Business Law (Chapters 12 & 13)

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Business Law (Chapters 12 & 13)

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Question 1

2 / 2 pts
Broad classifications of illegal agreements include agreements:
Correct!

made against the security and welfare of the public.

that have been declared illegal by a public ballot.

that are made orally between two people.

contrary to the biblical law and other religions.

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Question 2

2 / 2 pts
Monopoly power is the term used to describe a situation in which one or more people or firms control the market in a particular area or for a certain product.
Correct!

True

False

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Question 3

2 / 2 pts
A community may designate certain areas as zones for such uses as light industrial, industrial, commercial, and residential.
Correct!

True

False

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Question 4

2 / 2 pts
Agreements to defraud creditors and other persons are void and unenforceable because they lack the element of:

optimum communication.

competency of parties.
Correct!

legality of purpose.

offer and acceptance.

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Question 5

2 / 2 pts
A gambling agreement is one in which performance by one party depends on the occurrence of a(n):

terminated agreement.

confirm event.

unrequited event.
Correct!

uncertain event.

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Question 6

2 / 2 pts
A __________________ is a special kind of business organization involving a contractual relationship between a parent firm and an independent company.
Correct!

private franchise

government-granted monopoly

retailer

wholesaler

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Question 7

2 / 2 pts
The ______________ forbids certain agreements that tend to unreasonably inhibit competition, fix prices, allocate territories, or limit production.

Americans with Disabilities Act

Educate America Act

Clean Water Act
Correct!

Sherman Antitrust Act

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Question 8

2 / 2 pts
Agreements in restraint of marriage are:

voidable.

enforceable.
Correct!

void.

valid.

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Question 9

2 / 2 pts
Private franchises are another form of legal monopoly which are sometimes called natural monopolies.

True
Correct!

False

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Question 10

2 / 2 pts
In certain states, typical office basketball and football pools are examples of:
Correct!

illegal gambling.

common office sports.

usurious agreements.

legal restraints of trade.

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Question 11

2 / 2 pts
Most important contracts are printed and signed by hand by the:

notary who is present.

judges deciding on the contract.

attorney of the parties.
Correct!

parties to the agreement.

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Question 12

2 / 2 pts

Antenuptial agreements often include a provision whereby they do not expire over an extended period of time.

True
Correct!

False

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Question 13

2 / 2 pts
A contracting party intending to authenticate a written agreement may use any symbol as their:

revocation.

acceptance.
Correct!

signature.

seal.

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Question 14

2 / 2 pts
All contracts to sell real property, or any interest in it, must be in writing to be enforceable.
Correct!

True

False

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Question 15

2 / 2 pts
A(n) __________________ has legal authority to arrange for the distribution of the assets of a deceased person.

administrator

court-appointed executor

executor
Correct!

executor or administrator

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Question 16

2 / 2 pts
Competency of parties is not a mandatory requirement to make a contract valid.

True
Correct!

False

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Question 17

2 / 2 pts
A guaranty, or promise, to pay the debts or settle the wrongdoings of another if he or she does not make settlement personally is not enforceable unless it is written.
Correct!

True

False

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Question 18

2 / 2 pts
Agreements by an executor or administrator to pay debts of a deceased person must be in writing to be enforceable.
Correct!

True

False

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Question 19

2 / 2 pts
A contract that obviously cannot be completed within one year may be oral.

True
Correct!

False

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Question 20

2 / 2 pts
An exchange of promises made by persons planning to marry is known as a(n):

mutual agreement.

arranged agreement.

self-arranged agreement.
Correct!

prenuptial agreement.
 Question 1
2 / 2 pts
Examples of contracts that might be made on a Sunday or on a legal holiday and ratified on a weekday are the following types of contracts:

unlicensed transactions.

usurious agreements.
Correct!

agreements made on Sundays or legal holidays.

gambling and wagering agreements.

Question 2

2 / 2 pts
Monopoly power is the term used to describe a situation in which one or more people or firms control the market in a particular area or for a certain product.
Correct!

True

False

Question 3

2 / 2 pts
If a loan is made at an interest rate higher than that allowed by state law, the lender is guilty of _______, which is defined as charging interest higher than the law permits.

unconscionability

adhesion

speculation
Correct!

usury

Question 4

2 / 2 pts
Agreements to defraud creditors and other persons are void and unenforceable because they lack the element of:
Correct!

legality of purpose.

optimum communication.

competency of parties.

offer and acceptance.

Question 5

2 / 2 pts
The ______________ forbids certain agreements that tend to unreasonably inhibit competition, fix prices, allocate territories, or limit production.

Americans with Disabilities Act

Educate America Act

Clean Water Act
Correct!

Sherman Antitrust Act

Question 6

2 / 2 pts
A gambling agreement is one in which performance by one party depends on the occurrence of a(n):

confirm event.

unrequited event.

terminated agreement.
Correct!

uncertain event.

Question 7

2 / 2 pts
A community may designate certain areas as zones for such uses as light industrial, industrial, commercial, and residential.
Correct!

True

False

Question 8

2 / 2 pts
Broad classifications of illegal agreements include agreements:
Correct!

made against the security and welfare of the public.

that have been declared illegal by a public ballot.

that are made orally between two people.

contrary to the biblical law and other religions.

Question 9

2 / 2 pts
Agreements in restraint of marriage are:

valid.

enforceable.
Correct!

void.

voidable.

Question 10

2 / 2 pts
If a federal or state government grants a firm or person a license to conduct a specific business, then such business may be known as a:

private monopoly.

private franchisee.
Correct!

government-granted franchise.

government franchisor.

Question 11

2 / 2 pts
A contracting party intending to authenticate a written agreement may use any symbol as their:

acceptance.
Correct!

signature.

revocation.

seal.

Question 12

2 / 2 pts
Most important contracts are printed and signed by hand by the:

judges deciding on the contract.

notary who is present.
Correct!

parties to the agreement.

attorney of the parties.

Question 13

0 / 2 pts
A contract that obviously cannot be completed within one year may be oral.
You Answered

True
Correct Answer

False

Question 14

2 / 2 pts
A(n) __________________ has legal authority to arrange for the distribution of the assets of a deceased person.
Correct!

executor or administrator

executor

administrator

court-appointed executor

Question 15

2 / 2 pts
An exchange of promises made by persons planning to marry is known as a(n):

self-arranged agreement.

mutual agreement.

arranged agreement.
Correct!

prenuptial agreement.

Question 16

2 / 2 pts
Oral evidence introduced after a contract is signed is legally accepted if it clarifies some point in the:

oral agreement.

verbal agreement.
Correct!

written agreement.

implied agreement.

Question 17

Not yet graded / 2 pts
Are prenuptial agreements enforceable? Explain why or why not.
Your Answer:

Prenuptial agreement may or may not be enforceable. It can be only enforceable when it is reduced in written form before marriage. Both parties will follow the instructions written in the agreement.

Question 18

2 / 2 pts
All contracts to sell real property, or any interest in it, must be in writing to be enforceable.
Correct!

True

False

Question 19

0 / 2 pts
All of the following are exceptions that apply to the parol evidence rule except:

incomplete contracts.
You Answered

subsequent oral modifications.

contracts that are partly written and partly oral.
Correct Answer

void contracts.

Question 20

2 / 2 pts
Agreements by an executor or administrator to pay debts of a deceased person must be in writing to be enforceable.
Correct!

True

False

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