2. Ch. 10-12 Review, Pt.4 Click to start

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

4. Wrong Answer! Explanation or correct answer here

5. 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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7. 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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9. 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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11. 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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13. 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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15. 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

16. Wrong Answer! Explanation or correct answer here

17. 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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19. 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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21. 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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