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Legal Environment of business 8th Edition by Cheeseman-Test Bank

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  • ISBN-10 ‏ : ‎ 013400406X
  • ISBN-13 ‏ : ‎ 978-0134004068

Original price was: $80.00.Current price is: $30.00.

SKU:tb1002290

Legal Environment of business 8th Edition by Cheeseman-Test Bank

The Legal Environment of Business and Online Commerce, 8e (Cheeseman)
Chapter 9 Formation and Requirements of Contracts

1) Which of the following is acceptable consideration for a contract?
A) a penalty
B) an arrest
C) a sentence
D) money
Answer: D
Diff: 1
Skill: Legal Concepts
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Analytical thinking
Classification: Concept

2) Two brothers, Sam and Jim, were fighting over the division of their ancestral property. After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress, forcing him to sign a contract in favor of Sam. When Sam takes this contract to court, the contract will be declared ________.
A) voidable
B) void
C) null
D) unenforceable
Answer: A
Diff: 3
Skill: Factual Application
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Application of knowledge
Classification: Application

3) A contract is a(n) ________ contract if the offeror’s promise is answered with the offeree’s promise of acceptance.
A) voidable
B) executed
C) unilateral
D) bilateral
Answer: D
Diff: 1
Skill: Legal Concepts
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Analytical thinking
Classification: Concept

4) Windsor, the owner of Windsor’s Sandwiches, contacts Gary, a new supplier. He promises Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a(n) ________ contract between them.
A) bilateral
B) unilateral
C) executed
D) voidable
Answer: A
Diff: 2
Skill: Factual Application
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Application of knowledge
Classification: Application

5) A contract is ________ if the offeror’s offer can be accepted only by the performance of an act by the offeree.
A) executed
B) executory
C) unilateral
D) bilateral
Answer: C
Diff: 1
Skill: Legal Concepts
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Analytical thinking
Classification: Concept

6) Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job by Saturday, she will pay him $1,000. Yvonne’s offer creates a(n) ________ contract.
A) executed
B) unilateral
C) executory
D) bilateral
Answer: B
Diff: 2
Skill: Factual Application
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Application of knowledge
Classification: Application

7) Martha contacts a bakery to get a cake for her son’s birthday party. She tells the baker that she will pay him $150 for the cake if he delivers the cake on Friday evening. If the baker does not deliver the cake on Friday evening, which of the following is accurate?
A) Martha can sue the baker but cannot recover damages.
B) Martha can sue the baker and recover $150 in damages.
C) Martha cannot sue the baker.
D) The baker must pay Martha $150 plus the cost of a replacement cake, as he entered into a verbal contract with her and did not perform his legal obligation.
Answer: C
Diff: 2
Skill: Factual Application
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Application of knowledge
Classification: Application

8) Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan ________.
A) can revoke the contract, as an informal verbal agreement is not legally binding
B) can revoke the contract, provided he does so before she completes the marathon
C) can reduce the amount of money he offered her, provided he does so before she completes the marathon
D) cannot revoke the contract
Answer: D
Diff: 2
Skill: Factual Application
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Application of knowledge
Classification: Application

9) Which of the following is an example of an informal contract?
A) a recognizance
B) a lease
C) a letter of credit
D) a check
Answer: B
Diff: 2
Skill: Legal Concepts
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Analytical thinking
Classification: Concept

10) What is a recognizance?
A) a sealed document that contains a formal contract whose contents are known to both parties and the referee who supervised its signing
B) a party’s agreement to pay a sum of money if another person does not pay it
C) a party’s acknowledgement in court that he or she is not liable to pay money if a certain event occurs
D) a sealed document that contains an informal contract whose contents are known only to the parties
Answer: B
Diff: 2
Skill: Legal Concepts
LO: 9.1 Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
AACSB: Analytical thinking
Classification: Concept

 

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