Contract Test - 100(25 out of 25 correct CORRECT 1...

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100% (25 out of 25 correct) CORRECT 1. Contracts are: X A. Legally enforceable promises. O B. Always required to be written. O C. Not legally enforceable. O D. Identical to agreements. CORRECT 2. Which of the following is not required for a contract: O A. Offer. X B. Illegality. O C. Consideration. O D.
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Capacity. CORRECT 3. Goods are defined as: O A. Tangible property. O B. Movable personal property. O C. Not land or services. X D. All of the above. CORRECT 4. The law of contracts is not vital for: O A. Private enterprise economy. O B. Willing buyers and sellers to do business. X C. The economy in China. O D. Encouraging the flow of commerce.
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CORRECT 5. One can contract for: I. Illegal activities. II. Acts against public policy. III. Legal but socially undesirable activities. O A. II and III. X B. III only. O C. I and III. O D. I, II, and III. CORRECT 6. Owner and builder agree that it will be difficult to determine damages if construction is not completed in time for the grand opening. In the contract they specify that the damages will be $1,000 per day, which is reasonable considering the amount of the contract. This type of damages is called: O A.
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