Seaport BUS-C110 Quiz 2

Seaport BUS-C110 Quiz 2

Seaport BUS-C110 Quiz 2

1. Contract duties are obligations imposed by law.

	True
	False

 

2. Contract law reduces the cost of economic transactions.

	True
	False

 

3. A quasi-contract is not a contract, but a fiction created by the courts to prevent injustice.

	True
	False

 

4. An agreement that is illegal is void.

	True
	False

 

5. A contract need not be in writing to be enforceable.

	True
	False

 

6. Specific performance is a limited remedy as it is only available for breach of contract to sell a unique item.

	True
	False

 

7. A _____ is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

	tort
	tender
	contract
	law
	bailment

 

8. A(n) _____ contract is one in which the terms are spelled out directly and the parties are conscious that they are making an enforceable agreement.

	quasi-
	implied
	express
	voidable
	void

 

9. An agreement that is lacking one of the legal elements of a contract is said to be _____.

	valid
	unenforceable
	voidable
	void
	lawful

 

10. _____ is the quid pro quo between the contracting parties, in the absence of which the law will not enforce the promise or promises made.

	Restitution
	Capacity
	Quasi-contract
	Consideration
	Compensation

 

11. In practice, a person asserting a claim for breach of warranty will have a good chance of success under an express warranty or implied warranty theory of merchantability or fitness for a particular purpose.

	True
	False

 

12. The Uniform Commercial Code permits sellers to exclude warranties in whole or in part.

	True
	False

 

13. _____ imposes a liability on a merchant-seller of defective goods without fault.

	Statute of repose
	Strict products liability
	Limited warranty
	Negligence
	Preemption

 

14. Strict liability is liability without proof of negligence and without privity.

	True
	False

 

15. A limited warranty may cover only parts, not labor.

	True
	False

 

16. A contract is no less binding when negotiated by an agent than by the principal.

	True
	False

 

17. A general agent has the authority to act in any way required by the principal’s business.

	True
	False

 

18. Most agencies are created by contracts.

	True
	False

 

19. The fiduciary responsibility of an agent is imposed by law.

	True
	False

 

20. A(n) _____ is defined as a person who acts in the name of and on behalf of another, having been given and assumed some degree of authority to do so.

	grantor
	insured
	agent
	testator
	tenant

 

21. Even if the agent possessed no actual authority and there was no apparent authority on which the third party could rely, the principal may still be liable if he ratifies or adopts the agent’s acts before the third party withdraws from the contract.

	True
	False

 

22. A principal can be held liable for actions by an agent that the principal had no knowledge of.

	True
	False

 

23. If a principal directs the agent to commit a tort or knows for a fact that the agent carrying out his instructions could cause someone harm, then the principal is liable.

	True
	False

 

24. Which of the following is true of ratification by the principal?

	It can only occur prior to the actions of the agent.
	It is a voluntary act by the principal.
	It discharges the principal of liability for the agent’s actions.
	It requires the usual consideration of contract law.
	It must be made in writing to be effective.

 

25. According to the doctrine of _____, a person will not be allowed to deny a promise or assertion he/she previously made where there has been detrimental reliance on that promise or assertion.

	employment-at-will
	shop rights
	ultra vires
	respondeat superior
	estoppel

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