Business Law Departmental Exam Test Bank - DEPARTMENT EXAM...

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DEPARTMENT EXAM TEST BANKTrue/FalseIndicate whether the sentence or statement is true or false.1._F___The offeror is the party with the power to decide whether to create a contract.2.__T__An offer made as a joke, where a reasonable person would conclude that it was made as ajoke, cannot result in a contract.3.__T__The communication of an offer can be made by the offeror or the offeror's agent.4.__T__Generally, advertisements, catalogs, price lists, etc. are not treated as offers.5._F___A counteroffer is treated as both a revocation and a new offer.6.__T__Consideration can consist of giving up a legal right.7._T___A promise to act or to refrain from doing an act can serve as consideration.8.__F__The mirror image rule permits the offeree's acceptance of a contract to vary from the offer.9.__F__A person who delegates his contractual duties is fully relieved of any further duty to performunder that contract.10._T___When both parties to a contract are minors, either or both of them may avoid the contract.11._F___A parent or parents who sign a contract on behalf of their minor child may disaffirm thecontract just as their child may.12.__F__A party who makes a mistake about the value of the object of a contract is normallypermitted to avoid the contract.13._T___A plaintiff must prove that he suffered actual injury to recover damages for fraud.14._F___A party to a contract may delegate his rights arising from the contract to another person.15.__T__The nonbreaching party normally may not recover punitive damages in a breach of contractclaim.16._F___Expenses, such as those incurred to obtain performance from a source other than theoriginal contracting party, are called consequential damages.17.__T__An express contract may be either written or oral.18.__F__An incidental beneficiary can directly sue the maker of a contract in the case of breach.19.__T__The mirror image rule requires that the acceptance exactly match the offer.20.__T__Giving up a legal right to do something is enough to legally qualify as consideration.21.___F_A quasi contract is another name for an oral contract.22.__F__"I promise to pay you $100 if you will promise to fix my car next month."This is an offerfor a unilateral contract.23._T___If a person who has been declared incompetent by a court enters into an agreement, thatagreement is void, because it does not meet all the requirements of a binding contract.24.__T__

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Term
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ONDINAFELIPE
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Smith and Roberson’s Business Law
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Chapter 13 / Exercise 9
Smith and Roberson’s Business Law
Mann/Roberts
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