Ch Review, Pt.4 Click to start

Question 1 Lending money at a rate higher than a state’s maximum rate is IllusoryRestitution Illegal rate of interest Usury

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Contract is void Question 2 In contracts referring to amounts of money in which both the numerical and the written expressions of the amount are unambiguous, the Written prevailsNumerical prevails Highest value prevails

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Question 3 Which of the following forms of written contracts will the statute of frauds accept? Exchanged letters Faxed messages All of theseTelegrams

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Question 4 Which of the following is a contract without the statute of frauds? A promise to pay the debt for your sister A contract to buy a home stereo valued at $4,000 A promise to give something of value in return for the promise of marriage An agreement to type your roommate’s paper for $50

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Question 5 A method of contract interpretation focused on the main objective of the parties involved in the contract is Parties’ principal objective Parol evidence Both A and CEssential terms

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Question 6 A law in which certain agreements are not enforceable unless written and signed by the party against whom the contract is to be enforced Collateral statutue Evidential law Statute of fraudsUCC

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Question 7 Jean enters into a contract in which she will perform nail care services in Monique’s beauty shop for a monthly fee payable to Monique plus 3% of Jean’s retail business. By definition, which of the following is not an essential term to the contract? Names of parties Quality of performance PriceSignatures

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Question 8 Many states require that certain essential terms be included in a contract to create a valid offer. When some essential element is missing, however, what type of contract exists? Executed contract Adhesion contract Executory contract Quasi-contract

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Question 9 Dale enters into a written agreement with WholeSale Goods, Inc. in which each of the next 12 months he will have various home and personal care products valued at $45 delivered conveniently to his home. Before shipping each month, WholeSale will charge Dale’s credit card for the $45 for that month’s products. During the third month, Dale’s credit card is charged but no products are delivered. At this point in time, what type of contract exists? ExecutedQuasi-contract ExecutoryBoth A and B

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Question 10 According to the statute of frauds, which of the following need not be evidenced in writing? Agreement to buy $2,000 motorcycle Agreement to buy $400 television Both A and B3-year lease including rights to pump oil

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