }payable }monthly. }The }contract }is
}enforceable }because }Geranium }and }Meadow }met }requirements }concerning }the }substance }of }the
}agreement, }rather }than }requirements }concerning }the }form }of }the }agreement. }With }regards }to }types }of
}contracts, }it }is }correct }to }say }that }the }contract }between }Geranium }and }Meadow }is }both }- }correct
}answers✔✔an }informal }contract }and }a }bilateral }contract
One }type }of }contract }is }an }aleatory }contract. }By }definition, }an }aleatory }contract }is }a }contract }in }which }-
}correct }answers✔✔one }party }provides }sometimes }of }value }to }another }party }in }exchange }for }a
}conditional }promise.
Andy }Howard }has }been }declared }mentally }incompetent }by }a }court, }and }his }mother, }Madeline }Howard,
}has }been }authorized }by }the }court }to }take }care }of }Andy }and }ma }age }his }property }and }affairs. }Andy
}entered }into }a }contract }for }goods }that }are }not }necessaries }without }Ms. }Howard's }consent. }Select }the
}answer }choice }that }correctly }identifies }whether }Andy }Howard }or }Madeline }Howard }is }the }ward }in }this
}situation }and }whether }the }contract }into }which }Andy }entered }is }enforceable }by }law }- }correct
}answers✔✔Ward: }Andy }Howard
Enforceable }Contract? }No
Jeff }Whitcomb }told }a }neighbor, }Kay }Andre }that }he }had }concert }tickets }he }needed }to }sell. }Ms. }Andre
}stated }that }she }would }but }the }concert }tickets }for }$75.00. }This }information }indicates }that }Ms. }Andre
}made }(an }offer }/ }a }counteroffer) }to }Mr. }Whitcomb, }and }Ms. }Andre }is }the }(offeror }/ }offeree) }in }this
}situation. }- }correct }answers✔✔an }offer }/ }offeror
, The }following }statements }are }about }a }typical }offer }to }contract. }Select }the }answer }choice }containing }the
}correct }statement. }- }correct }answers✔✔An }offer }to }contract }terminates }if }the }offeree }rejects }the }offer }in
}whole }or }in }part.
One }general }principle }of }contract }law }in }the }United }States }and }in }many }other }jurisdictions }states }that
}parties }have }the }right }to }contract }with }whomever }they }choose }and }on }whatever }lawful }terms }they
}choose. }The }principle }of }law }is }known }as }the }principle }of }- }correct }answers✔✔Freedom }of }contract
By }definition, }whatever }a }promisor }asks }for }and }receives }in }exchange }for }his }contractual }promise }is
}known }as }- }correct }answers✔✔consideration
Moore }Miliam, }a }15-year-old }United }States }resident, }entered }into }a }contract }for }goods }that }are }not
}considered }necessaries. }With }regard }to }the }validity }of }his }contract, }it }is }correct }to }say }that }the }contract
}most }likely }is }- }correct }answers✔✔voidable }by }Moore }at }any }time }before }he }reaches }the }age }of }majority
}and }within }a }reasonable }time }after }the }attains }the }age }of }majority
The }following }statements }are }about }the }contractual }capacity }of }insurance }companies. }Three }statements
}are }true, }and }one }statement }is }false. }Select }the }answer }choice }containing }the }FALSE }statement. }- }correct
}answers✔✔Life }insurance }companies }have }the }power }to }enter }into }life }insurance }contracts, }but }they
}generally }do }not }have }the }power }to }enter }into }other }types }of }contracts.
When }Cindy }Sack }applied }for }a }life }insurance }policy }from }the }Azalea }Insurance }Company }, }she }made }a
}material }misrepresentation }in }her }application }for }coverage. }Azalea }issued }the }policy }with }a }typical }two-
year }contestable }period. }One }year }later, }Azalea }discovered }the }material }misrepresentation. }With }regard
}to }the }validity }of }this }insurance }contract, }it }is }correct }to }say }that }the }contract }most }likely }is }- }correct
}answers✔✔voidable }by }Azalea, }regardless }of }whether }the }misrepresentation }was }made }wit }the }belief
}that }i }was }true
One }method }the }parties }to }a }contract }can }use }to }discharge }the }contract }is }known }as }an }accord }and
}satisfaction. }By }definition, }an }accord }and }satisfaction }occurs }when }- }correct }answers✔✔one }party }agrees
}to }accept }something }other }than }what }he }or }she }was }entitled }to }receive }under }the }original }contract
Most }states }in }the }United }States }and }other }common }law }jurisdictions }have }enacted }some }form }of }the
}common }law }Statute }of }Frauds. }The }Statute }of }Frauds }is }a }law }that }requires }certain }types }of }contracts }to
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