____ 11. A woman received an unordered piece of jewelry in the mail along with a
ID: 375116 • Letter: #
Question
____ 11. A woman received an unordered piece of jewelry in the mail along with a bill for $850. She called the store and was told that it was a sales promotion and she should pay for the jewelry, did not pay and was sued. What is the result?
The woman is liable for the reasonable value of the jewelry
The woman is liable for the $850
The woman may keep the jewelry without liability
The woman is obligated to return the jewelry.
____ 12. The parol evidence rule
Is designed to preserve the integrity of a complete written contract
Prevents proof of an unpaid obligation
Applies to incomplete contracts
Applies to prevent changing the terms of a oral contracts only
____13. Which of the following events excuses the promisor from performing on a contract?
Riots
Shortages of materials
Learning that the performance will be much more costly than originally anticipated.
Destruction of the subject matter of the contract.
____14. An apparently voluntary agreement may in fact not be voluntary if:
a.undue influence is present.
b.duress is present.
c. fraud is present.
d. all of the above.
____15. The remedy of specific performance will most likely be granted in the case of:
A contract for the sale of a new automobile.
A contract to buy shares of stock traded publicly
A contract for the sales of real estate
A contract for the sales of Florida oranges.
____16. A minor cannot avoid a contract that has been:
Ratified
Signed
Processed
Disallowed by the minor’s parents
____17. In a unilateral contract, the consideration for the promise is:
The surrender of a claim against the promisor
Agreeing not to sell the promisor’s property
A promise to do the act called for by the promisor
The doing of the act called for by the promisor.
___18. Contractual capacity is the ability to:
Read and write
Sign a written contract
Understand that a contract is being made and understand its general nature
Understand the legal meaning of all the terms of the contract being made.
____ 19. The time that a minor has to avoid contract is:
One year from the date of the agreement
30 days from learning of his or her right to disaffirm
The age of 18
A reasonable period of time after reaching the age of 18
____20. The courts will consider the adequacy of the consideration when:
One party clearly has the better of the deal
One party has more business experience than the other
One party claims to have been defrauded
One party shows that a much lower price was nationally advertised on television
____21. The effect of making a partial payment to satisfy an admitted debt is an example of the rule that:
Past benefits is not consideration for a later promise
A conditional promise may be consideration
Doing what one is bound to do is not consideration
Consideration must be adequate to be binding.
____22. Which of the following will not be consideration for a promise?
A return promise
Forbearance
Performance of acts the promisee was bound to perform but had vowed not to do
Performance of a requested act
____23. A third-party beneficiary:
May be obligated to pay for services rendered.
May bring suit on and enforce the contract
Must consent to the contract
Must be identified by name
Explanation / Answer
11. The woman may keep the jewellery without any liability
12. Preserve the integrity of a complete written contract
13. Destruction of the subject matter of the contract
14. All of the above
15. A contract for the sale of a new automobile
16. Ratified
17. Doing of the act called for by the promise
18. Understand that a contract is being made and to understand its general nature
19. A reasonable period of time after reaching the age of 18
20. One party claims to have been defrauded
21. Doing what one is bound to do is not consideration
22. Performance of the acts the promisee was bound to perform but have vowed not to do
23. May bring suit on and enforce the contract
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