Lesson 08 – Ch 7 Vocabulary Quiz
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Question 1 of 11
1. Question
A _________. Is an agreement between two or more competent persons to do or not to do certain things in exchange for consideration.
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Question 2 of 11
2. Question
The misrepresentation of a material fact to someone who relies on the misrepresentation as the truth in deciding whether to enter into a contract is known as what?
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Question 3 of 11
3. Question
What would you call the action of one person proposing a contract to another. This action results in a binding contract if it is accepted.
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Question 4 of 11
4. Question
Compelling someone to enter into a contract with the use or threat of force or constraint is know as ___________.
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Question 5 of 11
5. Question
Match the words to their correct definitions
Sort elements
- Valid
- void
- voidable
- Unenforceable
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When a contract contains all of the required elements and is enforceable in court
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When a contract lacks an essential element, has no legal force in effect
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When one of the parties can chose to rescind the contract
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When a contract cannot be enforced in a court of law because contents cannot be proved.
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Question 6 of 11
6. Question
Match the words to their correct definitions
Sort elements
- Rescission
- cancellation
- Assignment
- Novation
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When a contract is terminated and any consideration given is returned.
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When a contract is terminated but previous contractual acts are unaffected
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When one party transfers her rights and obligations under the contract to another party, but remains secondarily liable
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When one party is completely replaced with another, or one contract is completely replaced with another and all liability under the original contract ends.
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Question 7 of 11
7. Question
What would you call communication showing the willingness of the offeree to be bound by the terms of the offer?
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Question 8 of 11
8. Question
A qualified acceptance would normally be referred to as a __________.
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Question 9 of 11
9. Question
An individual who pressures someone or takes advantage of another persons distress is guilty of __________?
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Question 10 of 11
10. Question
Something of value exchanged by the parties to a contract is known as __________.
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Question 11 of 11
11. Question
The statute of ______ requires certain types of contracts to be in writing and signed.
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