Principle L 6

Principle L 6 - Lesson 6 Cumulative Quiz 1. A contract is...

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Lesson 6 Cumulative Quiz 1. A contract is bilateral if: A. each party makes a promise, so that both parties are legally obligated to perform 2. In the contract, the parties agree in advance that $10,000 will serve as full compensation to be paid in the event that one of the parties defaults. This sum is called: D. liquidated damages 3. Which of these is one of the four basic elements needed to make a contract valid and legally binding? C. Mutual consent 4. In California, to have legal capacity to enter into a contract, a person must be: D. mentally competent 5. A contract is not formed if the offer is: A. revoked before it is accepted 6. The buyer and seller agreed that they would terminate their purchase agreement and the seller would keep the good faith deposit the buyer had given him. This is an example of: D. cancellation 7. A contract signed under duress: B. is voidable by the party who was forced to sign 8. Consideration is: C. something of value exchanged by the contracting parties
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This note was uploaded on 01/29/2012 for the course REAL 1 taught by Professor Haynes during the Fall '11 term at West Valley.

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Principle L 6 - Lesson 6 Cumulative Quiz 1. A contract is...

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