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Question 1 of 20
It is stated that the terms of a written contract may not be changed by
evidence of any prior agreement but may be explained, or supplemented, in the:
A. Uniform Commercial Code (UCC).
Statute of Frauds.
C. Parol Evidence Rule.
D. English Law.
Question 2 of 20
The Statute of Frauds applies only to __________ contracts.
Question 3 of 20
When a person dies before settlement of his assets, the estate is settled by a:
A. court-appointed manager.
B. family-appointed administrator.
Question 4 of 20
A(n) __________ 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
Question 5 of 20
To be enforceable, agreements in contemplation of marriage:
A. must be in
writing and signed after the marriage.
B. must be in writing and signed
before the marriage.
C. can be oral if the parties are both over
the age of 21 years.
D. should be in the presence of witnesses.
Question 6 of 20
Most contracts made by persons who have not reached the age of majority are:
Question 7 of 20
Once a minor reaches the age of majority, in order to make the contracts
entered into by the minor enforceable, it must be:
Question 8 of 20
In some cases, the courts have held that contracts made by minors who are
nearly adults or that deal with a business are:
A. unenforceable by the minors.
B. enforceable by the minors.
C. enforceable by the parents or the guardians of the minors.
D. not enforceable by the parents or the guardians of the minors.
Question 9 of 20
A minor can be held liable if he or she makes damaging statements in writing
for the act of:
Question 10 of 20
Some state statutes and local ordinances that regulate the creation and
performance of certain types of contracts on Sundays and legal holidays are
referred to as __________ laws.
Question 11 of 20
In certain states, typical office basketball and football pools are examples
A. legal restraints of trade.
B. usurious agreements.
C. common office sports.
D. illegal gambling.
Question 12 of 20
To protect the public, most states require persons engaged in certain
businesses, professions, and occupations to be:
Question 13 of 20
When a contracting party dies, contract rights are assigned to the:
A. parents of the deceased person.
B. heirs of the deceased person.
C. administrator or executor of the estate.
D. spouse of the deceased person.
Question 14 of 20
The laws dealing with bankruptcy provide that the assets and contracts of a
bankrupt person or business be:
A. sold to the highest bidder.
B. assigned to the trustee in bankruptcy.
C. held by the court pursuant to a decree.
D. transferred to the largest creditor.
Question 15 of 20
A person who is not a party to a contact but is intended by the contracting
parties to benefit as a consequence of a contract is termed a(n):
A. third party beneficiary.
B. incidental beneficiary.
C. official receiver.
Question 16 of 20
If a tender of payment is refused by the creditor:
A. the debt is irrecoverable.
B. penalties can be charged beyond the date on which the offer of payment was
C. the debt is not canceled.
D. interest can be charged beyond the date the offer of payment was
Question 17 of 20
All of the following requirements must be met for a tender of money or
performance to be valid EXCEPT:
A. the tender must be made as specified in the contract.
B. the mention of money in a contract implies payment by
C. when tender of payment is made, it must be for the exact amount.
D. if the contract calls for the delivery of specific goods, only the tender of
these particular goods will satisfy the contract.
Question 18 of 20
If a contract calls for the delivery of specific goods, the contract will be
satisfied with the tender of:
A. only those particular goods.
B. any substitute goods of the same value.
C. alternate goods of less value.
D. substitute goods of greater value.
Question 19 of 20
A deliberate change of an important element in a written contract that affects
the rights or obligations of the parties is known as a(n):
B. breach of contract.
C. material alteration.
Question 20 of 20
If a law is passed after the parties enter into a contract that makes
performance illegal, the contract is:
A. terminated by operation of law.
B. void from the beginning.
C. terminated by alteration.