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lenb contracts Exam| Questions and Answers Verified 100% Correct | Latest Update
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lenb contracts Exam| Questions and Answers Verified 100% Correct | Latest Update
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lenb contracts Exam| Questions and AnswersVerified 100% Correct | Latest Update
Which of the following is not an accurate statement regarding the contractual capacity of an
intoxicated person? - ✔✔Most states follow the Uniform Contracts Code, which addresses
the effect of intoxication on contractual capacity.
If a contract is disaffirmed on the basis of intoxication then _______ party must return property
or money delivered. - ✔✔each
Which of the following is not an accurate statement regarding the contractual capacity of a
mentally incapacitated person? - ✔✔A person has full capacity to enter into a contract if she
suffers from a mental deficiency that prevents her from understanding the transaction.
Which of the following is an accurate statement regarding the legality requirement of contract
enforcement? - ✔✔To be enforceable, a contract must both have a legal exchange as its
subject and be able to be performed legally.
Which of the following is an accurate statement regarding an unenforceable agreement? -
✔✔No remedy is available for such an agreement.
Which of the following is an incorrect statement regarding an agreement to commit a crime or
tort? - ✔✔A contract, irrespective of its legality, is enforceable.
To enter into a valid and enforceable agreement for services, the services that require a license
must be ______ by one party to the agreement. - ✔✔active
Which of the following is an accurate statement regarding a contract that is against generally
accepted public policy? - ✔✔Such a contract is unenforceable.
, An agreement to commit a crime or tort is ______. - ✔✔illegal and unenforceable
Which of the following is a main purpose of licensing statutes? - ✔✔government regulation
of specific industries
Which of the following is a correct statement regarding the enforcement of a contract with a
person who is not lawfully licensed? - ✔✔In a "no license, no contract" state, no agreement
with an unlicensed professional is enforceable.
Which of the following is not a main purpose of licensing statutes? - ✔✔protection of
government autonomy
______ occurs when a party gives a loan at an interest rate exceeding the legal maximum. -
✔✔Usury
Which of the following is a recognized exception to usury law? - ✔✔a small loan to a party
who cannot obtain a needed loan at the statutory maximum interest rate
Which of the following is not a possible legal outcome when a usurious loan is made? -
✔✔The court will declare the usurious loan void and award the debtor an equity interest in
the subject lending institution.
______ refers to an agreement in which parties pay consideration for the chance to obtain
money or property. - ✔✔Gambling
Which of the following is an accurate statement regarding usury? - ✔✔Statutes prohibiting
usury exist in nearly every state.
Which of the following is a recognized exception to usury law? - ✔✔a loan to a corporation
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