Business LS311: Quiz unit 4

Unit 4 : Unit 4: Contracts: Part I - Quiz Time Remaining: |

Question 1.1. Food is the only thing that courts have been willing to define as “necessary.” (Points : 1) True False

Question 2.2. If the subject matter of an offer is destroyed, the offer will continue to exist for a reasonable time to permit the seller to acquire replacement goods. (Points : 1) True False

Question 3.3. Under most circumstances, an exculpatory clause is not enforceable by:
(Points : 1) First National Bank and Regional Power Utility Corporation Regional Power Utility Corporation only First National Bank only none of the above

Question 4.4. Mona asserts that a contract she entered into with Nate is unenforceable. Defenses to the enforcement of a contract include (Points : 1) a desire not to perform. adverse economic consequences. results that do not match expectations. the lack of a party’s genuine assent.

Question 5.5. Edie obtains a consumer loan from First State Bank at an interest rate that exceeds the state’s maximum. First State has (Points : 1) calculated the optimum rate that the market will bear. engaged in a restraint of trade. underestimated the risk of the loan’s nonpayment. violated the usury laws.

Question 6.6. No offer can be accepted by silence. (Points : 1) True False

Question 7.7. Parties are not generally free to make bad bargains. (Points : 1) True False

Question 8.8. Luna tells Kofi, who has no knowledge of literary thrillers, that she will tutor him in the subject for $50. As an offer, this is (Points : 1) effective. not effective, because thrillers are not literature. not effective, because Luna’s tutoring will be subjective.