Business Law Chapter 8 quiz (True/False)

question

A quasi contract is not enforceable by a court
answer

False
question

The intention to enter into a contract is judged by the objective facts as interpreted by a reasonable person
answer

True
question

Contract Law assures the parties to private agreements that the promises they make will be enforceable
answer

True
question

An implied contract is implied from the conduct of the parties
answer

True
question

The term consideration refers to the voluntary consent of all the parties to a contract
answer

False
question

A check, like other negotiable instruments, is a formal contract
answer

True
question

A quasi contract is not a true contract
answer

True
question

The element of intent is not very important in determining whether a contract has been formed
answer

False
question

An offer to form a bilateral contract is accepted only by promising to perform the contract performance.
answer

True
question

An executed contract is one that has been fully performed by both parties
answer

True
question

A promise is a declaration that something will or will not happen in the future
answer

True
question

In contract law, intent is determined by the objective theory of contracts
answer

True
question

A quasi contract arises from a mutual agreement between two parties
answer

False
question

An otherwise valid contract may be unenforceable it it is not in writing
answer

True
question

If a voidable contract is avoided, the parties to it are released from it
answer

True
question

All contracts must be in writing to be enforceable
answer

False
question

Every contract involves at least two parties
answer

True
question

One purpose of quasi contracts is to prevent unjust enrichment of one party at the expense of another
answer

True
question

The only requirement for a valid contract is that the parties voluntarily entered into it
answer

False
question

An offeree is a person who makes an offer
answer

False

Get instant access to
all materials

Become a Member