___25. In general, an assignee stands: A.In a position less than the assignor B.
ID: 376567 • Letter: #
Question
___25. In general, an assignee stands:
A.In a position less than the assignor
B.Exactly in the same position of the assignor
C.In a position with greater rights than the assignor
D.Similar to but not equal to the assignor
___26. If no time period for performance is specified in a contract:
A.The contract is not enforceable
B.Time will be of the essence
C.A reasonable time for performance will be implied
D.Time will be ignored by the courts
___27. A homeowner who refinances a home mortgage may cancel the transaction:
A.If the terms of the contract were less favorable than anticipated
B.Before midnight of the third full business day
C.Only if the homeowner was the victim of fraud
D.Upon payment of a $1,000 penalty under a Federal Trade commission rule
___28. The party making an assignment is called the:
A.Assignee
B.Assignor
C.Obligor
D.Successor
___29. The death or disability of a party to a contract discharges the contract when:
A.The obligation requires personal skill
B.A payment of money is involved
C.The party was ill at the time the contract was made
D.None of the above
___30. The statute of limitations provides that after a certain number of years;
A.Monies owed are then due and payable
B.A default judgment may be entered against a creditor
C.A contract claim for breach of contract is barred
D.Written notice is then required
___ 31. When a party expressly declares that performance will not be made when required, this declaration is a(n):
A.Anticipatory breach
B.Injunction
C.Negotiation technique
D.Waiver of breach
___32. One party to contract permitting the other party to continue performance without objecting to unsatisfactory performance is an example of a(n):
A.Waiver
B.Breach
C.Anticipatory repudiation
D.Forbearance
____33. The damages that are typically recoverable when a contract has been breached and one party has suffered a loss are called:
A.Punitive damages
B.Discretionary damages
C.Compensatory damages
D.Liquidated damages
____34. The rule of mitigation of damages requires that a party injured by a breach of contract must:
a. Negotiate with the other party to complete performance of the contract
b. discharge the contract before filing suit for the breach
c. hire someone else to perform the contract
d. take reasonable steps to reduce the damages which were sustained because of the breach
___35. An example of intangible personal property is:
A.A patent
B.An interest in furniture
C.An interest in a condominium
D.Oil
___36. To establish a gift, the party claiming to be the donee must prove:
A.Delivery only
B.Intent only
C.Intent and a promise to deliver
D.Intent and delivery
___ 37. When an agent is authorized to transact all activities in a particular business, that agent is:
A.A general agent
B.A special agent
C.A universal agent
D.A federal agent
___ 38. An agent acting under a power-of-attorney is referred to as a(n):
A.Power broker
B.Attorney-in-fact
C.Real estate broker
D.Agency coupled with an interest
___ 39. Who runs the day-to-day operations of a corporation?
A.The officers
B.The directors
C.The shareholders
D.The maintenance workers
___40. In a joint venture, the parties:
A.Combine their labor or property for a single undertaking and share profits and losses
B.Combine their labor or property in a continuing business and share profits and losses
C.Assume no personal liability beyond the risk of losing their investment
D.None of the above
___41. Jack sells Jim a used car that Jack falsely described as having been driven only 120,000 miles. Fraud has occurred if:
A.Jim bought the car solely because of its color
B.Jim knew that the mileage was more than 12,000 miles
C.Jim relied upon Jack's statement
D.Jack’s statement occurred after the sale
___42. A contract in which the purchaser agrees to buy a condo contingent upon the purchaser’s ability to obtain a mortgage is said to:
A.Be unenforceable
B.Be anticipatory
C.Contain a waiver
D.Contain a conditional promise
___43. An agent’s duty of loyalty to the principal is breached by:
A.The agent accepting a secret gift from a third person in connection with the agency
B.The agent acting as agent for both parties to a transaction without disclosure and approval
C.The agent aiding the principal’s competitors
D.All of the above
___44. Under which organizational structure would the death of the owner have no legal effect?
A.A partnership
B.A corporation
C.A sole proprietorship
D.All of the above
___45. If there is a time limitation or any other restriction in a contract, a third-party beneficiary:
A.May ignore it
B.May void it
C.Is bound by it
D.Must consent to be bound thereby before it is effective
___46. The phrase “time of the essence” means that:
A.The court must quickly dispose of a case
B.Performance under the contract at the time specified in the contract is required
C.The parties must speed up their performance
D.The price stated in the contract is subject to change without notice
___47. The failure to act or perform in the manner called for by a contract is a:
A.Waiver
B.Breach
C.Forbearance
D.Modification
___48. Which of the following forms of co-tenancy does not have right of survivorship?
A.Joint tenancy
B.Tenancy-by-the-entirety
C.Tenancy-in-common
D.Community property
___49. A party authorized to enter into contracts for another person or entity is called an:
A.Employee
B.Agent
C.Independent contractor
D.Attorney
___50. A major disadvantage of the sole proprietor is:
A.Organizational fees are too high
B.A sole proprietor cannot obtain all the profits
C.Personal liability for debts
D.A sole proprietor is not free to make all business decisions
Explanation / Answer
25. a.
26. c.
27. b.
28. a.
29. a.
30. c.
31. a.
32. a.
33. c.
34. d.
35. a.
36. d.
37. a.
38. b.
39. a.
40. a.
41. c.
42. d.
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