Dec
14
Business Law (Chapters 14 & 15)
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 1
2 / 2 pts
In a private-service contract, the party who hires the specific person to perform certain duties has a(n) ____________interest in having only the hired person perform.
25335
explicit
51026
reasonable
60251
substantial
18641
implied
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 2
2 / 2 pts
The person who transfers his or her rights is known as the assignor; the third party to whom the rights are transferred is known as the assignee.
48124
True
59239
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 3
2 / 2 pts
A(n) __________ transfers all rights and obligations in a contract.
54268
assignment
31407
novation
18040
exemption
86036
execution
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 4
2 / 2 pts
Randy and Donald were property developers, and they decided to construct a condominium in a certain neighborhood. Jim, who owned a chain of restaurants, heard of this agreement and opened a new restaurant in the same neighborhood even before the condominium construction began. However, the plan for the condominium was not approved by the state authorities, and the project was cancelled. Jim suffered losses as a result, but he had no rights in the contract because he was a(n):
17875
substantial beneficiary.
60102
material beneficiary.
19267
incidental beneficiary.
76078
third-party beneficiary.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 5
2 / 2 pts
A contract may prohibit either just one party or both parties from assigning or delegating.
22229
True
25710
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 6
2 / 2 pts
In a bankruptcy, the assets and contracts of a bankrupt person or business will be assigned to:
78091
the party to the contract.
94655
the trustee.
86274
the court.
2529
the creditors.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 7
2 / 2 pts
A party to an existing contract may appoint a third person to perform contractual duties by:
18786
delegation.
79551
recovery.
28977
assignment.
10728
transference.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 8
2 / 2 pts
Athletes are hired because of their special personal skills; because of this, their services under a contract:
7713
may not be assigned.
77228
may not be delegated.
65522
may be assigned.
94332
may be delegated.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 9
2 / 2 pts
Even employment contracts may be assigned if there is no relationship of trust or confidence, or any other circumstance that would create a materially greater burden on the party whose services are being assigned.
24355
True
75333
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 10
2 / 2 pts
Personal service contracts are automatically assigned at the time of death.
26342
True
10143
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 11
2 / 2 pts
A breach of contract results when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.
41575
True
16689
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 12
2 / 2 pts
In a case of impossibility of performance, the contract is considered void and the parties are discharged.
22697
True
46250
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 13
2 / 2 pts
All of the following requirements must be met for a tender of money or performance to be valid EXCEPT:
88825
the tender must be made as specified in the contract.
86606
if the contract calls for the delivery of specific goods, only the tender of these particular goods will satisfy the contract.
89394
when tender of payment is made, it must be for the exact amount.
74059
payment must be made by check if money is mentioned in the contract.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 14
2 / 2 pts
Courts will generally enforce liquidated damages clauses:
23685
provided exemplary damages are deemed an inadequate remedy.
79150
if the damages specified amount to a forfeiture.
20397
if the specified damages amount to a penalty.
30498
provided the damages specified are closely related to the actual damages.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 15
2 / 2 pts
The legal term used in a case where a contract has largely been completed, and only small details remain unfinished, is:
27290
performed by mutual agreement.
50242
mostly performed.
60464
substantially performed.
88811
performed by tender.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 16
2 / 2 pts
In the case of contracts that are impossible to perform, the contract is:
33584
valid and must be performed.
35147
unenforceable but must be performed.
71805
referred to a court for the court to order performance.
58965
void and the parties are discharged.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 17
2 / 2 pts
If a contract calls for the delivery of specific goods, the contract will be satisfied with the tender of:
44225
alternate goods of less value.
67712
substitute goods of the same value.
26946
substitute goods of greater value.
66789
those particular goods.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 18
2 / 2 pts
A tender of performance is an offer to perform and is considered evidence of willingness to fulfill the terms of a contract.
14051
True
23140
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 19
2 / 2 pts
The federal Consumer Credit Protection Act:
69826
gives consumers the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his/her home as a security deposit.
783
regulates the collection, dissemination, and use of consumer credit information.
2112
allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.
39944
gives consumers a “cooling-off” period of five days and the right to cancel contracts for goods/services made in the consumer’s home and to receive a full refund.
Question 1
2 / 2 pts
An incidental beneficiary has a legal right to benefits resulting from a contract.
True
False
Question 2
2 / 2 pts
Even employment contracts may be assigned if there is no relationship of trust or confidence, or any other circumstance that would create a materially greater burden on the party whose services are being assigned.
True
False
Question 3
2 / 2 pts
Personal service contracts are automatically assigned at the time of death.
True
False
Question 4
2 / 2 pts
The assignor of a contract right becomes a(n):
assignee.
transferee.
guarantor.
grantor.
Question 5
2 / 2 pts
A contract may prohibit either just one party or both parties from assigning or delegating.
True
False
Question 6
2 / 2 pts
In a bankruptcy, the assets and contracts of a bankrupt person or business will be assigned to:
the trustee.
the party to the contract.
the court.
the creditors.
Question 7
2 / 2 pts
Randy and Donald were property developers, and they decided to construct a condominium in a certain neighborhood. Jim, who owned a chain of restaurants, heard of this agreement and opened a new restaurant in the same neighborhood even before the condominium construction began. However, the plan for the condominium was not approved by the state authorities, and the project was cancelled. Jim suffered losses as a result, but he had no rights in the contract because he was a(n):
third-party beneficiary.
incidental beneficiary.
material beneficiary.
substantial beneficiary.
