Contract Questions

Items are sold in any order the auctioneer desires

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Unformatted text preview: items are sold in any order the auctioneer desires. 112. a. b. c. d. An auction at which the auctioneer may not withdraw an article put up for sale is said to be held: with reserve. without reserve. explicitly. unilaterally. 113. a. b. c. d. An implied contract is a contract that: refers to the legal meaning of the words used by the parties in their agreement. refers to limitations imposed by trade customs. refers to the meaning that the parties have given the terms in their prior dealings. is inferred or deduced from the conduct of the parties. 114. An incompetent person who lacks understanding of a contract and its consequences can avoid it even if the other party has no reason to know of the incompetent’s mental condition. a. True b. False 115. a. b. c. d. An item considered a necessary is lodging. medicine. food. all of the above. 116. An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n): a. imp...
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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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