1. A VOID CONTRACT IS:

AN ILLEGAL CONTRACT

NO CONTRACT AT ALL

AN ENFORCEABLE CONTRACT

AN EXECUTED CONTRACT

2. A CONTRACT THAT HAS BEEN FULLY PERFORMED BY ALL OF THE PARTIES IS A(N):

EXECUTORY CONTRACT

ENFORCEABLE CONTRACT

COMPLETED CONTRACT

EXECUTED CONTRACT

3. A CONTRACT THAT RESULTS FROM THE EXCHANGE OF A PROMISE FOR COUNTER-PROMISE IS CALLED A(N):

UNILATERAL CONTRACT

BILATERAL CONTRACT

EXPRESS CONTRACT

EXECUTORY CONTRACT

4. A UNILATERAL CONTRACT IS FORMED BY:

AN ACT FOR A PROMISE

MUTUAL PROMISES TO ACT

A PROMISE TO ACT UPON THE PERFORMING OF AN ACT

THREE OR MORE PARTIES

5. ALL OF THE FOLLOWING ARE ESSENTIAL INGREDIENTS OF A BINDING PROMISE EXCEPT:

CONSIDERATION

LEGALITY OF OBJECT

MANIFESTATION OF MUTUAL ASSENT

A WRITING

6. ORAL CONTRACTS ARE NEVER BINDING

True

False

7. WHICH OF THE FOLLOWING EVENTS DO NOT TERMINATE AN OFFER "BY OPERATION OF LAW"?

REVOCATION BY THE OFFEROR

SUBSEQUENT (OR INTERVENING) ILLEGALITY

ADJUDICATION OF INSANITY OF THE OFFEROR

ADJUDICATION OF INSANITY OF THE OFFEREE

8. WHICH IS NOT A REQUIRED TERM IN A CONTRACT

PARTIES

PRICE

SUBJECT MATTER

NONE OF THE ABOVE: THEY ARE ALL REQUIRED

9. AN ILLUSORY CONTRACT IS A VALID CONTRACT:

True

False

10. CONSIDERATION CAN CONSIST OF:

A PROMISE

PERFORMANCE OF AN ACT

NONPERFORMANCE OF AN ACT (I.E. ABSTAINING FROM PERFORMANCE OF AN ACT)

ALL OF THE ABOVE

A AND B

11. WHICH OF THE FOLLOW CAN BE AN EXAMPLE OF A SITUATION WHERE EXCHANGING MUTUAL CONSIDERATION IS NOT REQUIRED

PROMISSORY ESTOPPEL

PLEDGES TO A CHARITY

PROMISE TO PAY AFTER THE STATUTE OF LIMITATIONS HAS RUN

ALL OF THE ABOVE

12. WHICH OF THE FOLLOWING BEST DESCRIBES MINORS' CONTRACTS?

INVALID

VOID

VOIDABLE

UNENFORCEABLE

NONE OF THE ABOVE

13. IN ORDER FOR A MINOR TO DISAFFIRM A CONTRACT, THE MINOR MUST USUALLY SHOW - IN ADDITION TO THEIR MINORITY - THAT THE MINOR WAS:

NOT LEGALLY MARRIED AT THE TIME OF CONTRACT

THE CONTRACT WAS NOT MADE FOR A BUSINESS THEY LEGALLY OWNED.

BOTH A AND B

NONE OF THE ABOVE

14. USURY IS THE LENDING OF MONEY ABOVE THE MAXIMUM RATE ALLOWED BY LAW:

True

False

15. USURY IS THE CHARGING OF CREDIT RATES FOR APPLIANCE/FURNITURE PURCHASES ABOVE THE MAXIMUM RATE ALLOWED BY LAW:

True

False

16. WHICH IS NOT A LEGAL REQUIREMENT IN A CONTRACT

AGREEMENT

CAPACITY

LEGALITY

NONE OF THE ABOVE: THEY ARE ALL REQUIRED

17. THE IMPLIED AGENCY RULE DEALS WITH HOW TO ACCEPT AN OFFER

True

False

18. THE MAIL BOX RULE SAYS YOU CAN NEVER ACCEPT AN OFFER BY REQULAR MAIL SINCE IT IS TOO SLOW.

True

False