Question 8
2 / 2 pts
A(n) __________ transfers all rights and obligations in a contract.
exemption
novation
execution
assignment
Question 9
2 / 2 pts
Athletes are hired because of their special personal skills; because of this, their services under a contract:
may not be delegated.
may be delegated.
may not be assigned.
may be assigned.
Question 10
2 / 2 pts
A party to an existing contract may appoint a third person to perform contractual duties by:
assignment.
transference.
recovery.
delegation.
Question 11
2 / 2 pts
All of the following are ways of terminating a contract EXCEPT:
performance.
agreement.
ratification
impossibility of performance.
Question 12
2 / 2 pts
The federal Consumer Credit Protection Act:
allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.
regulates the collection, dissemination, and use of consumer credit information.
gives consumers the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his/her home as a security deposit.
gives consumers a “cooling-off” period of five days and the right to cancel contracts for goods/services made in the consumer’s home and to receive a full refund.
Question 13
2 / 2 pts
A court order prohibiting the performance of a certain act is termed a(n):
gag order.
transaction.
restraining order.
Question 14
2 / 2 pts
A personal-service contract that does not call for a special skill possessed by the deceased does not excuse performance.
True
False
Question 16
2 / 2 pts
In the case of contracts that are impossible to perform, the contract is:
valid and must be performed.
void and the parties are discharged.
unenforceable but must be performed.
referred to a court for the court to order performance.
Question 17
2 / 2 pts
Courts will generally enforce liquidated damages clauses:
provided the damages specified are closely related to the actual damages.
if the damages specified amount to a forfeiture.
if the specified damages amount to a penalty.
provided exemplary damages are deemed an inadequate remedy.
Question 18
2 / 2 pts
The Federal Trade Commission:
regulates the collection, dissemination, and use of consumer credit information.
allows consumers to request and obtain a free credit report once every six months from each of the three nationwide consumer credit reporting companies.
gives the consumer a “cooling-off” period of three days and the right to cancel contracts for either goods or services made in the consumer’s home and to receive a full refund.
gives a consumer the right to cancel a credit transaction within five days when the contract requires that the consumer pledge his/her home as a security deposit.
Question 19
2 / 2 pts
A breach of contract results when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.
True
False
Question 20
2 / 2 pts
At times, the parties to a contract include a statement right in their contract wherein damages are explicitly set in the event one of the parties breaches the agreement. Such a statement is called a(n):
exclusion clause.
loss payable clause.
liquidated damages clause.
integration clause.
Question 1
2 / 2 pts
In a contract, the term ________means tasks and performances, but not responsibilities.
errands
duties
rights
role
Question 2
2 / 2 pts
In a bankruptcy, the assets and contracts of a bankrupt person or business will be assigned to:
the court.
the party to the contract.
the trustee.
the creditors.
Question 3
2 / 2 pts
Personal service contracts are automatically assigned at the time of death.
True
False
Question 4
2 / 2 pts
Even employment contracts may be assigned if there is no relationship of trust or confidence, or any other circumstance that would create a materially greater burden on the party whose services are being assigned.
True
False
Question 5
2 / 2 pts
A(n) __________ transfers all rights and obligations in a contract.
execution
novation
assignment
exemption
Question 6
2 / 2 pts
A party to an existing contract may appoint a third person to perform contractual duties by:
assignment.
transference.
recovery.
delegation.
Question 7
2 / 2 pts
Athletes are hired because of their special personal skills; because of this, their services under a contract:
may be assigned.
may be delegated.
may not be assigned.
may not be delegated.
Question 8
2 / 2 pts
The person who transfers his or her rights is known as the assignor; the third party to whom the rights are transferred is known as the assignee.
True
False
Question 9
2 / 2 pts
An incidental beneficiary has a legal right to benefits resulting from a contract.
True
False
Question 10
2 / 2 pts
A contract may prohibit either just one party or both parties from assigning or delegating.
True
False
Question 11
2 / 2 pts
If a law or regulation makes the performance of a contract illegal, the contract is:
terminated by alteration.
terminated by operation of law.
unenforceable.
void from the beginning.
Question 13
2 / 2 pts
If a contract calls for the delivery of specific goods, the contract will be satisfied with the tender of:
alternate goods of less value.
those particular goods.
substitute goods of greater value.
substitute goods of the same value.
Question 14
2 / 2 pts
The Federal Trade Commission:
regulates the collection, dissemination, and use of consumer credit information.
gives a consumer the right to cancel a credit transaction within five days when the contract requires that the consumer pledge his/her home as a security deposit.
allows consumers to request and obtain a free credit report once every six months from each of the three nationwide consumer credit reporting companies.
gives the consumer a “cooling-off” period of three days and the right to cancel contracts for either goods or services made in the consumer’s home and to receive a full refund.
Question 15
2 / 2 pts
The legal term used in a case where a contract has largely been completed, and only small details remain unfinished, is:
substantially performed.
performed by tender.
mostly performed.
performed by mutual agreement.
Question 16
2 / 2 pts
A breach of contract results when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.
True
False
Question 17
2 / 2 pts
At times, the parties to a contract include a statement right in their contract wherein damages are explicitly set in the event one of the parties breaches the agreement. Such a statement is called a(n):
integration clause.
liquidated damages clause.
loss payable clause.
exclusion clause.
IncorrectQuestion 18
0 / 2 pts
A contract is enforceable even if:
the contract calls for a special skill or talent possessed by a party to the contract that dies before timely performance can be rendered.
laws and regulations do not absolve the parties from their contractual obligations.
laws and regulations increase the cost of performance.
laws and regulations enacted after the contract is entered make performance illegal.
Question 19
2 / 2 pts
A contract termination should be provided when a contract is fulfilled.
True
False
FollowComments
