Contract Questions

D in a bilateral contract there is an exchange of

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Unformatted text preview: mpetent person’s responsibility upon disaffirmance is the same as for a minor. b. The incompetent must restore the competent party to the status quo before the transaction by a return of the consideration received or its equivalent in money. c. The contracts of a person under guardianship by court order are voidable. d. The contracts of a ward are binding without the approval of the guardian. 500. Which of the following is correct with regard to an enforceable restraint on trade? a. The restraint should be no more extensive than is required to protect a specified business interest. b. Restraints typically arise in connection with the sale of a business. c. A typical restraint is a covenant not to compete. d. All of the above. 501. Which of the following is correct with regard to consideration? a. In a unilateral contract, a promise is exchanged for an act or forbearance to act. b. c. d. In a bilateral contract, there is an exchange of promises. Legal sufficiency is always related to adequacy of consideration. Two of the above – a and b – are correct. 502. a. b. c. d. Which of the following is...
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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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