Contract Questions

All of the above are illusory promises 495 a b c d

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Unformatted text preview: enforced? A gambling contract A contract that violates a licensing statute whose aim is regulatory A contract that violates a licensing statute whose aim is to raise revenue A loan agreement that charges an interest rate which exceeds the limit set by state law 492. a. b. c. d. Which of the following does not require consideration to be effective and binding? Waiver of a breach Mutual rescission Modification of a contract Composition with creditors 493. a. b. c. Which of the following does not terminate an offer? lapse of time revocation refusal to respond by offeree d. counter-offer 494. a. b. c. d. Which of the following is a true illusory promise? “I promise to mow your lawn, but I can terminate on three days’ notice.” “I promise to mow your lawn each week of the summer, but I can cancel after one month.” “I promise to mow your lawn on such occasions as I designate.” All of the above are illusory promises. 495. a. b. c. d. Which of the following is a true statement abou...
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This test prep was uploaded on 03/29/2014 for the course BUL 3130 taught by Professor Schupp during the Fall '12 term at UNF.

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