Quiz 5 - 1. Negotiable instruments Negotiable instruments...

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1. Negotiable instruments   Negotiable instruments are examples of formal contracts.  Student Response Value Correct Answer True  100%  True Score: 4/4    2. implied contract    The effect of an implied contract is not the same as the effect of an express contract.  Student Response Value Correct Answer True  0%  False Score: 0/4    3. bilateral contract   A bilateral contract is essentially an exchange of promises.  Student Response Value Correct Answer True  100%  True Score: 4/4    4. conferring the benefit   Whenever a person receives a benefit for which payment has not been made, there is an  unjust enrichment and the value of such benefit must be paid to the person conferring the  benefit.  Student Response Value Correct Answer True  0%  False Score: 0/4    5. advertisements,
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  Generally, advertisements, catalog prices, and circulars are offers that can be accepted.  Student Response Value Correct Answer True  0%  False Score: 0/4    6. Social invitations can be offers.   Social invitations can be offers.  Student Response Value Correct Answer True  0%  False Score: 0/4    7. an offeree    In most cases, an offeree may ignore any offer.  Student Response Value Correct Answer True  100%  True Score: 4/4    8. An acceptance   An acceptance must be absolute and unconditional.  Student Response Value Correct Answer False  0%  True Score: 0/4    9. unilateral contract    Acceptance of an offer to form a unilateral contract need not be communicated to the offeror to  be effective. 
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Student Response Value Correct Answer False  0%  True Score: 0/4    10. reasonable   Parents are liable for contracts signed by their minor children if the terms are reasonable. 
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This note was uploaded on 03/27/2012 for the course BUS 2241 taught by Professor Mcguinnes during the Spring '10 term at Valencia.

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Quiz 5 - 1. Negotiable instruments Negotiable instruments...

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