RPTM 390 exam 3 Question and answers rated A+ RPTM 390 exam 3
Which of the following is not a source of contract law? - correct answer statutory law
This type of contract refers to an exchange of promises between parties. - correct answer bilateral contract
Which of the following cont...
RPTM 390 exam 3
Which of the following is not a source of contract law? - correct answer
✔statutory law
This type of contract refers to an exchange of promises between parties. -
correct answer ✔bilateral contract
Which of the following contracts are NOT required to be in writing in order to
become legal. - correct answer ✔sale of goods under $100
Technically, oral contracts are legal contracts - correct answer ✔true
Acceptance must be made in this form, and is based on one's written or verbal
conduct - correct answer ✔positive
This amount of money, according to promissory estoppel, is the lowest
amount needed for consideration to be valid. - correct answer ✔1
Consideration must be legally sufficient, but does not need to be equal. -
correct answer ✔true
Minors under the age of 18 DO NOT have the ability to void a contact with an
adult. - correct answer ✔false
—Gratuitous promises are not legally binding unless the promisee relies upon
the terms - correct answer ✔true
, Contract disputes are typically settled using a mediator, and not in the court
system. - correct answer ✔true
This type of damage was created to place the aggrieved party in the same
economic position as if the contract had been performed. - correct answer
✔monetary damages
This type of damage is specifically written into a contract, in the event a
breach occurs. - correct answer ✔liquidated damages
Antitrust laws are also referred to as these types of laws. - correct answer
✔competition laws
This type of market deals with salaries of jobs, employment, and an economic
exchange in which workers seek jobs and employers seek workers. - correct
answer ✔labor market
Which of the following is not one of the four principles of monopolistic
behaviors. - correct answer ✔multiple company contracts
Major League Baseball is exempt from Anti-Trust Law. - correct answer
✔true
In this type of strike, union employees do not work because of their issues and
problems with management. - correct answer ✔unfair labor practices
Legally, an election phase can more forward if at least 30% of the
authorization cards are returned. However, it will not move forward unless this
percentage of cards are returned. - correct answer ✔50%
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