Business Law Chapter 8 quiz (True/False) – Flashcards
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A quasi contract is not enforceable by a court
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False
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The intention to enter into a contract is judged by the objective facts as interpreted by a reasonable person
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True
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Contract Law assures the parties to private agreements that the promises they make will be enforceable
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True
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An implied contract is implied from the conduct of the parties
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True
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The term consideration refers to the voluntary consent of all the parties to a contract
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False
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A check, like other negotiable instruments, is a formal contract
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True
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A quasi contract is not a true contract
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True
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The element of intent is not very important in determining whether a contract has been formed
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False
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An offer to form a bilateral contract is accepted only by promising to perform the contract performance.
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True
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An executed contract is one that has been fully performed by both parties
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True
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A promise is a declaration that something will or will not happen in the future
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True
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In contract law, intent is determined by the objective theory of contracts
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True
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A quasi contract arises from a mutual agreement between two parties
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False
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An otherwise valid contract may be unenforceable it it is not in writing
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True
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If a voidable contract is avoided, the parties to it are released from it
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True
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All contracts must be in writing to be enforceable
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False
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Every contract involves at least two parties
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True
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One purpose of quasi contracts is to prevent unjust enrichment of one party at the expense of another
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True
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The only requirement for a valid contract is that the parties voluntarily entered into it
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False
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An offeree is a person who makes an offer
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False
