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Bus 115 Chapter 17,18,19, Test
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Question 1
5 out of 5 pointsAn oral contract to sell a house is binding if:Answer
Selected Answer:the buyer paid the price and received the deed of conveyance.
Correct Answer:the buyer paid the price and received the deed of conveyance.
Question 2
5 out of 5 pointsAn oral understanding is not binding if:Answer
Selected Answer: the parties intended to formalize their understanding with a written
agreement.
Correct Answer: the parties intended to formalize their understanding with a written
agreement.
Question 3
5 out of 5 pointsAn oral contract can be enforced when it relates to:Answer
Selected Answer:the purchase of a television set for $200.
Correct Answer:the purchase of a television set for $200.
Question 4
5 out of 5 pointsThe standard statute of frauds:Answer
Selected Answer: requires that a contract for the sale of land be evidenced by a
writing.
Correct Answer:requires that a contract for the sale of land be evidenced by a writing.
Question 5
5 out of 5 pointsA promise to pay a debt must be in writing if:Answer
Selected Answer:the promise is to pay the debt of another.
Correct Answer:the promise is to pay the debt of another.
Question 6
5 out of 5 pointsThe statute of frauds applies to:Answer
Selected Answer: a promise by an executor to pay a claim against the estate out of his or
her personal funds.
Correct Answer: a promise by an executor to pay a claim against the estate out of his or
her personal funds.
Question 7
5 out of 5 pointsA writing that satisfies the requirement of a writing under the statute of frauds could be evidenced by:Answer
Selected Answer:all of the above.
Correct Answer:all of the above.
Question 8
5 out of 5 pointsA third-party beneficiary:Answer
Selected Answer:may bring suit on and enforce the contract.
Correct Answer:may bring suit on and enforce the contract.
Question 9
5 out of 5 pointsA life insurance contract is a third-party:Answer
Selected Answer:beneficiary contract.
Correct Answer:beneficiary contract.
Question 10
5 out of 5 pointsA third-party beneficiary contract may be amended:Answer
Selected Answer:all of the above.
Correct Answer:all of the above.
Question 11
5 out of 5 pointsIn a contract in which a tenant borrowed money from a bank for the purpose of adding a bathroom to her apartment, the landlord is:Answer
Selected Answer:an incidental beneficiary.
Correct Answer:an incidental beneficiary.
Question 12
5 out of 5 pointsAn incidental beneficiary of a contract:Answer
Selected Answer:cannot sue to enforce the contract.
Correct Answer:cannot sue to enforce the contract.
Question 13
5 out of 5 pointsAn assignment:Answer
Selected Answer:is a transfer of rights.
Correct Answer:is a transfer of rights.
Question 14
0 out of 5 pointsThe making of an assignment __________ the assignor of any obligation of the contract.Answer
Selected Answer:does not relieve
Correct Answer:does not relieve
Question 15
5 out of 5 pointsA __________ is a condition that must occur before a party to a contract has an obligation to perform under a contract.Answer
Selected Answer:condition precedent
Correct Answer:condition precedent
Question 16
5 out of 5 pointsIn most bilateral contracts, the performances of the parties are __________.Answer
Selected Answer:concurrent conditions
Correct Answer:concurrent conditions
Question 17
5 out of 5 pointsWhen a debtor makes a payment to a creditor specifying how it should be applied, the creditor must apply the payment:Answer
Selected Answer:as directed by the debtor.
Correct Answer:as directed by the debtor.
Question 18
5 out of 5 pointsIf no time period for performance is specified in a contract:Answer
Selected Answer:a reasonable time for performance will be implied.
Correct Answer:a reasonable time for performance will be implied.
Question 19
5 out of 5 pointsThe phrase "time is of the essence" means that:Answer
Selected Answer: performance under the contract at the times specified in the contract is
vital or essential.
Correct Answer: performance under the contract at the times specified in the contract is
vital or essential.
Question 20
5 out of 5 points
A Federal Trade Commission regulation gives a buyer three (3) business days in which to cancel a home-solicited sale of goods or services costing more than:Answer
Selected Answer:$25.
Correct Answer:$25.