Chapter Review
Chapter 23:
Contracts
Practice Test
1.
A contract is __________.
a.
a promise to do something in the future
b.
an agreement between two or more persons to exchange something of value
c.
an agreement to pay another person money
d.
an obligation to pay another person's legal debts
2.
Which is a characteristic of an offer?
a.
It is made to a specific person.
b.
It accepts the price asked for by the buyer.
c.
It is not directed at anyone in particular.
d.
It establishes a legally binding contract.
3.
What is a consideration?
a.
awareness of the circumstances of the other party to the contract
b.
a realistic offer
c.
something of value
d.
exact acceptance of the terms of the offer
4.
What is NOT an example of consideration?
a.
money
b.
promise to clean the house
c.
worthless piece of trash
d.
used car
5.
If Gene was intoxicated when he signed a contract, the contract is __________.
a.
not enforceable
b.
enforceable
c.
enforceable only if the other party to the contract did not know that Gene was intoxicated
d.
not enforceable unless the other party to the contract knew Gene was intoxicated
6.
What is NOT a valid acceptance to a contract?
a.
The person orally agrees to pay the offered price.
b.
The person pays the offered price.
c.
The person signs an agreement to pay the offered price.
d.
The person states that she is able to pay the offered price.
7.
Minors may __________.
a.
legally make contracts
b.
not legally make contracts
c.
force sellers to enter into contracts with them
d.
only enter into legal contracts with an adult co-signer
8.
Jane runs away from home and stays at a motel for three nights. Since she is a minor, she __________.
a.
does not have to pay for the motel since she can void her contracts
b.
does have to pay for the motel since shelter is a necessity
c.
does not have to pay for the motel unless she claimed she was 18
d.
does have to pay for the motel because she looked like she was 18
9.
A contract for __________ must be in writing to be enforceable.
a.
the sale of goods priced at under $500
b.
the sale of land
c.
the sale of personal property
d.
agreements that can be performed within one year from the date of the contract
10.
Aidan agrees to sell some CDs—which he knows are stolen—for Roger. Aiden refuses to give the money to Roger. Roger __________.
a.
can sue Aidan for the money
b.
can enforce the contract with Aidan and get his money
c.
cannot enforce the contract because the contract is unconscionable
d.
cannot enforce the contract because the contract is illegal
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