ch 10 - Chapter 10 Nature and Terminology TRUE/FALSE...

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Sheet1 Page 1 Chapter 10 Nature and Terminology TRUE/FALSE QUESTIONS A1. Some promises are not binding. ANSWER: T PAGE: 216 TYPE: N NAT: AACSB Analytic AICPA Critical Thinking B1. Contract law ensures that one party does not threaten another. ANSWER: F PAGE: 216 TYPE: N NAT: AACSB Analytic AICPA Critical Thinking A2. Contract law ensures that certain promises are legally binding. ANSWER: T PAGE: 216 TYPE: N NAT: AACSB Analytic AICPA Legal B2. Tort law governs contracts. ANSWER: F PAGE: 216 TYPE: N NAT: AACSB Analytic AICPA Legal A3. A contract is an agreement only between parties who are not members of the same family. ANSWER: F PAGE: 217 TYPE: N NAT: AACSB Analytic AICPA Critical Thinking B3. A contract is a promise to act. ANSWER: F PAGE: 217 TYPE: N TEST BANK A¡ªUNIT THREE: CONTRACTS AND E-CONTRACTS NAT: AACSB Analytic AICPA Legal A4. Under the objective theory of contracts, the intention to enter into a contract is judged by outward, objective facts as interp
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Sheet1 Page 2 ANSWER: T PAGE: 217 TYPE: = NAT: AACSB Analytic AICPA Legal B4. One of the elements of a valid contract is a fair price. ANSWER: F PAGE: 217 TYPE: N NAT: AACSB Analytic AICPA Legal A5. One of the requirements for a valid contract is its acceptance. ANSWER: T PAGE: 217 TYPE: N NAT: AACSB Analytic AICPA Legal B5. ¡°Consideration¡± refers to the legality of the subject matter of a contract. ANSWER: F PAGE: 217 TYPE: N NAT: AACSB Analytic AICPA Legal A6. ¡°Consideration¡± refers to the genuine assent of all of the parties to a contract. ANSWER: F PAGE: 217 TYPE: N NAT: AACSB Analytic AICPA Legal CHAPTER 10: NATURE AND TERMINOLOGY B6. An offer to form a unilateral contract is accepted by a promise to perform. ANSWER: F PAGE: 218 TYPE: = NAT: AACSB Analytic AICPA Legal A7. An offeree is a person who makes an offer. ANSWER: F PAGE: 218 TYPE: = NAT: AACSB Analytic
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Page 3 AICPA Legal B7. An offer to form a bilateral contract is accepted by a promise to perform. ANSWER: T PAGE: 218 TYPE: = NAT: AACSB Analytic AICPA Legal A8. A unilateral contract is formed when the one receiving the offer com- pletes the requested act or performance. ANSWER: T PAGE: 218 TYPE: = NAT: AACSB Analytic AICPA Legal B8. A contract can be created only when a promise is given in exchange for another promise. ANSWER: F PAGE: 218 TYPE: = NAT: AACSB Analytic AICPA Legal A9. No offer may be revoked before it is accepted. ANSWER: F PAGE: 220 TYPE: = NAT: AACSB Analytic AICPA Legal B9. A promisee is a person who makes a promise. ANSWER: F PAGE: 220 TYPE: = NAT: AACSB Analytic AICPA Legal A10. Except for certain types of contracts that must in writing, no special form is required for informal contracts. ANSWER: T PAGE: 220 TYPE: = NAT: AACSB Analytic AICPA Legal TEST BANK A¡ªUNIT THREE: CONTRACTS AND E-CONTRACTS B10. A contract under seal is a formal contract. ANSWER: T
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This note was uploaded on 04/26/2011 for the course BUS 112 taught by Professor Lukepeer during the Fall '08 term at Florida Southern College.

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ch 10 - Chapter 10 Nature and Terminology TRUE/FALSE...

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