Exam 2 Geology

Topics: Contract, Contract law, Void Pages: 11 (2092 words) Published: December 20, 2012
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1. 2012FA-BUSI-2301-6001 2012FA-BUSI-2301-6001
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Take Test: Exam 2
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Description| Chapters 7 - 11|
Instructions| Please read each question carefully before answering, Remember to submit the exam when you finish.| Timed Test| This Test has the time limit of 1 hour. You are notified when time expires, and you may continue or submit. Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain. | Multiple Attempts| This Test allows 3 attempts. This is attempt number 1. | Force Completion| This Test can be saved and resumed later.| Saving AnswerRemaining Time:56 minute, 17 seconds.

Question Completion Status:

Question 1
1. In most states, a release requires a signed writing.
2.5 points
Question 2
1. The doctrine of promissory estoppel requires a clear and definite promise. AnswerTrue
2.5 points
Question 3
1. A novation revokes and discharges a prior contract.
2.5 points
Question 4
1. All collateral promises must be in writing to be enforceable. AnswerTrue
2.5 points
Question 5
1. Steven, who is Bertha's guardian, convinces her to buy a certain parcel of land from Christy at a greatly inflated price. Steven may be liable for Answer
| | duress.|
| | fraud.|
| | puffery.|
| | undue influence.|
2.5 points
Question 6
1. Under the Statute of Frauds, oral contracts are void.
2.5 points
Question 7
1. Fact Pattern 10-4
Kelly and Lucas sign a written contract for the sale of Kelly's Koffee Kiosk to Lucas. The parties intend their written contract to be a final statement of the terms of their agreement.

Refer to Fact Pattern 10-4. The writing that Kelly and Lucas signed is Answer
| | a completely integrated contract.|
| | a conditionally integrated contract.|
| | an agreeably integrated contract.|
| | an obviously integrated contract.|
2.5 points
Question 8
1. A quasi contract arises from a mutual agreement between two parties. AnswerTrue
2.5 points
Question 9
1. Reliance on a misrepresentation is justified if the misrepresentation is an obviously extravagant statement. AnswerTrue
2.5 points
Question 10
1. A covenant not to compete in the sale of an ongoing business is unenforceable. AnswerTrue
2.5 points
Question 11
1. Lem buys a used MP3 player for $50 and a new laptop for $1,500, and signs a one-year employment contract for a $4,000 monthly salary to start at the beginning of the next month. The Statute of Frauds covers Answer

| | the employment contract, and the laptop and MP3 purchases.| | | the employment contract and the laptop purchase only.| | | the employment contract only.|
| | the laptop and MP3 purchases only.|
2.5 points
Question 12
1. Lovett County Bank offers to lend money to Kino, the owner of Java Stop, at 15 percent interest. Before Kino accepts, a state statute is enacted prohibiting loans at rates greater than 12 percent. Kino and the bank have Answer

| | have a contract for a loan at 15 percent interest.|
| | have a contract for a loan at 12 percent interest.|
| | have a contract for a loan at 0 percent interest.|
| | no contract for a loan.|
2.5 points
Question 13
1. To recover for fraud, a plaintiff must be under twenty-one years of...

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