Question 1
Some state statutes and local ordinances that regulate the creationand performance of certain types of contracts on Sundays and legalholidays are referred to as __________ laws.
A. white
B. black
C. blue
D. red
Question 2
The Statute of Frauds applies only to __________ contracts.
A. administrative
B. executory
C. business
D. notarized
Question 3
When a person dies before settlement of his assets, the estate issettled by a:
A. court-appointed manager.
B. family-appointed administrator.
C. family-appointed manager.
D. court-appointed administrator.
Question 4
A(n) __________ to pay the debts or settle the wrongdoings ofanother if he or she does not make settlement personally is notenforceable unless it is written.
A. guaranty
B. warranty
C. memorandum
D. evidence
Question 5
To be enforceable, agreements in contemplation of marriage:
A. must be in writing and signed after the marriage.
B. must be in writing and signed before the marriage.
C. can be oral if the parties are both over the age of 21years.
D. should be in the presence of witnesses.
Question 6
Most contracts made by persons who have not reached the age ofmajority are:
A. void.
B. valid.
C. voidable.
D. enforceable.
Question 7
Once a minor reaches the age of majority, in order to make thecontracts entered into by the minor enforceable, it must be:
A. avoided.
B. validated.
C. disaffirmed.
D. ratified.
Question 8
In some cases, the courts have held that contracts made by minorswho are nearly adults or that deal with a business are:
A. unenforceable by the minors.
B. enforceable by the minors.
C. enforceable by the parents or the guardians of theminors.
D. not enforceable by the parents or the guardians of theminors.
Question 9
A minor can be held liable if he or she makes damaging statementsin writing for the act of:
A. libel.
B. slander.
C. conversion.
D. nuisance.
Question 10
It is stated that the terms of a written contract may not bechanged by evidence of any prior agreement but may be explained, orsupplemented, in the:
A. Uniform Commercial Code (UCC).
B. Statute of Frauds.
C. Parol Evidence Rule.
D. English Law.
Question 11
In certain states, typical office basketball and football pools areexamples of:
A. legal restraints of trade.
B. usurious agreements.
C. common office sports.
D. illegal gambling.
Question 12
To protect the public, most states require persons engaged incertain businesses, professions, and occupations to be:
A. contractual.
B. monopolized.
C. licensed.
D. unlicensed.
Question 13
When a contracting party dies, contract rights are assigned tothe:
A. parents of the deceased person.
B. heirs of the deceased person.
C. administrator or executor of the estate.
D. spouse of the deceased person.
Question 14
The laws dealing with bankruptcy provide that the assets andcontracts of a bankrupt person or business be:
A. sold to the highest bidder.
B. assigned to the trustee in bankruptcy.
C. held by the court pursuant to a decree.
D. transferred to the largest creditor.
Question 15
If a law is passed after the parties enter into a contract thatmakes performance illegal, the contract is:
A. terminated by operation of law.
B. void from the beginning.
C. terminated by alteration.
D. unenforceable.
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