AC502 Unit 1 Quiz
Question 1. Which statement most accurately describes third party beneficiary rights?
Question 2. Some of the elements of a contract are all of the following except:
Question 3. If Becky promises not to drink alcohol until she becomes a legal adult in exchange for Ben's promise of $1,000, the agreement is:
Question 4. Question : Contracts for the sale of fabric, automobiles, computers, furniture, and paper clips would all be governed by:
Question 5. Which of the following statements is true?
Question 6. Question : Mark, a newspaper editor, walks into the newsroom and announces to a group of five reporters: “I’ll pay a $2,000 bonus to the first reporter who finds definitive
evidence that Senator Blue smoked marijuana at the celebrity party last Friday.” Anna, the first reporter to produce the evidence, claims her bonus is based on a/an:
Question 7. Which of the following are generally considered to be legal offers?
Question 8. Question : In February, Chuck orally agrees to sell his hunting cabin, with 15 acres, to Kyle for $35,000, with the deal to be completed in July, when Kyle will have the money. In
March, while Chuck is vacationing on his land, he permits Kyle to enter the land and dig the foundation for a new cottage. In July, Kyle arrives with the money but Chuck refuses to sell. Kyle sues.
Question 9. Tobias is selling a surrealist painting. He tells Maud that the picture is by the famous French artist Magritte, although in fact Tobias has no idea whether that is true or not. Tobias’s statement is a/an:
Question 10. Linda assigns to Ben a right to receive rent payments. The law implies the following warranty on Linda’s part: