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Unit 2

Unit 2. Review for Test – Chapters 7-10, 12. Chapter 7. In misrepresentation, the statement must be one of: Unimportant information Fact Slander Opinion Answer is B: FACT. Chapter 7. Contracts entered into as a result of misrepresentation or fraud are voidable by The UCC

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Unit 2

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  1. Unit 2 Review for Test – Chapters 7-10, 12

  2. Chapter 7 In misrepresentation, the statement must be one of: • Unimportant information • Fact • Slander • Opinion Answer is B: FACT

  3. Chapter 7 Contracts entered into as a result of misrepresentation or fraud are voidable by • The UCC • The injured party • The uninjured party • None of these ANSWER IS B – THE INJURED PARTY

  4. Chapter 7 Key elements in undue influence are unfair persuasion and • Ownership • Scope of authority • Relationship • None of these Answer: C– RELATIONSHIP

  5. Chapter 7 A mistake from failure to read a contract before signing is called a • Unilateral mistake • Fraudulent mistake • Mutual mistake • Stupid mistake ANSWER IS A– UNILATERAL MISTAKE

  6. Chapter 7 A genuine agreement may be lacking due to • Undue influence • Duress • Fraud • All of these ANSWER IS D – ALL OF THESE

  7. Chapter 7 An untrue statement is NOT material if the • Defendant knew this plaintiff would rely on the statement • Statement was an honest opinion • Defendant knew the statement was false • Statement would cause a reasonable person to contract ANSWER IS B – STATEMENT WAS AN HONEST OPINION

  8. Chapter 7 Generally, mistakes that have no effect upon the contract rights of the parties are • Mutual mistakes • Unilateral mistakes • Fraudulent mistakes • Stupid mistakes ANSWER IS B – UNILATERAL MISTAKES

  9. Chapter 8 The statute of limitations specifies • The time limit for consideration • The maximum amount of money one can receive on a claim • The time limit for bringing a lawsuit • The maximum amount of people who can file on the same claim ANSWER IS C – THE TIME LIMIT FOR BRINGING A LAWSUIT

  10. Chapter 8 Which of the following in NOT a part of consideration? • Immediate performance • Past performance • Present performance • Future performance ANSWER IS B – PAST PERFORMANCE

  11. Chapter 8 When consideration is provided to keep an offer open, it creates a(n) • Option contract • Firm offer • Output contract • Promissory estoppel ANSWER IS A – OPTION CONTRACT

  12. Chapter 8 An important exception to the general rule that mutual consideration is necessary for a valid contract or binding promise is • Option contract • Firm offer • Output contract • Promissory estoppel ANSWER IS D– PROMISSORY ESTOPPEL

  13. Chapter 8 Which of the following does NOT require mutual consideration? • Forbearance • A promise • An act • A gift ANSWER IS D – A GIFT

  14. Chapter 8 A big difference in economic value of what one gives and receives may be evidence of • Fraud • Mutual mistake • Duress • All of these ANSWER IS D – ALL OF THESE

  15. Chapter 8 Legal value is found in • The exchange of a benefit for a detriment • The exchange of one benefit • The exchange of one detriment • All of these ANSWER IS A – THE EXCHANGE OF A BENEFIT FOR A DETRIMENT

  16. Chapter 9 Acting toward a contract as though one intends to be bound by it is called • Ratification • Contractual capacity • Disaffirmance • All of these ANSWER IS A - RATIFICATION

  17. Chapter 9 When a person has the capacity to bind an organization to a contract, they are said to have • Contractual capacity • Scope of authority • Free range • Majority ANSWER IS B – SCOPE OF AUTHORITY

  18. Chapter 9 When the consideration by both parties has been returned, the contract is said to be • Necessary • Ratified • Emancipated • Disaffirmed ANSWER IS D - DISAFFIRMED

  19. Chapter 9 Which of the following would most likely be classified as goods or services that were NOT necessaries? • Clothing • Food • Car • Cell phone ANSWER IS D – CELL PHONE

  20. Chapter 9 The severance of the child-parent relationship is referred to as • Intoxication • Disaffirmance • Emancipation • Ratification ANSWER IS C - EMANCIPATION

  21. Chapter 10 Professionals such as physicians, teachers, architects and pharmacists must have a • Competency license • Federal license • Revenue license • Drivers license ANSWER IS A– COMPETENCY LICENSE

  22. Chapter 10 Which of the following is NOT a practical and legally recognized purpose for marriage? • Economic needs • Companionship needs • Raising children • To obtain citizenship ANSWER IS D – TO OBTAIN CITIZENSHIP

  23. Chapter 10 Illegal lotteries involve • Entry fee, skill and a prize • Paying to play, luck and a prize • Down payment, risk and a guaranteed award • All of these ANSWER IS B – PAYING TO PLAY, LUCK AND A PRIZE

  24. Chapter 10 As an incentive to stop illegal acts, restitution is available • For unperformed illegal acts • To a party if they rescind before the illegal act occurs • For the legal part of every contract • All of these ANSWER IS B – TO A PARTY IF THEY RESCIND BEFORE THE ILLEGAL ACT OCCURS

  25. Chapter 10 Some agreements that delay or prevent justice might include • Bribing jurors • Compounding a crime • Paying for false testimony • All of these ANSWER IS D – ALL OF THESE

  26. Chapter 12 Typically, the minimum age for marriage without permission is • 13 • 17 • 18 • 21 ANSWER IS C - 18

  27. Chapter 12 A problem leading to a voidable marriage might be • Husband gained too much weight • Refusal to have children • Husband not earning enough money • Wife is not a good cook ANSWER IS B– REFUSAL TO HAVE CHILDREN

  28. Chapter 12 The law forces the parents of an illegitimate child to marry is known as the • Legitimate Child Law • Illegitimate Child Law • No Child Left Behind Law • There is no such law ANSWER IS D – THERE IS NO SUCH LAW

  29. Chapter 12 When a couple has been living together and sharing common property for some time, it is called • Common-law marriage • Bigamy • A prenuptial agreement • A marital consortium ANSWER IS A – COMMON-LAW MARRIAGE

  30. Chapter 12 The only restriction in the choice of marital partners is • Extremely different nationalities • Vast age difference • Being closely related to each other • All of these ANSWER IS C – BEING CLOSELY RELATED TO EACH OTHER

  31. Chapter 12 Under the Marriage and Divorce Act, in awarding custody a court must consider all of the following factors EXCEPT • The child’s wishes as to custody • Who stands to benefit more financially • Physical and mental health of all persons concerned • The child’s adjustment to home, school and community ANSWER IS B – WHO STANDS TO BENEFIT MORE FINANCIALLY

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