Ch 10 -12 Review Pt 4 Click to

Ch. 10 -12 Review, Pt. 4 Click to start

Question 1 Lending money at a rate higher than a state’s maximum rate is Illusory Restitution Usury Illegal rate of interest

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Question 2 In contracts referring to amounts of money in which both the numerical and the written expressions of the amount are unambiguous, the Written prevails Numerical prevails Contract is void Highest value prevails

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Question 3 Which of the following forms of written contracts will the statute of frauds accept? Exchanged letters Faxed messages Telegrams All of these

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Question 4 Which of the following is a contract without the statute of frauds? A promise to pay the debt for your sister An agreement to type your roommate’s paper for $50 A contract to buy a home stereo valued at $4, 000 A promise to give something of value in return for the promise of marriage

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Question 5 A method of contract interpretation focused on the main objective of the parties involved in the contract is Parties’ principal objective Parol evidence Essential terms Both A and C

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Question 6 A law in which certain agreements are not enforceable unless written and signed by the party against whom the contract is to be enforced Collateral statutue Evidential law UCC Statute of frauds

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Question 7 Jean enters into a contract in which she will perform nail care services in Monique’s beauty shop for a monthly fee payable to Monique plus 3% of Jean’s retail business. By definition, which of the following is not an essential term to the contract? Names of parties Quality of performance Signatures Price

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Question 8 Many states require that certain essential terms be included in a contract to create a valid offer. When some essential element is missing, however, what type of contract exists? Executed contract Adhesion contract Quasi-contract Executory contract

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Question 9 Dale enters into a written agreement with Whole. Sale Goods, Inc. in which each of the next 12 months he will have various home and personal care products valued at $45 delivered conveniently to his home. Before shipping each month, Whole. Sale will charge Dale’s credit card for the $45 for that month’s products. During the third month, Dale’s credit card is charged but no products are delivered. At this point in time, what type of contract exists? Executed Quasi-contract Both A and B Executory

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Question 10 According to the statute of frauds, which of the following need not be evidenced in writing? Agreement to buy $2, 000 motorcycle Agreement to buy $400 television 3 -year lease including rights to pump oil Both A and B

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